2024-03-28T13:34:59Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:378
2019-09-26T13:02:25Z
7374617475733D756E707562
7375626A656374733D49:4933:493338
7375626A656374733D48:4834:483432
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/378/
Precios hedónicos para valoración de atributos de viviendas sociales en la Región Metropolitana de Santiago
Quiroga, Bernardo F.
I38 - Government Policy ; Provision and Effects of Welfare Programs
H42 - Publicly Provided Private Goods
R21 - Housing Demand
In this paper, an hedonic pricing model is used to measure non-market attribute
valuation in Social Housing Programs in Santiago de Chile. Implicit marginal prices
are calculated as first stage Rosen estimates for attributes such as distance to
different services, number of rooms of each type, and availability of warm water and
connection to the sewage network. Distance implicit prices were calculated as the
difference between coefficients of dummy variables which measured different distance
levels. Results reveal non-linearity in the value of distances. Also, the number of
rooms (especially bathrooms), as well as access to warm water and sewage system
were highly valued.
2005-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/378/1/MPRA_paper_378.pdf
Quiroga, Bernardo F. (2005): Precios hedónicos para valoración de atributos de viviendas sociales en la Región Metropolitana de Santiago.
es
oai:mpra.ub.uni-muenchen.de:4318
2019-09-28T00:50:46Z
7374617475733D756E707562
7375626A656374733D47:4732:473238
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4318/
Zero down payment mortgage default
Kelly, Austin
G28 - Government Policy and Regulation
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
Previous research has focused on equity as a prime determinant of mortgage default propensities. This paper extends the analysis of mortgage default to include mortgages that require no down payment from the purchaser. A continuous time hazard model is used to estimate the conditional probability of a serious delinquency, or a claim, as a function of a host of standard control variables, and indicators for the presence and source of the down payment. The data consist of a nationally representative random sample of about 5,000 FHA insured single family mortgages endorsed in Fiscal Years 2000, 2001, and 2002, observed through September 30, 2006, and samples of about 1,000 FHA loans each from the Atlanta, Indianapolis, and Salt Lake City MSAs in the same time period. The results indicate that borrowers who provide down payments from their own resources have significantly lower default propensities than do borrowers whose down payments come from relatives, government agencies, or non-profits. Borrowers with down payments from seller-funded non-profits, who make no down payment at all, have the highest default rates. Additionally, borrowers who do not make down payments from their own resources tend to have higher loss given default in the small subset of loans that had completed the property disposition process.
2007-07-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4318/1/MPRA_paper_4318.pdf
Kelly, Austin (2007): Zero down payment mortgage default.
en
oai:mpra.ub.uni-muenchen.de:5134
2019-09-26T21:58:58Z
7374617475733D756E707562
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
7375626A656374733D44:4437:443731
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5134/
New Housing Supply and the Dilution of Social Capital
Hilber, Christian A. L.
R21 - Housing Demand
R31 - Housing Supply and Markets
D71 - Social Choice ; Clubs ; Committees ; Associations
This paper examines the role of local housing market conditions for social capital accumulation and neighborhood club good provision. A model of individual investment decisions predicts that in a setting with high property transaction costs (i) homeowners are more likely to invest in social capital than renters and (ii) the positive link between homeownership and social capital is stronger in more built-up neighborhoods with inelastic supply of new housing. In these neighborhoods homeowners are largely protected from inflows of newcomers that would dilute the net benefit from social capital in the longer run. Empirical evidence from the Social Capital Community Benchmark Survey confirms the model predictions. Instrumental variable estimates suggest that the effects are causal.
2007-08-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5134/1/MPRA_paper_5134.pdf
Hilber, Christian A. L. (2007): New Housing Supply and the Dilution of Social Capital.
en
oai:mpra.ub.uni-muenchen.de:5136
2019-09-29T22:46:59Z
7374617475733D756E707562
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5136/
Explaining the Black-White Homeownership Gap: The Role of Own Wealth, Parental Externalities and Locational Preferences
Hilber, Christian A. L.
