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Author : Tracy Margo Turner
Publisher :
ISBN 13 :
Total Pages : 266 pages
Book Rating : 4.:/5 (61 download)
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:
Author : Lu Han
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Effects of Price Uncertainty on Home Purchase Decisions Over the Life-Cycle written by Lu Han and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a life-cycle model of housing demand for repeated home purchase market with uncertain house prices and lumpy transaction costs. By extending the (S,s) methodology to a non-stationary discrete time framework with multivariate stochastic price processes, I derive optimal home purchase decision rules and the housing risk premium. This allows me to characterize a self-hedging mechanism in an incomplete market: households use earlier accumulated housing wealth to hedge against the future housing cost risk. As a result, the direction of the effects of price uncertainty on housing demand depends critically on households' future housing consumption plans. When price uncertainty increases, households consume (and thereby invest in) less housing if they plan to realize the housing wealth gain. However, they will instead take bigger housing positions if they plan to move to a bigger home in a correlated housing market in the future.
Author : Lu Han
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Effects of Price Uncertainty on Housing Demand written by Lu Han and published by . This book was released on 2015 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how price risk affects housing demand. It identifies two relevant channels: a financial risk effect that reduces demand, and a hedging effect that increases demand since current homes may hedge future housing costs. The latter dominates when hedging incentives are strong, namely when the likelihood of moving up the housing ladder is high and the tendency to move across markets is low. For households with weak hedging incentives, the paper finds negative effects of price risk on the timing and size of home purchases, but positive effects for households with strong hedging incentives.
Author : Thomas Sowell
Publisher : Basic Books (AZ)
ISBN 13 : 0465018807
Total Pages : 194 pages
Book Rating : 4.4/5 (65 download)
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.
Author : M. I. Droes
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (847 download)
Download or read book House Price Uncertainty in the Dutch Owner-occupied Housing Market written by M. I. Droes and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eric S. Belsky
Publisher : Brookings Institution Press
ISBN 13 : 0815725655
Total Pages : 497 pages
Book Rating : 4.8/5 (157 download)
Download or read book Homeownership Built to Last written by Eric S. Belsky and published by Brookings Institution Press. This book was released on 2014-06-27 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication The ups and downs in housing markets over the past two decades are without precedent, and the costs—financial, psychological, and social—have been enormous. Yet Americans overwhelmingly still aspire to homeownership, and many still view access to homeownership as an important ingredient for building wealth among historically disadvantaged groups. This timely volume reexamines the goals, risks, and rewards of homeownership in the wake of the housing bubble and subprime lending crisis. Housing, real estate, and finance experts explore the role of government in supporting homeownership, deliberate how homeownership can be made more sustainable, and discuss how best to balance affordability, access, and risk, particularly for minorities and low income families. Contributors: Eric S. Belsky (JCHS); Raphael W. Bostic (University of Southern California); Mark Calabria (Cato Institute); Kaloma Cardwell (University of California, Berkeley); Mark Cole (Hope LoanPort); J. Michael Collins (University of Wisconsin– Madison); Marsha J. Courchane (Charles River Associates); Andrew Davidson (Andrew Davidson and Co.); Christopher E. Herbert (JCHS); Leonard C. Kiefer (Freddie Mac); Alex Levin (Andrew Davidson and Co.); Adam J. Levitin (Georgetown University Law Center); Mark R. Lindblad (University of North Carolina at Chapel Hill); Jeffrey Lubell (Abt Associates); Patricia A. McCoy (University of Connecticut School of Law); Daniel T. McCue (JCHS); Jennifer H. Molinsky (JCHS); Stephanie Moulton (Ohio State University); john a. powell (University of California–Berkeley); Roberto G. Quercia (University of North Carolina at Chapel Hill); Janneke H. Ratcliffe (University of North Carolina); Carolina Reid (University of California–Berkeley); William M. Rohe (University of North Carolina at Chapel Hill); Rocio Sanchez-Moyano (JCHS); Susan Wachter (University of Pennsylvania); Peter M. Zorn (Freddie Mac)
Author : Harvey S. Rosen
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.0/5 ( download)
Download or read book Housing Tenure, Uncertainty, and Taxation written by Harvey S. Rosen and published by . This book was released on 1983 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern empirical work on the choice between renting and owning focuses on the concept of the "user cost" of housing, which integrates into a single measure the various components of housing costs. The standard approach implicitly assumes that households know the user cost of housing with certainty. However, the ex post user cost measure exhibits substantial variability over time, and it is highly unlikely that individuals believe themselves able to forecast these fluctuations with certainty. In this paper, we construct and estimate a model of the tenure choice that explicitly allows for the effects of uncertainty. The results suggest that previous work which ignored uncertainty may have overstated the effects of the income tax system upon the tenure choice.
