After three decades of being relatively constant, the homeownership rate increased over the period 1994 to 2005 to … played changes in demographic factors and innovations in the mortgage market which lessened downpayment requirements. To … generation model with housing. We find that the long-run importance of the introduction of new mortgage products for the …

relate it to cross-country differences in mortgage market maturity. We find that aside from Italy, homeownership rates and … transfers, substitute the limited mortgage availability and explains the second highest homeownership rate in our sample … highest and most equally distributed homeownership in this country as well. The mortgage market in Germany is on the other …