Liu, Yingchun
R21 - Housing Demand
R31 - Housing Supply and Markets
African Americans in the United States are considerably less likely to own their homes compared to Whites. Differences in household income and other socio-economic and demographic characteristics can only partially explain this gap and previous studies suggest that the ‘unexplained’ gap has increased over time. In this paper we use the Panel Study of Income Dynamics (PSID) intergenerational data, which provides information on household wealth, parental characteristics and macro-location choice. We find that African-American households are 6.5 percent less likely to own if only traditional explanatory variables are controlled for. However, the black-white homeownership gap disappears if differences in own and parental wealth and in the preferred macro-location type are accounted for.
2007-08-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5136/1/MPRA_paper_5136.pdf
Hilber, Christian A. L. and Liu, Yingchun (2007): Explaining the Black-White Homeownership Gap: The Role of Own Wealth, Parental Externalities and Locational Preferences.
en
oai:mpra.ub.uni-muenchen.de:5370
2019-09-30T16:40:45Z
7374617475733D756E707562
7375626A656374733D47:4732:473231
7375626A656374733D47:4732:473238
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5370/
Zero down payment mortgage default
Kelly, Austin
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
G28 - Government Policy and Regulation
R21 - Housing Demand
Previous research has focused on equity as a prime determinant of mortgage default propensities. This paper extends the analysis of mortgage default to include mortgages that require no down payment from the purchaser. A continuous time hazard model is used to estimate the conditional probability of a serious delinquency, or a claim, as a function of a host of standard control variables, and indicators for the presence and source of the down payment. The data consist of a nationally representative random sample of about 5,000 FHA insured single family mortgages endorsed in Fiscal Years 2000, 2001, and 2002, observed through September 30, 2006, and samples of about 1,000 FHA loans each from the Atlanta, Indianapolis, and Salt Lake City MSAs in the same time period. The results indicate that borrowers who provide down payments from their own resources have significantly lower default propensities than do borrowers whose down payments come from relatives, government agencies, or non-profits. Borrowers with down payments from seller-funded non-profits, who make no down payment at all, have the highest default rates. Additionally, borrowers who do not make down payments from their own resources tend to have higher loss given default in the small subset of loans that had completed the property disposition process.
2007-07-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5370/1/MPRA_paper_5370.pdf
Kelly, Austin (2007): Zero down payment mortgage default.
en
oai:mpra.ub.uni-muenchen.de:6132
2019-10-13T06:52:31Z
7374617475733D756E707562
7375626A656374733D43:4335:433531
7375626A656374733D45:4533:453332
7375626A656374733D52:5232:523231
7375626A656374733D43:4332:433231
7375626A656374733D52:5231:523131
7375626A656374733D44:4430:443031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6132/
Acnowledging for spatial effects in the Portuguese housing markets
G. Carvalho, Pedro
Ribeiro, Alexandra
C51 - Model Construction and Estimation
E32 - Business Fluctuations ; Cycles
R21 - Housing Demand
C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile Regressions
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
D01 - Microeconomic Behavior: Underlying Principles
The aim of this paper is to revisit a former paper on the Portuguese housing market
(1995), acknowledging for spatial effects in order to interpret housing market changes
over 1995-2001.
The paper will include a first section devoted to explain the differences between the
OLS regression analysis and spatial econometrics, explaining the theoretical
background used to develop a spatial lag model with the same database; the second
section will show the misspecification problems we found when we ran the same model
for after 1995-1998 databases; the third section is devoted to describe new housing
literature findings relating housing market evolution with the macroeconomic cycles in
Portugal; as a consequence the fourth section will include the method we developed
with recent census data, to explain the evolution of the country macroeconomic cycles
and the agents’ new behavioural attitudes concerning housing; finally and using spatial
analysis we can understand the main changes occurred over the 1995-2001 period.
The evaluation of the results contradicts some mainstream scholar and political
knowledge to explain spatial inequalities between coast and interior municipalities.
Complexity issues seem to be present when we consider the way different market agents
make decisions on housing markets, looking this good either as a place to live or an
alternative investment asset. In the concluding remarks we raise some new interesting
questions for further research.
