determines when the land premium paid by a developer is substantially higher than the market value, whether and how this "paper … loss" will affect the pricing of the housing products and development time of the project in future development. We use a … pattern in housing markets. …

with search in the housing market and defaultable long-term mortgages. In equilibrium, both sellers' asking prices and time …-to-sell increase with the relative size of their outstanding mortgages. In turn, the liquidity of the housing market associated with … time-to-sell determines the mortgage standards of competitive lenders, measured by the maximum loan-to-value (LTV) ratio …

, since most housing is not simply financed out of current cash holdings but by mortgages, the institutions on mortgage … population) as well in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the mid …Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in …

, since most housing is not simply financed out of current cash holdings but by mortgages, the institutions on mortgage … population) as well as in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the …Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in …