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Moving costs, security of tenure and eviction

Anas, Alex; Arnott, Richard - EconWPA - 2004

We contrast equilibrium and welfare analysis in the rental housing market under two property rights regimes – eviction rights and security of tenure – when tenants face moving costs. A tenant’s idiosyncratic benefit from his unit and a landlord’s idiosyncratic profit from conversion are...

Persistent link: https://www.econbiz.de/10005124886

A Dynamic Analysis of Mortgage Arrears in the UK Housing Market

Figueira, Catarina; Glen, John; Nellis, Joseph - EconWPA - 2005

recession for more than a decade has been accompanied by a sustained decline in the level of mortgage arrears, as reported by … major lenders. This paper seeks to examine the factors which have driven the reduction in mortgage arrears and, in doing so … model is estimated in order to examine long-run and short-run dynamics in mortgage arrears. In line with previous research …

Persistent link: https://www.econbiz.de/10005062515

House Price Efficiency: Expectations, Sales, Symmetry

Grimes, Arthur; Aitken, Andrew; Kerr, Suzi - EconWPA - 2004

An efficient housing market is of critical importance for individual welfare and for a well-functioning economy. We test the efficiency of this market by estimating the factors that determine both the long-run and the dynamic paths of regional house prices. Our tests use a new quarterly regional...

Persistent link: https://www.econbiz.de/10005407861

Manufactured Housing Appreciation: Stereotypes and Data

Jewell, Kevin - EconWPA - 2003

Consumers Union assessed the financial appreciation of manufactured- housing units, by examining the relative appreciation rates of manufactured housing and site-built housing, as well as the factors affecting the appreciation rate of manufactured housing. Our analysis includes an extensive...

Persistent link: https://www.econbiz.de/10005407869

Bi-Directional Impacts of Economic, Social and Environmental Changes and the New Zealand Housing Market

Grimes, Arthur; Kerr, Suzi; Aitken, Andrew - EconWPA - 2005

This report was prepared for the Centre for Housing Research Aotearoa New Zealand (CHRANZ). The aim of this study is to identify a set of housing research projects addressing two related topics. First, the impact of economic, social and environmental changes on housing in New Zealand's...

Persistent link: https://www.econbiz.de/10005556204

Regional Variation in Rental Costsfor Larger Households

Grimes, Arthur; Sourell, Robert; Aitken, Andrew - EconWPA - 2005

Housing costs comprise a major part of most household budgets. Larger households require greater space than do smaller households but do not necessarily have larger incomes. The cost of extra housing space (e.g. the cost of an extra bedroom) may vary across different locations, both absolutely...

Persistent link: https://www.econbiz.de/10005556243

The Poverty Concentration Implications of Housing Subsidies: A Cellular Automata Thought Experiment

Jewell, Kevin - EconWPA - 2005

Looking at data from HUD’s low income housing tax credit database from 1987 to 2001, we examine how the US tax credit program has concentrated poverty in neighborhoods by offering advantages to developing low income housing projects in low income census tracts. We then use a simple Cellular...

Persistent link: https://www.econbiz.de/10005119003

Boom In, Bust Out: Young Households and the Housing Price Cycle

Ortalo-Magne, Francois; Rady, Sven - EconWPA - 1998

The UK experienced a major residential real estate boom-bust cycle from the mid-Eighties to the mid-Nineties, accompanied by unprecedented shifts in the owner occupancy rate of young households. Previous empirical analyses have pointed toward income changes and financial deregulation as the...

Persistent link: https://www.econbiz.de/10005076946

Hedonism vs. Nihilism: No Arbitrage and Tests of Urban Economic Models

Berliant, Marcus; McMillen, Daniel P. - EconWPA - 2004

We present two notions of “no arbitrage” in urban economic models and show that there is no model satisfying both. The standard hedonic housing model of urban economics and its generalizations are consistent with the first of these, but inconsistent with the second. We present a model...

Persistent link: https://www.econbiz.de/10005124890

Housing Market Fluctuations in a Life-Cycle Economy with Credit Constraints

Ortalo-Magne, Francois; Rady, Sven - EconWPA - 1998

This paper presents a first step towards a new theory of housing market fluctuations. We develop a life-cycle model where agents face credit constraints and their housing consumption is restricted to a discrete set of possibilities. The market interaction of young credit constrained agents...

Persistent link: https://www.econbiz.de/10005134801