2007-11-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6132/1/MPRA_paper_6132.pdf
G. Carvalho, Pedro and Ribeiro, Alexandra (2007): Acnowledging for spatial effects in the Portuguese housing markets.
en
oai:mpra.ub.uni-muenchen.de:6145
2019-10-01T23:25:56Z
7374617475733D756E707562
7375626A656374733D52:5235:523532
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6145/
Factors Affecting Residential Property Values in a Small Historic Canadian University Town
Janmaat, John A
R52 - Land Use and Other Regulations
R31 - Housing Supply and Markets
R21 - Housing Demand
The town of Wolfville, Nova Scotia is a small historic community, economically dominated by Acadia University. It is located on the north slope of a ridge, affording views of the Minas Basin, at the eastern end of the Bay of Fundy. The upper boundary of the town is a major provincial highway. A set of sound level observations was used to generate average and peak sound level profiles for the town. Average and peak sound level, as well as presence of a view were included in a hedonic regression of property values. View and average sound level were not statistically related to home price. However, peak sound level is priced, with a one decibel increase reducing the average house price by about two percent. Beyond conventional variables such as age and living space, the zoning classification of the property was found to be highly significant, with homes zoned for single family residential only commanding the highest price. Given the high population of student tenants in Wolfville, tenants unlikely to live in areas zoned single family residential, these results suggests that rental externalities - either due to student tenants or landlord practices - are having a strong negative impact on property values.
2007-01-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6145/3/MPRA_paper_6145.pdf
Janmaat, John A (2007): Factors Affecting Residential Property Values in a Small Historic Canadian University Town.
en
oai:mpra.ub.uni-muenchen.de:6524
2019-09-28T05:06:22Z
7374617475733D707562
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6524/
Role of Banks in Housing in Finance
Arshad Khan, Muhammad
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
In this study an attempt has been made to analyze the role of banks in housing finance in Pakistan. The evidence shows that presently Pakistan is facing a housing backlog of 5.38 to 6 millions units. The big demand for housing calls for an active role of banks, HFCs and other financiers. The total housing finance demand is close to Rs. 68 billion per annum against annual provision of Rs 3 to 4 billion.
2003
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6524/1/MPRA_paper_6524.pdf
Arshad Khan, Muhammad (2003): Role of Banks in Housing in Finance. Published in: Journal of The Institute of Bankers Pakistan , Vol. 71, No. 1 (January 2004): pp. 43-73.
en
oai:mpra.ub.uni-muenchen.de:6820
2019-09-28T00:52:05Z
7374617475733D707562
7375626A656374733D52:5230:523030
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6820/
Role of banks in housing finance
Mehar, Ayub
R00 - General
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
It is implied that the Housing Finance companies and banking sector can find an equilibrium rate of return on deposits by simultaneous determination of the utilization of housing loans and supply of the funds. The results are also useful in determination of equilibrium ratio of the rental income to return on deposits. An optimal rate of return on bank deposits can be found in response of a return on housing property.
2005-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6820/1/MPRA_paper_6820.pdf
Mehar, Ayub (2005): Role of banks in housing finance. Published in: Journal of the Institute of Bankers (2006)
en
oai:mpra.ub.uni-muenchen.de:7721
2019-09-30T16:57:28Z
7374617475733D756E707562
7375626A656374733D4A:4A31:4A3133
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7721/
Do higher rents discourage fertility? evidence from U.S. cities, 1940-2000
Simon, Curtis
Tamura, Robert
J13 - Fertility ; Family Planning ; Child Care ; Children ; Youth
R21 - Housing Demand
This paper documents the existence of a negative cross-sectional correlation between the price of living space and fertility using U.S. Census data over the period 1940-2000. This correlation is not spurious, nor does it reflect the tendency of larger families to locate within less-expensive areas of a given metropolitan area. We examine the extent to which the results reflect the sorting of married couples across metropolitan areas on desired fertility. The relationship between the unit price of living space and fertility in fact tends to be more negative for households that have moved recently. However, the probability of migration between metropolitan areas is smaller for larger families, even those originating in more expensive cities. Moreover, Durbin-Wu-Hausman tests reveal only limited evidence of endogeneity. The weaker effects of the price of living space for less mobile couples seems to be at least in part a result of their choosing to live in less-expensive portions within a given metropolitan area.
