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Estimating Racial Price Differentials in the Housing Market
Bayer, Patrick J. - 2012
This paper uses unique panel data covering over two million repeat-sales housing transactions from four metropolitan areas to test for the presence of racial price differentials in the housing market. Drawing on the strengths of these data, our research design controls carefully for unobserved...
Persistent link: https://www.econbiz.de/10013106667
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Liquidity Constraints in the U.S. Housing Market
Gorea, Denis - 2017
We study the severity of liquidity constraints in the U.S. housing market using a life-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, but agents can extract home equity by refinancing their mortgages. The model implies that four-fifths of homeowners are liquidity...
Persistent link: https://www.econbiz.de/10012957387
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Rental Adjustment & Valuation of Real Estate in Overbuilt Markets : Fundamental vs. Reported Office Market Values in Sydney Australia
Hendershott, Patric H. - 2010
Real estate markets are periodically plagued by excess supply, rent concessions and few arms-length transactions …
Persistent link: https://www.econbiz.de/10013139872
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Arbitrage in Housing Markets
Glaeser, Edward L. - 2015
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/10012750289
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The Housing Market Impacts of Shale Gas Development
Muehlenbachs, Lucija - 2015
Using data from Pennsylvania and New York and an array of empirical techniques to control for confounding factors, we recover hedonic estimates of property value impacts from shale gas development that vary with geographic scale, water source, well productivity, and visibility. Results indicate...
Persistent link: https://www.econbiz.de/10013034428
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Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market
Deng, Yongheng - 2011
In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...
Persistent link: https://www.econbiz.de/10013128599
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Speculators and Middlemen : The Strategy and Performance of Investors in the Housing Market
Bayer, Patrick J. - 2011
Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...
Persistent link: https://www.econbiz.de/10013130258
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Evaluating Conditions in Major Chinese Housing Markets
Wu, Jing - 2010
Chinese government and its regulators. Housing markets look very risky based on the stylized facts we document. Price-to-rent …. Current price-to-rent ratios imply very low user costs of no more than 2%-3% of house value. Very high expected capital gains … appreciation would lead to large price declines of over 40% in markets such as Beijing, absent offsetting rent increases or other …
Persistent link: https://www.econbiz.de/10013141003
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The Effect of Housing on Portfolio Choice
Chetty, Raj - 2015
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/10013038822
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The Housing Cycle and Prospects for Technical Progress
Mulligan, Casey B. - 2015
Information technology has already transformed some areas of our lives, and has the prospect for transforming other 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...
Persistent link: https://www.econbiz.de/10013038851