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The Pricing-Out Phenomenon in the U.S. Housing Market

Beraldi, Francesco; Zhao, Yunhui - 2023

equilibrium model and show that although monetary easing decreases the mortgage payment burden, it would raise house prices, lower …

Persistent link: https://www.econbiz.de/10014258218

Household Debt and House Prices-at-Risk : A Tale of Two Countries

Alter, Adrian - 2020

To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This paper finds that downside risks to housing markets in the United States have...

Persistent link: https://www.econbiz.de/10012836538

Non-Primary Home Buyers, Shadow Banking, and the US Housing Market

Alter, Adrian; Dernaoui, Zaki - 2021

This paper studies the US housing market using a proprietary and comprehensive dataset covering nearly 90 million residential transactions over 1998-2018. First, we document the evolution of different types of investment purchases such as those conducted by short-term buyers, out-of-state...

Persistent link: https://www.econbiz.de/10013315117

Do Lenders Make Less-Informed Investments in High-Growth Housing Markets?

Chen, Sophia; Ratnovski, Lev; Sun, Yangfan - 2022

Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these … lenders’ exposure to high-growth markets is associated with more risk, more eﬃciency, and more return on mortgage portfolios …

Persistent link: https://www.econbiz.de/10013306803

Incomplete Financial Markets and the Booming Housing Sector in China

Bayoumi, Tamim A.; Zhao, Yunhui - 2021

Housing is by far the most important asset in Chinese households' balance sheets. However, despite forceful and frequent government interventions, the rise in Chinese housing prices has not been contained as much as intended, a trend that has not been reversed by the COVID-19 shock. In this...

Persistent link: https://www.econbiz.de/10013250096

Fundamental and Speculative Demands for Housing

Lian, Weicheng - 2019

This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine...

Persistent link: https://www.econbiz.de/10012888765

A Tale of Tier 3 Cities

Rogoff, Kenneth S.; Yang, Yuanchen - 2022

This paper provides new estimates of the housing stock, construction rates and price developments by city tier in China in order to understand where imbalances might be concentrated, and the implications of any significant contraction. We also update estimates of the size of China’s rapidly...

Persistent link: https://www.econbiz.de/10014238737

Price Expectations and the U.S. Housing Boom

Towbin, Pascal - 2015

mortgage rate shocks. House price expectation shocks are the most important driver of the boom and account for about 30 percent …

Persistent link: https://www.econbiz.de/10013015600

Housing Boom and Headline Inflation : Insights from Machine Learning

Liu, Yang; Yang, Di; Zhao, Yunhui - 2022

Inflation has been rising during the pandemic against supply chain disruptions and a multi-year boom in global owner-occupied house prices. We present some stylized facts pointing to house prices as a leading indicator of headline inflation in the U.S. and eight other major economies with...

Persistent link: https://www.econbiz.de/10013403378

Banks' Liability Structure and Mortgage Lending During the Financial Crisis

Dagher, Jihad C. - 2012

during the financial crisis in the United States. We focus on mortgage lending to minimize the impact of confounding demand … disaggregated data on mortgage applications that we use allows us to study the time variations in banks' decisions to grant mortgage … credit significantly more than retail-funded banks during the crisis. The demand for mortgage credit, on the other hand …

Persistent link: https://www.econbiz.de/10013102174