Showing 1 - 10 of 35
We combine the real estate model of Potepan (1996) with the spatial equilibrium approach of Roback (1982) to prove the interdependency of housing prices, rental prices, building land prices and income via one simultaneous equilibrium analysis. Using unique cross-sectional data on the majority of...
Persistent link: https://www.econbiz.de/10010875221
This paper empirically assesses the prospects for house price spillovers in the euro area, where co-movement in house prices across countries may be particularly relevant given a general trend with monetary union toward increasing linkages in trade, financial markets, and general economic...
Persistent link: https://www.econbiz.de/10010875222
Experiences reveal that the monitoring costs of the foreclosure crisis may be non-trivial, and smaller governments may have more success at addressing potential negative externalities. One highly localized form of government is a homeowners’ association (HOA). HOAs could be well suited for...
Persistent link: https://www.econbiz.de/10010875228
The financial crisis has brought the interaction between housing prices and household borrowing into the limelight of the economic policy debate. This paper examines the nexus of housing prices and credit in Norway within a structural vector equilibrium correction model (SVECM) over the period...
Persistent link: https://www.econbiz.de/10010875233
In the context of the lognormal regression model with spatial error dependence, the present study examines correction of a bias in prediction. If interest lies in the predicted mean value of the dependent variable, antilogarithmic transformation of the predicted mean value of the regressand...
Persistent link: https://www.econbiz.de/10010875239
The impact of borrowing constraints on homeownership has been well established in the literature. Wealth is most likely to restrict homeownership followed by credit and income. Using recent movers from the 1979 National Longitudinal Survey of Youth and borrowing constraint definitions commonly...
Persistent link: https://www.econbiz.de/10010785378
We study house price convergence in panels of US states and metropolitan areas. Our analysis is centered on three issues. First, we test whether the US house prices are converging over time using log t convergence test by Phillips and Sul (2007). The test results suggest that there is little...
Persistent link: https://www.econbiz.de/10010574766
This article studies the co-movement and dynamics between price movements and transactions in the housing market using data for the period 1988–2008 from Finland. While the previous related literature examines the reactions of sales and prices to an interest rate shock only, this study...
Persistent link: https://www.econbiz.de/10010577882
Housing supply is subject to several types of delays. On average, it takes 6months to get approved for a residential building permit and another 2–4 quarters to complete a construction project. We present a simple two-sector model that incorporates these observations and show that the effect...
Persistent link: https://www.econbiz.de/10011077916
This paper examines the impact of workmanship and construction quality of new housing on their sale price and capital growth. To measure construction quality, we take advantage of a unique situation in Singapore where newly completed residential projects are assessed independently on their...
Persistent link: https://www.econbiz.de/10011077925