according to observed market outcomes …

housing speculation during the U.S. housing boom in the 2000s. We find that housing speculation, anchored, in part, on … extrapolation of past housing price changes, led not only to greater price appreciation, economic expansions, and housing … construction during the boom in 2004-2006, but also to more severe economic downturns during the subsequent bust in 2007-2009. Our …

We describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household … is constrained to consume the same amount of owner housing as it has in its investment portfolio. At each iteration in … major determinants of the amount of owner housing, but a logit model indicates that demographic factors are the main …

This paper provides new estimates of the housing stock, construction rates and price developments by city tier in China … construction. We argue that China overall faces imbalances between supply and demand for housing stock, but the problem is … China's GDP and its housing stock …

implications of the distribution of agents' experience on housing market liquidity by building a dynamic entry and exit model of …The real estate market is highly intermediated, with 90 percent of buyers and sellers hiring an agent to help them … transact a house. However, low barriers to entry and fixed commission rates result in a market where inexperienced …

The housing sector is now (September 2007) at the root of three distinct but related problems: (1) a sharp decline in … house prices and the related fall in home building; (2) a subprime mortgage problem that has triggered a substantial … mortgage refinancing that could cause greater declines in consumer spending. Each of these could by itself be powerful enough …

This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing … market for non-foreclosures and reduce price and sales volume by eroding lender equity, destroying the credit of potential … single seller that holds foreclosures off the market until demand rebounds. We also show that policies that slow down the …

property sales and decreases in home values that was affecting local housing markets throughout the nation. We find that HOLC … loans were targeted at local (county-level) housing markets that had experienced severe distress and that the intervention …

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 … mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with …

We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their … historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …