James Graham is a 2019 MFM Fellowship awardee, and a Ph.D. candidate in economics at New York University. To date, his research has focused on housing markets and the macroeconomy. This work employs both empirical and quantitative macro-housing models. In particular, James has worked with large micro-data sets describing house prices and transactions, as well as heterogeneous agent models of household behavior in housing markets. His most recent project investigates the effect of changes in mortgage credit supply on house prices, especially when residential investors make up a large and increasing share of house purchases. In that environment, housing fire sales can occur when distressed owner-occupiers are forced to sell to household investors who are themselves credit constrained.