Local markets with tight land use controls result in prices rising relative to wages and affordability. Affordability is eased by unconventional but risky finance. Tight land use and loose financing in these renegade markets concentrates the impact of national or international shocks. A positive...

This study compares housing finance in South Korea(hereinafter referred to as “Korea) and the US. South Korea’s unique system allows housing finance for homeowners and tenants. The US, similar to most countries, confines housing finance to owners. Derived are incidences from shocks in house...

1. Introduction -- Motivation -- Method -- I. Valuation -- 2. Real estate—Institutional and legal environment -- 3. Valuation and appraisal of properties -- II. Financing -- 4. Interest rates, financing, and mortgage multipliers -- 5. Fixed rate and payment mortgage (FRPM) -- 6. Inflation and...