Home price expectations are believed to play an important role in housing dynamics, yet we have limited understanding …. These results are consistent with recent behavioral models of housing cycles. Finally, we present robust evidence of home … price expectations impacting (actual and intended) housing-related behaviors, both in the cross section and within-individual. …

Housing is a depreciating asset. The rate of depreciation depends on the degree to which households engage in housing … investments. Housing investment expenditures economy-wide are sizable, averaging 45 percent of the value of new home construction … over the past twenty years. The housing bust and recession coincided with a significant decline in housing investment …

-in, and property tax lock-in - on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample …

, the nature of the housing stock, and the organization of residential activity. We start by providing some background on … tax policy, to influence a household's decision to own or rent, and how shifts in the demand for owner-occupied housing … are translated into housing prices and quantities, given the unusual nature of housing supply. We consider the …

This paper develops a growth model with land, housing services, and other goods that is capable of explaining a … substantial portion of the movements in housing prices over the past forty years. Under certainty, the model exhibits a balanced …—both qualitatively and quantitatively—the large low-frequency changes in housing price trends. In particular, the model shows how housing …

The sensitivity of housing demand to mortgage rates and available leverage is key to understanding the effect of … monetary and macroprudential policies on the housing market. However, since there is generally no exogenous variation in these … financing scenarios. We vary down payment constraints, mortgage rates, and non-housing wealth. We find that a relaxation of down …