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Tax Benefits to Housing and Inefficiencies in Location and Consumption
Albouy, David; Hanson, Andrew - National Bureau of Economic Research (NBER) - 2014
Tax benefits to owner-occupied housing provide incentives for housing consumption, offsetting weaker disincentives of the property tax. These benefits also help counter the penalty federal taxes impose on households who work in productive high-wage areas, but reinforce incentives to consume...
Persistent link: https://www.econbiz.de/10010969404
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The Dynamics of Housing Prices
Titman, Sheridan; Wang, Ko; Yang, Jing - National Bureau of Economic Research (NBER) - 2014
the serial correlation of the demand shocks as well as the elasticity of supply responses. …
Persistent link: https://www.econbiz.de/10010951251
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Housing Externalities
Rossi-Hansberg, Esteban; Sarte, Pierre Daniel; III, … - National Bureau of Economic Research (NBER) - 2008
Using data compiled from concentrated residential urban revitalization programs implemented in Richmond, VA, between 1999 and 2004, we study residential externalities. Specifically, we provide evidence that in neighborhoods targeted by the programs, sites that did not directly benefit from...
Persistent link: https://www.econbiz.de/10005248675
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Understanding Commercial Real Estate: Just How Different from Housing Is It?
Gyourko, Joseph - National Bureau of Economic Research (NBER) - 2009
Recent sharp declines in owner-occupied housing prices naturally raise the question of whether something similar will happen to income-producing properties. It already has based on the nearly 60% decline in the share prices of publicly-traded, commercial property firms from their peak in early...
Persistent link: https://www.econbiz.de/10005084579
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Momentum traders in the housing market: survey evidence and a search model
Piazzesi, Monika; Schneider, Martin - National Bureau of Economic Research (NBER) - 2009
This paper studies household beliefs during the recent US housing boom. The first part presents evidence from the Michigan Survey of Consumers. To characterize the heterogeneity in households' views about housing and the economy, we perform a cluster analysis on survey responses at different...
Persistent link: https://www.econbiz.de/10005085094
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A Dynamic Model of Demand for Houses and Neighborhoods
Bayer, Patrick; McMillan, Robert; Murphy, Alvin; … - National Bureau of Economic Research (NBER) - 2011
This paper develops a dynamic model of neighborhood choice along with a computationally light multi-step estimator. The proposed empirical framework captures observed and unobserved preference heterogeneity across households and locations in a flexible way. The model is estimated using a newly...
Persistent link: https://www.econbiz.de/10009228891
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Anatomy of the Beginning of the Housing Boom: U.S. Neighborhoods and Metropolitan Areas, 1993-2009
Ferreira, Fernando V.; Gyourko, Joseph - National Bureau of Economic Research (NBER) - 2011
. Third, local income is the only potential demand shifter found that also had an economically and statistically significant … early and have inelastic supplies of housing, but not in late booming areas and those with elastic supply sides. Fifth and … finally, none of the demand-shifters analyzed show positive pre-trends, but some such as the share of subprime lending, do lag …
Persistent link: https://www.econbiz.de/10009277268
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Does Home Owning Smooth the Variability of Future Housing Consumption?
Sinai, Todd; Paciorek, Andrew - National Bureau of Economic Research (NBER) - 2010
We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth...
Persistent link: https://www.econbiz.de/10008727860
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Evaluating Conditions in Major Chinese Housing Markets
Gyourko, Joseph; Deng, Yongheng; Wu, Jing - National Bureau of Economic Research (NBER) - 2010
High and rising prices in Chinese housing markets have attracted global attention, as well as the interest of the Chinese government and its regulators. Housing markets look very risky based on the stylized facts we document. Price-to-rent ratios in Beijing and seven other large markets across...
Persistent link: https://www.econbiz.de/10008631072
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Mortgage Default, Foreclosure, and Bankruptcy
Li, Wenli; White, Michelle J. - National Bureau of Economic Research (NBER) - 2009
In this paper we examine the relationship between homeowners' bankruptcy decisions and their mortgage default decisions and the relationship between homeowners' bankruptcy decisions and lenders' decisions to foreclose. In theory, both relationships could be either substitutes or complements....
Persistent link: https://www.econbiz.de/10008634680