heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on … equilibrium mortgage origination and increases aggregate welfare, but has little effect on foreclosure rates and housing …

social security upon the demand for housing and the level of owner occupation is substantial. The overall structure of … generosity of state run, pay-as-you-go pensions. The interaction between social security reform and housing market conditions is … significant and suggests that any changes in pension rules will have substantial knock on effects on the housing market. …

The housing crisis threatens to destroy hundreds of billions of dollars of value by causing homeowners with negative …

Housing markets clear, in part, through the time that buyers and sellers spend on the market. We show that demand …

In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the …. Our model offers a new way to look at the housing market from a search-theoretic perspective. In addition, we contribute …

A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example …

, housing, credit frictions and a Taylor rule. Highly leveraged borrowing through nominal debt backed by real estate collateral …

by owner-occupied housing whereas unsecured debt can be discharged according to bankruptcy regulations. We show that the …