This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and emerging market economies. Through a macro-model and predictive quantile regressions, we show that current house price overvaluation, excessive credit growth, and tighter...

Neighborhoods are the result of a complicated interplay between residential choice, housing supply and the influences of the larger metropolitan system on its constituent parts. We model this interplay as a system of reduced-form equations in order to examine the effects of a generous spatially...

This study compares recent home price dynamics of two countries, Korea and the U.S., in terms of underlying determinants of price variations, over time and across locations, along with dynamic adjustment patterns of disequilibrating price shocks. In particular, 2-stage error correction models...