2008-02-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7721/1/MPRA_paper_7721.pdf
Simon, Curtis and Tamura, Robert (2008): Do higher rents discourage fertility? evidence from U.S. cities, 1940-2000.
en
oai:mpra.ub.uni-muenchen.de:8611
2019-09-30T02:52:25Z
7374617475733D756E707562
7375626A656374733D52:5232:523230
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8611/
Homebuying in New Orleans Before and After Katrina: Patterns by Space, Race and Income
Immergluck, Dan
Lee, Yun Sang
R20 - General
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
Natural disasters can conceivably have significant impacts on the “neighborhood sorting” of different racial or economic groups across intrametropolitan space. Using Home Mortgage Disclosure Act data we examine mortgage-financed homebuying activity within the New Orleans MSA before and after Hurricane Katrina. We find that, while the total amount of homebuying in the 7-parish New Orleans MSA was relatively unchanged between 2004 and 2006, homebuying in the city declined significantly, and declined most in places experiencing severe storm damage. We also find that after Hurricane Katrina, the proportion of homebuyers in the region and the city who were African-American or low-income declined. Finally, we find that segregation levels of African-American and lower-income homebuyers f declined in the year following Katrina. However, some of this effect is likely due to smaller overall numbers of lower-income and African-American buyers in the region.
2008-04-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8611/1/MPRA_paper_8611.pdf
Immergluck, Dan and Lee, Yun Sang (2008): Homebuying in New Orleans Before and After Katrina: Patterns by Space, Race and Income.
en
oai:mpra.ub.uni-muenchen.de:8613
2019-10-07T08:05:50Z
7374617475733D756E707562
7375626A656374733D52:5232:523230
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8613/
Large-Scale Redevelopment Initiatives and Home Values: The Case of the Atlanta Beltline Project
Immergluck, Dan
R20 - General
R21 - Housing Demand
R31 - Housing Supply and Markets
This paper examines the property value impacts of a very large-scale redevelop initiative in Atlanta. Large impacts are found in lower-income neighborhoods surrounding the proposed project.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8613/1/MPRA_paper_8613.pdf
Immergluck, Dan (2007): Large-Scale Redevelopment Initiatives and Home Values: The Case of the Atlanta Beltline Project.
en
oai:mpra.ub.uni-muenchen.de:9339
2019-09-26T10:59:54Z
7374617475733D756E707562
7375626A656374733D47:4732
7375626A656374733D50:5032:503235
7375626A656374733D47:4733:473332
7375626A656374733D45:4536
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9339/
A Study of Residential Housing Demand in India
Bandyopadhyay, Arindam
Kuvalekar, S V
Basu, Sanjay
Baid, Shilpa
Saha, Asish
G2 - Financial Institutions and Services
P25 - Urban, Rural, and Regional Economics
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
The empirical research on housing market in India is scarce due to the paucity of information. The monograph on “A Study of Residential Housing Demand in India” is the outcome of a Study conducted by the National Institute of Bank Management (NIBM) for National Housing Bank (NHB) and partially addresses advice of Reserve Bank of India to NHB on studying the housing and real estate sector. This study provides exhaustive empirical research and detailed analysis (both micro and macro level) of current status and future growth potential of housing industry in India, its back-ward and forward linkages, financing structure and nature of underlying risk in the housing market in India.
2008-04-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9339/1/MPRA_paper_9339.pdf
Bandyopadhyay, Arindam and Kuvalekar, S V and Basu, Sanjay and Baid, Shilpa and Saha, Asish (2008): A Study of Residential Housing Demand in India.
