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In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...
Persistent link: https://www.econbiz.de/10012461787
A busy airport's closure has large effects on noise, real estate markets, and neighborhood demographics. Using a unique dataset, we examine the effects of closing Denver's Stapleton Airport on nearby housing markets. We find evidence of immediate anticipatory price effects upon announcement, but...
Persistent link: https://www.econbiz.de/10012660063
We document the existence of a racial gap in realized housing returns that is an order of magnitude larger than disparities arising from housing costs alone, and is driven almost entirely by differences in distressed home sales (i.e. foreclosures and short sales). Black and Hispanic homeowners...
Persistent link: https://www.econbiz.de/10012629526
With "2020 hindsight," the 2000s housing cycle is not a boom-bust but rather a boom- bust-rebound at both the national level and across cities. We argue this pattern reflects a larger role for fundamentally-rooted explanations than previously thought. We construct a city-level long-run...
Persistent link: https://www.econbiz.de/10012616588
constraints imposed by discrimination in the rental housing market. Results from experiments conducted in five cities show that …
Persistent link: https://www.econbiz.de/10012599339
We review the recent literature on the determinants and effects of housing market expectations. We begin by providing an overview of existing surveys that elicit housing market expectations, and discuss how those surveys may be expanded in the future. We then document a number of facts about...
Persistent link: https://www.econbiz.de/10013191003
Using bi-weekly snapshots of Zillow in three US cities, we document how home sellers and buyers interact with Zillow's Zestimate algorithm during the sales cycle of residential properties. We find that listing and selling outcomes respond significantly to Zestimate, and Zestimate is quickly...
Persistent link: https://www.econbiz.de/10013172179
We provide the first evidence that spatial variation in all-cause mortality risk is capitalized into US housing prices. Using a hedonic framework, we recover the annual implicit cost of a 0.1 percentage-point reduction in mortality risk among older Americans and find that this figure is both...
Persistent link: https://www.econbiz.de/10012794649
number of low-rent rental units; (5) relatively few homeless individuals receive welfare or general assistance money; a large …
Persistent link: https://www.econbiz.de/10012477057
The Great Recession and its aftermath saw the worst relative performance of young firms in at least 35 years. More broadly, as we show, young-firm activity shares move strongly with local economic conditions and local house price growth. In this light, we assess the effects of housing prices and...
Persistent link: https://www.econbiz.de/10012479422