Author : Eugene N. White
Publisher : University of Chicago Press
ISBN 13 : 022609328X
Total Pages : 408 pages
Book Rating : 4.2/5 (26 download)
Download or read book Housing and Mortgage Markets in Historical Perspective written by Eugene N. White and published by University of Chicago Press. This book was released on 2014-10-17 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability? This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.
Author : Denise DiPasquale
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.F/5 ( download)
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:
Author : Alvin Emery Coons
Publisher :
ISBN 13 :
Total Pages : 204 pages
Book Rating : 4.3/5 (512 download)
Download or read book Housing Market Analysis and the Growth of Nonfarm Home Ownership written by Alvin Emery Coons and published by . This book was released on 1963 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Leo Grebler
Publisher : Free Press
ISBN 13 :
Total Pages : 280 pages
Book Rating : 4.F/5 ( download)
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:
Author : Lawrence Roberts
Publisher : Monterey Cypress LLC
ISBN 13 : 0615226930
Total Pages : 251 pages
Book Rating : 4.6/5 (152 download)
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
Author : Steven M. Sheffrin
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Taxation and House-Price Uncertainty written by Steven M. Sheffrin and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Purchasing a home involves a large and localized investment that leaves many families exposed to volatile house prices and at risk of losing their home equity. Price movements are typically not synchronized across cities, suggesting the potential for efficiency gains through risk sharing across households. In this paper, we consider the possibility of risk sharing through capital gains taxation. When full loss offset is permitted, potential gains and losses are reduced at the household level by taxation and distributed nationally, thereby allowing the tax authority to diversify away the local risks associated with owner-occupied housing. We simulate the effect of a capital gains tax with full loss offset on tenure choice and housing demand using micro-level data from the American Housing Survey, spanning ten years, from 1985 to 1995, and measures of time varying risk and return.
Author : Thomas P. Boehm
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (743 download)
Download or read book The Investment Demand for Housing written by Thomas P. Boehm and published by . This book was released on 1981 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ms.Nan Geng
Publisher : International Monetary Fund
ISBN 13 : 1484369122
Total Pages : 24 pages
Book Rating : 4.4/5 (843 download)
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 2018-07-18 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.
Author : Theresa Kuchler
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (13 download)
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.
Author : Huong (Vina) Nguyen
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (13 download)
Download or read book Uncertainty in the Housing Market written by Huong (Vina) Nguyen and published by . This book was released on 2014 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that uncertainty can lead to higher price volatility and persistent estimation errors in the housing market. Empirically, I construct a Household Sentiment Index (HSI) by applying the Case-Shiller repeat-sales estimation method to the households' survey responses in the Panel Studies of Income Dynamics (PSID). I find that compared to the actual housing prices in the same state, the HSI consistently overestimated the growth rate after mid-1990s and exhibited more volatility over the entire period from 1968 to 2011. Theoretically, I show that these facts can result from the households' uncertainty regarding whether a recent change in the market is temporary or permanent. A housing model incorporating this assumption and a Bayesian learning mechanism is able to match the volatility of housing prices. As a proxy for the sentiment index, the one-period forecast from the model shows persistent under-estimation and over-estimation of housing prices, resembling the behavior of the PSID responses.
