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 …

I propose a model of the housing market using a search framework with asymmetric information in which sellers are … contribute to housing market illiquidity. Real estate agents that can improve the expected quality of a match can segment the … advantage in the matching process, incentive compatible listing contracts are implementable as long as housing is not already …

In this paper, I explore and explain how buy-to-let investors affect housing price dynamics. The impact of buy …-to-let investors on the housing market is much discussed by policy makers, but previously not considered in the literature. I develop a … structural search model that allows housing owners to buy second houses to let out, and let rents be determined endogenously. To …

We review the existing literature on the causes of vacancies in the housing market. First, we present a detailed … vacancies in the housing market in the context of prospect theory which could be extended by future research. Second, we … specific type of vacancy into account is highly relevant for housing policy decisions. …

This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables … using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model … constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response …

This chapter surveys the literature on the microstructure of housing markets. It considers one-sided search, random … bargaining taking various forms, including two-party negotiations of different types and multiparty housing auctions. The chapter … important issues both because of the inherent importance of housing and brokerage and because of the importance of housing to …

importance. In the second part of the paper we employ a standard model of dynamic optimisation with housing demand and seasonal … housing consumption …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive … changes in consumption. However, this might be a fallacy of composition. Such models ignore that changes in housing wealth …

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 …