en
oai:mpra.ub.uni-muenchen.de:9438
2019-09-27T05:23:01Z
7374617475733D756E707562
7375626A656374733D52:5231:523132
7375626A656374733D43:4332:433231
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9438/
Measuring the Value of a Moscow Apartment: a Spatial Approach to the Hedonic Pricing of Attributes
Repkine, Alexandre
R12 - Size and Spatial Distributions of Regional Economic Activity
C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile Regressions
R21 - Housing Demand
In this paper we explore spatial effects in a hedonic price function framework for a large sample of apartments in Moscow. We find strong evidence of both spatial lag and spatial autocorrelation. Our results are robust across both the spatial model specifications and the choice of the spatial weight matrices. The fact that the quality attributes’ shadow prices we estimate are not much different from the OLS (ML) estimates suggests that spatial effects are orthogonal to the quality characteristics. One interesting finding is that an increase in the kitchen area contributes much more significantly to the apartment’s price compared a marginal increase in the living area, which is reflecting the traditional role kitchen has been playing in the Russian households as a dining and communication area. House type, time needed to walk to the nearest subway station and subway time to the city center are other important apartment attributes. Methodologically, we believe our study is demonstrating the need to develop spatial econometric techniques for application in the environment where both types of spatial effects are simultaneously present.
2008-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9438/1/MPRA_paper_9438.pdf
Repkine, Alexandre (2008): Measuring the Value of a Moscow Apartment: a Spatial Approach to the Hedonic Pricing of Attributes.
en
oai:mpra.ub.uni-muenchen.de:9885
2019-09-26T22:27:24Z
7374617475733D756E707562
7375626A656374733D51:5135:513531
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9885/
How big a problem is noise pollution? A brief happiness analysis by a perturbable economist
Weinhold, Diana
Q51 - Valuation of Environmental Effects
R21 - Housing Demand
We approach the question of the costs of everyday residential noise pollution by examining a series of ‘happiness regressions.’ Following standard approaches, we use a range of socio-economic data to explain respondents’ declared level of life satisfaction, and then add perceived noise pollution into the analysis. In the process we replicate the observed patterns from other studies of this type. We find noise to exert a negative and highly significant effect on happiness, approximately of the same order of magnitude as being disabled. Using some rough and ready calculations, we find the monetary equivalent costs of noise pollution to be on the order of €170 per month per household.
2008-08-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9885/1/MPRA_paper_9885.pdf
Weinhold, Diana (2008): How big a problem is noise pollution? A brief happiness analysis by a perturbable economist.
en
oai:mpra.ub.uni-muenchen.de:10076
2019-10-01T07:46:20Z
7374617475733D756E707562
7375626A656374733D43:4331:433133
7375626A656374733D44:4431:443132
7375626A656374733D50:5032:503235
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10076/
Hedonic demand for rented house in Kohima, Nagaland
Mishra, SK
Ngullie, ML
C13 - Estimation: General
D12 - Consumer Economics: Empirical Analysis
P25 - Urban, Rural, and Regional Economics
R21 - Housing Demand
Kelvin Lancaster considered a commodity as a bundle of characteristics or a bunch of vectors. The demand for a commodity is therefore a demand for its characteristics. Those characteristics may include time (whether a commodity is old or new), place (its location), positional value (whether it is owned or used by many or only a few), brand name (whether produced by this or that manufacturer), and so on. This view of considering a commodity as a bundle of characteristics opens an immensely wide scope for properly dealing with the demand for a commodity not only as a substitute of but also as a complement to other commodity or commodities. In this paper we have shown how the demand for a multi-characteristics commodity such as house can be estimated by a method suggested by Heinrich von Stackelberg that transforms the measures of various characteristics into polar coordinates, and how this method may be useful in identifying the complementary and substitutive characteristics of the commodity concerned. We have not gone in for identification of the demand equation. We apply this method on the primary data collected from 109 households inhabiting Kohima, the capital city of Nagaland (India). An analysis of the data suggests that consumers of rented house consider floor area, water supply and power supply complementary to each other and other characteristics of house as substitutes of the floor area. It has also been found that in Kohima a rented house is possibly an inferior commodity and its income elasticity for the overall sample is negative, although statistically insignificant.
2008-08-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10076/1/MPRA_paper_10076.pdf
Mishra, SK and Ngullie, ML (2008): Hedonic demand for rented house in Kohima, Nagaland.
en
oai:mpra.ub.uni-muenchen.de:10660
2019-09-26T21:14:54Z
7374617475733D756E707562
7375626A656374733D51:5135:513531
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10660/
How big a problem is noise pollution? A brief happiness analysis by a perturbable economist
Weinhold, Diana
Q51 - Valuation of Environmental Effects
R21 - Housing Demand
This paper approaches the question of the costs of everyday residential noise pollution by examining a series of ‘happiness regressions.’ We control for the possibility that an unobservable characteristic (which we denote ‘complainer type’) may lead people both to complain more and cause them to declare themselves to be less happy. We further control for the possibility that a standard estimate of the marginal utility of income may suffer from endogeneity and will be under-estimated if ‘effort’ is not adequately taken into account. We find perceived noise pollution to exert a negative and highly significant effect on happiness. We then calculate the required income transfer to compensate for the noise and find the costs of noise pollution to be on the order of €106 per month per household.
2008-08-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10660/2/MPRA_paper_10660.pdf
Weinhold, Diana (2008): How big a problem is noise pollution? A brief happiness analysis by a perturbable economist.
en
oai:mpra.ub.uni-muenchen.de:11620
2019-09-28T16:44:16Z
7374617475733D756E707562
7375626A656374733D44:4437:443731
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11620/
New Housing Supply and the Dilution of Social Capital
Hilber, Christian A. L.
D71 - Social Choice ; Clubs ; Committees ; Associations
R21 - Housing Demand
R31 - Housing Supply and Markets
This paper examines the role of local housing supply conditions for social capital investment. Using an instrumental variables approach and data from the Social Capital Community Benchmark Survey, it is documented that the positive link between homeownership and individual social capital investment is largely confined to more built-up neighborhoods (with more inelastic supply of new housing). The empirical findings provide support for the proposition that in these localities house price capitalization provides additional incentives for homeowners to invest in social capital. The findings are also largely consistent with the proposition that built-up neighborhoods provide protection from inflows of newcomers that could upset a mutually beneficial equilibrium involving reciprocal cooperation. However, the results do not appear to be driven by selection based on inherent differences in social aptitudes or by Tiebout sorting.
2007-08-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11620/1/MPRA_paper_11620.pdf
Hilber, Christian A. L. (2007): New Housing Supply and the Dilution of Social Capital.
en
oai:mpra.ub.uni-muenchen.de:12478
2019-09-26T13:00:39Z
7374617475733D696E7072657373
7375626A656374733D47:4732:473238
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12478/
Skin in the Game: Zero down payment mortgage default
Kelly, Austin
G28 - Government Policy and Regulation
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
Previous research has focused on equity as a prime determinant of mortgage default propensities. This paper extends the analysis of mortgage default to include mortgages that require no down payment from the purchaser. A continuous time hazard model is used to estimate the conditional probability of a serious delinquency, or a claim, as a function of a host of standard control variables, and indicators for the presence and source of the down payment. The data consist of a nationally representative random sample of about 5,000 FHA insured single family mortgages endorsed in Fiscal Years 2000, 2001, and 2002, observed through September 30, 2006, and samples of about 1,000 FHA loans each from the Atlanta, Indianapolis, and Salt Lake City MSAs in the same time period. The results indicate that borrowers who provide down payments from their own resources have significantly lower default propensities than do borrowers whose down payments come from relatives, government agencies, or non-profits. Borrowers with down payments from seller-funded non-profits, who make no down payment at all, have the highest default rates. Additionally, borrowers who do not make down payments from their own resources tend to have higher loss given default in the small subset of loans that had completed the property disposition process.
2008-10-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12478/1/MPRA_paper_12478.pdf
Kelly, Austin (2008): Skin in the Game: Zero down payment mortgage default. Forthcoming in: Journal of Housing Research , Vol. 17, No. 2 (April 2009): pp. 75-99.
en
oai:mpra.ub.uni-muenchen.de:14053
2019-09-27T16:28:33Z
7374617475733D756E707562
7375626A656374733D48:4837:483732
7375626A656374733D48:4833:483330
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14053/
Local policy, income, and housing prices
Göbel, Jürgen
H72 - State and Local Budget and Expenditures
H30 - General
R21 - Housing Demand
In a local economy, the citizens can react on local policy by exit. Exit induces a shift in the housing demand. The local policy may thus capitalize into the housing prices. However, the citizens encounter specific coordination problems on the housing market. Therefore, it may be asked how effective their exit option is. To answer this question, we work with a sample of 234 U.S. counties, from 2002 and 2003. Our empirical analysis shows that the property tax revenue is the local fiscal variable which has the strongest connection with the housing prices. In contradiction to the general theory, this connection is positive and indirect. The essential element within this connection is the personal income.
