This paper uses the 2003 Hong Kong Severe Acute Respiratory Syndrome (SARS) epidemic as a natural experiment to investigate how housing markets react to extreme events. An analysis of transaction volume suggests that the absence of price overreaction is likely to be related to housing market...

This paper uses a unique data set with housing consumption, well-being measures and time use patterns to explore the implications of homeownership. After controlling for income, housing quality and health, female homeowners are not better off than renters by a variety of measures, both global...

This paper presents new evidence on the utility – or well-being – derived from housing. There are three areas of focus: 1) how people feel at home versus outside home and if there is a positive athome differential, especially with respect to housing as a complementary good to family life; 2)...

This paper defines a measure of net housing demand or supply which allows the calculation of a long, high frequency time series, whose principal use is intended to be in a multivariate residential property price forecasting model. The series is easily and inexpensively replicable. We formulate...

This paper considers a consumption-based asset pricing model where housing is explicitly modeled both as an asset and consumption good. As consumption good, housing introduces housing expenditure share as a novel risk factor. As an asset, it is the major component of wealth with financial asset....

The politics of urban land use frustrate even the best intentions. A number of cities have made strong political commitments to increasing their local housing supply in the face of a crisis of affordability and availability in urban housing. However, their decisions to engage in “up-zoning,”...

A decrease in home values should make the purchase of new homes attractive to potential buyers. However, many home buyers rely on the sale of a previous home for the down payment on their new purchase. The decline in home prices between 2005 and 2009 is associated with a 40.0% reduction in the...

The impact of changes in market mortgage interest rates on the average mortgage interest rate for all owner-occupied homes depends on the rate of new mortgage originations. The combination of low interest rates and robust mortgage originations after 2001 led to a 1400 basis point decrease in the...

This paper uses a semiparametric homeownership model to estimate and to decompose the household-level white-black homeownership gap into an endowment component and a residual component across the distribution of homeownership rates. We find that the racial gap differs across homeownership rates...

We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth...