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A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?
Brueckner, Jan K.; Kahn, Matthew E.; Lindeman, Gary - National Bureau of Economic Research - 2021
This paper studies the impacts of work-from-home (WFH) in the housing market from both intercity and intracity perspectives. Our results confirm the theoretical prediction that WFH puts downward pressure on housing prices and rents in high-productivity counties, a result of workers starting to...
Persistent link: https://www.econbiz.de/10012496079
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Comparing Wealth Effects : The Stock Market Versus the Housing Market
Case, Karl E. - 2001
We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate...
Persistent link: https://www.econbiz.de/10012470110
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Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision
LaFayette, William C. - 1995
Earlier research has shown that lender income and wealth constraint ratios discourage homeownership. This empirical …, the measured impact on the homeownership rate of the constraints falls to only 4 percentage points. Further, FHA loans are … estimated to increase homeownership by only 0.1 to 0.2 percentage points …
Persistent link: https://www.econbiz.de/10012473815
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Home Equity Insurance
Shiller, Robert J. - 1994
Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are...
Persistent link: https://www.econbiz.de/10012474085
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Testing for Information Asymmetries in Real Estate Markets
Kurlat, Pablo - 2014
We study equilibrium outcomes in markets with asymmetric information about asset values among both buyers and sellers. In residential real estate markets hard-to-observe neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about...
Persistent link: https://www.econbiz.de/10012458789
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Measuring The Natural Rate Using Natural Experiments
Bäcker-Peral, Verónica; Hazell, Jonathon; Mian, Atif - National Bureau of Economic Research - 2023
Every month, a fraction of UK property leases are extended for another 90 years or more. We use new data on thousands of these natural experiments from 2003 onwards to estimate the "natural rate of return on capital", \(r_K^\text{*}\), which also represents the long-run dividend-price ratio....
Persistent link: https://www.econbiz.de/10014421185
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Human-Algorithm Interactions : Evidence from Zillow.com
Fu, Runshan; Jin, Ginger Zhe; Liu, Meng - National Bureau of Economic Research - 2022
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
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Repairing a Mortgage Crisis : HOLC Lending and its Impact on Local Housing Markets
Courtemanche, Charles - 2010
increased 1940 median home values and homeownership rates, but not new home building …
Persistent link: https://www.econbiz.de/10012462410
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The Effect of Housing on Portfolio Choice
Chetty, Raj - 2010
Economic theory predicts that home ownership should have a negative effect on risk-taking in financial portfolios. However, empirical work has not found a strong relationship between housing and portfolios. We identify two reasons for the divergence between the theory and data. First, it is...
Persistent link: https://www.econbiz.de/10012462655
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Arbitrage in Housing Markets
Glaeser, Edward L. - 2007
Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction...
Persistent link: https://www.econbiz.de/10012464942