2009-02-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14053/1/MPRA_paper_14053.pdf
Göbel, Jürgen (2009): Local policy, income, and housing prices.
en
oai:mpra.ub.uni-muenchen.de:14227
2019-09-26T13:46:45Z
7374617475733D756E707562
7375626A656374733D43:4334:433433
7375626A656374733D44:4431:443132
7375626A656374733D43:4332:433231
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14227/
Variabilité spatiale des prix hédoniques des caractéristiques du logement: une nouvelle méthode de calcul des indices de prix spatiaux
Filali, Radhouane
C43 - Index Numbers and Aggregation
D12 - Consumer Economics: Empirical Analysis
C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile Regressions
R21 - Housing Demand
Estimation of spatial housing price indices requires a housing market segmentation into local sub-markets. In this paper, we use geographically weighted regression model (GWR) to take account for spatial heterogeneity of housing attribute marginal prices. Estimated marginal prices are then used to assess constant quality housing values over space. Evidences from urban Tunisia assert attribute marginal prices variability and provide satisfactory indices in both ownership and rental markets.
2008-10-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14227/1/MPRA_paper_14227.pdf
Filali, Radhouane (2008): Variabilité spatiale des prix hédoniques des caractéristiques du logement: une nouvelle méthode de calcul des indices de prix spatiaux.
fr
oai:mpra.ub.uni-muenchen.de:14352
2019-09-27T07:58:00Z
7374617475733D756E707562
7375626A656374733D47:4733:473332
7375626A656374733D45:4536
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14352/
Factors Driving Demand and Default Risk in Residential Housing Loans: Indian Evidence
Bandyopadhyay, Arindam
Saha, Asish
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
This paper empirically examines the functional role of various micro and macro economic as well as situational factors that determine residential housing demand and risk of borrower default. Using 13,487 housing loan account sanctioned from 1993-2007) data from Housing Finance Institutions (HFIs) in India, we investigate the crucial factors that drive demand for housing and its correlation with borrower characteristics. Next, we examine housing loan defaults and the major causative factors of the same. Our empirical results suggest that borrower defaults on housing loan payments is mainly driven by change in market value of the property vis-à-vis the loan amount and EMI to income ratio. A 10 percent decrease in the market value of the property vis-à-vis the loan amount raises the odds
of default by 1.55 percent. Similarly, a 10 percent increase in EMI to income ratio raises the delinquency chance by 4.50 percent. However, one cannot ignore borrower characteristicslike marital status, employment situation, regional locations, city locations, age profile and house preference which otherwise may inhibit lender to properly assess credit risk in home loan business as our results show that these parameters also act as default triggers.
2009-02-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14352/1/MPRA_paper_14352.pdf
Bandyopadhyay, Arindam and Saha, Asish (2009): Factors Driving Demand and Default Risk in Residential Housing Loans: Indian Evidence.
en
oai:mpra.ub.uni-muenchen.de:15016
2019-10-09T16:38:18Z
7374617475733D756E707562
7375626A656374733D43:4334:433433
7375626A656374733D43:4332:433231
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15016/
A Methodology to Compute Regional Housing Index Price using Matching Estimator Methods
Paredes - Araya, Dusan
C43 - Index Numbers and Aggregation
C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile Regressions
R21 - Housing Demand
This paper proposes a methodology for a spatial cost index of housing that considers spatial heterogeneity in properties across regions. The index is built by combining three different techniques to reduce the spatial heterogeneity in housing: Quasi-experimental methods, hedonic prices and Fisher spatial price index. Using microdata from the Chilean survey CASEN 2006, it is shown that the quasi-experimental method called Mahalanobis metric within propensity score calipers (MMWPS) leads to a significant reduction in the potential bias. The technique matches dwellings of a particular region with other properties of similar characteristics in the benchmark region (Metropolitan region). Once the houses are matched, a hedonic price model is computed, and a regional housing price matrix is created using Fisher spatial price indices. The paper concludes the existence of price differentials for homogeneous houses across regions in Chile.
