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Mortgage Design in an Equilibrium Model of the Housing Market
Guren, Adam M. - 2018
mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with … policy. Designs that raise mortgage payments in booms and lower them in recessions do better than designs with fixed mortgage … concentrate them in recessions outperform designs that spread payment reductions over the life of the mortgage. Front …
Persistent link: https://www.econbiz.de/10012453268
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Florida (Un)Chained
Calomiris, Charles W.; Jaremski, Matthew S. - National Bureau of Economic Research - 2023
To understand a price boom, it is helpful to take account of: (1) observable indicators of changes in ex ante risk tolerance, (2) what information exists and when, and (3) the incentives lenders face. This paper takes such an approach to the Florida land boom of the mid-1920s, the U.S.' first...
Persistent link: https://www.econbiz.de/10014226111
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How Do Foreclosures Exacerbate Housing Downturns?
Guren, Adam M. - 2019
This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyze foreclosure mitigation policy. We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales...
Persistent link: https://www.econbiz.de/10012480160
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2009
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10012463368
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Betting the House
Jordà, Òscar - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10012457895
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Can Cheap Credit Explain the Housing Boom?
Glaeser, Edward L. - 2010
-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …
Persistent link: https://www.econbiz.de/10012462425
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Home Ownership and Real House Prices : Sources of Change, 1965-85
Hendershott, Patric H. - 1987
Two phenomena characterized the housing market in the 1970s: a somewhat-disguised surge toward home ownership and a well-publicized sharp increase in the real price of housing. These movements were partially reversed in the first half of the 1980s. In the "standard view", the 1970s changes are...
Persistent link: https://www.econbiz.de/10012476823
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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. - 1994
Real estate markets are periodically plagued by excess supply, rent concessions and few arms-length transactions …
Persistent link: https://www.econbiz.de/10012474144
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The Price of Housing in the United States, 1890-2006
Lyons, Ronan C.; Shertzer, Allison; Gray, Rowena; … - National Bureau of Economic Research - 2024
We construct the first consistent market rent and home sales price series for American cities across the 20th century …
Persistent link: https://www.econbiz.de/10014576622
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House Prices and Rents in the 21st Century
Loewenstein, Lara; Willen, Paul - National Bureau of Economic Research - 2023
We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for … rent, (2) changes in the relative prices of investor- and occupant-owned properties, and (3) changes in the price-rent …
Persistent link: https://www.econbiz.de/10014247934