sectors. This paper is about economic behaviors that anticipate technical progress, and how they may describe the housing … price and construction boom of 2000-2006 and the bust thereafter. Specifically, I note that only a minority of housing … mortgage and real estate industries have the potential to both move housing prices and non-residential consumption in the same …

This paper studies expectations of capital appreciation in the housing market. We show that expectations impounded in … for cross-sectional differences in the quality of rental versus owner-occupied housing. We also demonstrate that observed …, we provide evidence consistent with euphoria: participants in housing markets appear to overreact to income growth …

How can mortgages be redesigned to reduce housing market volatility, consumption volatility, and default? How does … aggregate shocks, long-term mortgages, and an equilibrium housing market, focusing on designs that index payments to monetary … binding, reducing default and stimulating housing demand by new homeowners. To isolate this channel, we compare an FRM with a …

Housing markets experience substantial price volatility, short term price change momentum and mean reversion of prices … bubble. In this paper, we review the stylized facts of housing bubbles and discuss theories that can potentially explain … housing market, such as intensive search and short selling constraints, to explain the stylized facts. Cheap credit provides a …

mispricing in the housing market. We document that out-of-town second house buyers behaved like misinformed speculators and drove …

This paper measures the housing market impact of state-level anti-discrimination laws in the 1960s using household …-level and census-tract data. State-level fair-housing' laws attempted to bar discrimination on the basis of race, religion, and … national origin in the sale, rental, and financing of housing, and they were the direct antecedents of the federal Fair Housing …

foreign demand affects U.S. housing markets, and uses this demand shock to estimate local price elasticities of supply. Other … countries introduced foreign-buyer taxes meant to deter Chinese housing investment beginning in 2011. We first show house prices … reversing with the onset of the U.S.–China trade war. Second, we use international tax policy changes as a U.S. housing demand …

The key stylized facts of the housing market are positive serial correlation of price changes at one year frequencies … levels within markets. We calibrate a dynamic model of housing in the spatial equilibrium tradition of Rosen and Roback to … correlation in annual house price changes and the high volatility of prices in coastal markets are the two biggest housing market …