This paper analyzes the pattern of house price appreciation in the Boston area from 1982 to 1994. The empirical results are consistent with the predictions of a standard urban model in which towns have a fixed set of amenities. The evidence suggests that changes in the cross-sectional pattern of...

Recent evidence shows that homeownership rates among young households have declined substantially since the mid 1980s. Although factors such as late household formation and the increasing user cost of housing are contributing factors, reduced affordability is also a concern. Aggregate data...

Estimates from the Boston condominium market show that owners with high loan-to-value ratios take longer to sell their properties than owners with low loan-to-value ratios. When sold, properties with high loan-to-value ratios receive a higher price than units with less debt. Both of these...

Housing supply plays an important role in the volatility of macroeconomic cycles and the speed with which house prices respond to changes in demand, yet it is understudied in the current literature. In this paper we present and estimate a new model of the supply of residential construction that...

Real estate auctions have grown substantially in recent years, emergingas an alternative sales method for many institutions interested in sellinglarge amounts of property quickly. This paper develops a framework for comparing auctions to the more traditional negotiated sales. The model showsthat...

This paper examines the effects of intergenerational transfers on saving behavior by examining private wealth transfers targeted toward first-time home purchases. The study of transfer behavior in the housing market is advantageous for a number of reasons: the down payment requirement associated...

The article is organized as follows: Section I briefly describes the features of various types of reverse mortgages offered in the private and public sectors. Section II surveys the ~elevant literature that has focused on the savings patterns of the elderly and their demand for reverse mortgage...