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We study the effect of borrowing constraints in an assignment model of the housing market. When constraints apply symmetrically to all households, these lead to lower prices but unchanged housing consumption. When households can invest their own wealth and may differ in tastes, borrowing...
Persistent link: https://www.econbiz.de/10013540636
This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement. The market interaction of young credit-constrained...
Persistent link: https://www.econbiz.de/10011398664
Persistent link: https://www.econbiz.de/10013428447
This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement. The market interaction of young credit-constrained...
Persistent link: https://www.econbiz.de/10010440971
We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria which replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model...
Persistent link: https://www.econbiz.de/10010440424
We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria which replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model...
Persistent link: https://www.econbiz.de/10010343962
at first-time homeownership using the French Housing Survey. We use a pseudo-panel approach that takes into account the … duration before -first-time homeownership, and take into account unobserved heterogeneity. Our results indicate that a spell in … public housing increases the hazard to homeownership, supporting the idea that, in France, the public housing policy provides …
Persistent link: https://www.econbiz.de/10010729308
tenure choice by explicitly accounting for ethnic identity as a potential influence on the homeownership decision, using a … suggests that immigrants with a stronger commitment to the host country are more likely to achieve homeownership for a given …
Persistent link: https://www.econbiz.de/10011630741
, we document the association between house prices and homeownership at age thirty. We then use synthetic cohort methods to …
Persistent link: https://www.econbiz.de/10009530248