-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …

and mortgage credit cycle based on relevant literature and, second, to present cases of two countries - Korea and the U ….S. - in terms of evolution of, and recent milestone events in, residential mortgage lending sector in each country, observed … patterns housing price and mortgage credit cycles, and key causal relationships found from data analyses. Our results show that …