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House Price Expectations And Housing Choice
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Book Synopsis House Price Expectations and Housing Choice by : Alexander Ludwig
Download or read book House Price Expectations and Housing Choice written by Alexander Ludwig and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the role of heterogenous house-price expectations for boom-bust cycles in the housing market? We exploit a unique Dutch panel data set on households' house price expectations and their consumption, savings and housing choices for the period 2003-2016. This period was characterized by a pronounced boom-bust cycle in the housing market. Conditioning the sample on household heads who report non-zero house price expectations, we find that expectations closely track realized house prices. We next develop a structural life-cycle model of the Dutch housing market where we distinguish household types according to their house price expectations. We employ a calibrated model variant to test if observed variations in expectations can account for the housing boom-bust cycle. First results show that our model closely matches the observed fluctuations of the rent-to-price ratio in the data but overshoots the size of the housing boom.
Book Synopsis Price Expectations and the U.S. Housing Boom by : Pascal Towbin
Download or read book Price Expectations and the U.S. Housing Boom written by Pascal Towbin and published by International Monetary Fund. This book was released on 2015-07-30 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, i.e. expectations about future price developments. The argument is, however, often indirect: speculation is treated as a deviation from a benchmark. The present paper aims to identify house price expectation shocks directly. To that purpose, we estimate a VAR model for the U.S. and use sign restrictions to identify house price expectation, housing supply, housing demand, and mortgage rate shocks. House price expectation shocks are the most important driver of the boom and account for about 30 percent of the real house price increase. We also construct a model-based measure of exogenous changes in price expectations and show that this measure leads a survey-based measure of changes in house price expectations. Our main identification scheme leaves open whether expectation shifts are realistic or unrealistic. In extensions, we provide evidence that price expectation shifts during the boom were primarily unrealistic and were only marginally affected by realistic expectations about future fundamentals.
Book Synopsis House Price Expectations by : Niklas Gohl
Download or read book House Price Expectations written by Niklas Gohl and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Housing Boom and Bust by : Thomas Sowell
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Book Synopsis The Housing Market by : Carol B. Meeks
Download or read book The Housing Market written by Carol B. Meeks and published by . This book was released on 1980 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Betting on the House by : Nicolas L. Bottan
Download or read book Betting on the House written by Nicolas L. Bottan and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Home price expectations play a central role in macroeconomics and finance. However, there is little direct evidence on how these expectations affect market choices. We provide the first experimental evidence based on a large-scale, high-stakes field experiment in the United States. We provided information by mail to 57,910 homeowners who recently listed their homes on the market. Collectively, these homes were worth $34 billion dollars. We randomized the information contained in the mailing to create non-deceptive, exogenous variation in the subjects' home price expectations. We then used rich administrative data to measure the effects of these information shocks on the subject's market choices. We find that, consistent with economic theory, higher home price expectations caused the subjects to delay selling their homes. These effects are statistically highly significant, economically large in magnitude, and robust to a number of sharp checks. Our results indicate that market choices are highly elastic to expectations: a 1 percentage point increase in home price expectations reduced the probability of selling within six months by 2.45 percentage points. Moreover, we provide evidence that this behavioral elasticity would be even higher if it were not for the presence of optimization frictions.
Book Synopsis The Inflation of House Prices, Its Extent, Causes, and Consequences by : Leo Grebler
Download or read book The Inflation of House Prices, Its Extent, Causes, and Consequences written by Leo Grebler and published by Free Press. This book was released on 1979 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Economic Expectations by : Ruediger Bachmann
Download or read book Handbook of Economic Expectations written by Ruediger Bachmann and published by Elsevier. This book was released on 2022-11-04 with total page 876 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Economic Expectations discusses the state-of-the-art in the collection, study and use of expectations data in economics, including the modelling of expectations formation and updating, as well as open questions and directions for future research. The book spans a broad range of fields, approaches and applications using data on subjective expectations that allows us to make progress on fundamental questions around the formation and updating of expectations by economic agents and their information sets. The information included will help us study heterogeneity and potential biases in expectations and analyze impacts on behavior and decision-making under uncertainty. Combines information about the creation of economic expectations and their theories, applications and likely futures Provides a comprehensive summary of economics expectations literature Explores empirical and theoretical dimensions of expectations and their relevance to a wide array of subfields in economics
Book Synopsis Housing Market Dynamics and the Future of Housing Prices by : Denise DiPasquale
Download or read book Housing Market Dynamics and the Future of Housing Prices written by Denise DiPasquale and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Market Expectations by : Theresa Kuchler
Download or read book Housing Market Expectations written by Theresa Kuchler and published by . This book was released on 2022 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the recent literature on the determinants and effects of housing market expectations. We begin by providing an overview of existing surveys that elicit housing market expectations, and discuss how those surveys may be expanded in the future. We then document a number of facts about time-series and cross-sectional patterns of housing market expectations in these survey data, before summarizing research that has studied how individuals form these expectations. Housing market expectations are strongly influenced by recently observed house price changes, by personally or locally observed house price changes, by house price changes observed in a person's social network, and by current home ownership status. Similarly, experienced house price volatility affects expectations uncertainty. We also summarize recent work that documents how differences in housing market expectations translate into differences in individuals' housing market behaviors, including their home purchasing and mortgage financing decisions. Finally, we highlight research on how expectations affect aggregate outcomes in the housing market.
Download or read book Hot Property written by Rob Nijskens and published by Springer. This book was released on 2019-06-14 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Book Synopsis Price Uncertainty, Homeownership and Housing Demand by : Tracy Margo Turner
Download or read book Price Uncertainty, Homeownership and Housing Demand written by Tracy Margo Turner and published by . This book was released on 2000 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Experience and Expectations by : Susan Collins
Download or read book Experience and Expectations written by Susan Collins and published by . This book was released on 1992 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis House Price Expectations by : Geng Niu
Download or read book House Price Expectations written by Geng Niu and published by . This book was released on 2014 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utilizing new survey data collected between 2009 and 2014, this paper analyzes American households' subjective expectations on future home values. We explore the relationship between house price expectations, local economic conditions, and households' individual characteristics. We examine the heterogeneity in expectations based on panel data models. In particular, we estimate the individual- and time-specific subjective probability distributions for five-year-ahead home values. House price expectations vary significantly over time, and are positively related to past housing returns and perceived economic conditions. There is large variation in both the central tendency and the uncertainty of expectations on future home values across individuals, which is associated with several socio-economic and demographic factors. Comparing expectations and realizations shows that households only partially anticipated the large downward changes in home values in the time period 2009-2011.
Book Synopsis Choice and Allocation Models for the Housing Market by : Jan Rouwendal
Download or read book Choice and Allocation Models for the Housing Market written by Jan Rouwendal and published by Springer Science & Business Media. This book was released on 1989-10-31 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is generally agreed that food, clothing and shelter are the three basic material needs of all people. A simple test for the successfulness of any economic system may therefore be the extent to which it succeeds in providing the population with these commodities. One would conjecture that in the countries that are generally considered as highly developed there would be no problems at all with their availability. And although this conjecture is to a large extent, confirmed by the evidence, it is nevertheless surprising that in western economies with the high per capita incomes housing is still an important object for public concern. Food and clothing are abundantly available in these countries, but the provision of housing is often an object of serious policy concern. To mention one striking example : in the Netherlands there still exist official figures that mention housing shortages of ten thousends of dwellings. This state of affairs is not mentioned here to motivate an exaggerated view on housing problems in Western countries. The situation in the Netherlands and comparable countries is indeed much better than that in underdeveloped countries and a comparison with developing countries would presumably show figures which are comparable to those for food or clothing. The point I want to make is that even in highly developed market economies where the availability of food and clothing is quite satisfactory, the availability of dwellings often is not.
Book Synopsis The Great Housing Bubble by : Lawrence Roberts
Download or read book The Great Housing Bubble written by Lawrence Roberts and published by Monterey Cypress LLC. This book was released on 2008 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed analysis of the psychological and mechanical causes of the biggest rally, and subsequent fall, of housing prices ever recorded. Examines the causes of the breathtaking rise in prices and the catastrophic fall that ensued to answer the question on every homeowner's mind: "Why did house prices fall?"--Page 4 of cover
Book Synopsis Fundamental Drivers of House Prices in Advanced Economies by : Ms.Nan Geng
Download or read book Fundamental Drivers of House Prices in Advanced Economies written by Ms.Nan Geng and published by International Monetary Fund. This book was released on 2018-07-13 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