2009-05-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15016/1/MPRA_paper_15016.pdf
Paredes - Araya, Dusan (2009): A Methodology to Compute Regional Housing Index Price using Matching Estimator Methods.
en
oai:mpra.ub.uni-muenchen.de:15686
2019-09-26T09:14:51Z
7374617475733D756E707562
7375626A656374733D43:4334:433433
7375626A656374733D44:4431:443132
7375626A656374733D43:4332:433231
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15686/
Variabilité spatiale des prix hédoniques des caractéristiques du logement: une nouvelle méthode de calcul des indices de prix spatiaux
Filali, Radhouane
C43 - Index Numbers and Aggregation
D12 - Consumer Economics: Empirical Analysis
C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile Regressions
R21 - Housing Demand
Estimation of spatial housing price indices requires a housing market segmentation into local sub-markets. In this paper, we use geographically weighted regression model (GWR) to take account for spatial heterogeneity of housing attribute marginal prices. Estimated marginal prices are then used to assess constant quality housing values over space. Evidences from urban Tunisia assert attribute marginal prices variability and provide satisfactory indices in both ownership and rental markets.
2008-10-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15686/1/MPRA_paper_15686.pdf
Filali, Radhouane (2008): Variabilité spatiale des prix hédoniques des caractéristiques du logement: une nouvelle méthode de calcul des indices de prix spatiaux.
fr
oai:mpra.ub.uni-muenchen.de:16936
2019-10-05T16:39:35Z
7374617475733D756E707562
7375626A656374733D48:4832:483233
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/16936/
Dynamics of neighborhood formation and segregation by income
Osiris Jorge, Parcero
Adolfo, Cristobal-Campoamor
H23 - Externalities ; Redistributive Effects ; Environmental Taxes and Subsidies
R21 - Housing Demand
This paper analyzes some determinant conditions under which neighborhood formation gives rise to segregation by income. In contrast to the literature, we explore the sequential arrival of poor and rich individuals to neighborhoods exploited by oligopolistic land developers. These developers try to maximize a discounted flow of lot prices during neighborhood formation, taking advantage of the local externalities generated by the rich and the poor. Under a speedy arrival of new potential inhabitants and/or low discount rates, competing developers are more likely to concentrate rich people in the same neighborhood. This happens because the benefits from early agglomeration are outweighed by a more profitable matching of rich neighbors within nearby lots.
2009-08-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/16936/1/MPRA_paper_16936.pdf
Osiris Jorge, Parcero and Adolfo, Cristobal-Campoamor (2009): Dynamics of neighborhood formation and segregation by income.
en
oai:mpra.ub.uni-muenchen.de:19353
2019-09-27T18:36:21Z
7374617475733D756E707562
7375626A656374733D51:5135:513534
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/19353/
The Impact of Hurricanes on Housing Prices: Evidence from US Coastal Cities
Murphy, Anthony
Strobl, Eric
Q54 - Climate ; Natural Disasters and Their Management ; Global Warming
R21 - Housing Demand
We investigate the effect of hurricane strikes on housing prices in US coastal cities. To this end, we construct a new index of hurricane destruction which varies over time and space. Using this index and an annual, two equation, dynamic equilibrium correction panel model with area and time fixed effects, we model the effects of hurricanes on real house process and real incomes. In our model hurricanes have a direct effect on house prices and an indirect effect via a fall in local incomes. Our results show that the typical hurricane strike raises real house prices for a number of years, with a maximum effect of between 3 to 4% three years after occurrence. There is also a small negative effect on real incomes. These results are stable across models and sub-samples.
2009-12-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/19353/3/MPRA_paper_19353.pdf
Murphy, Anthony and Strobl, Eric (2009): The Impact of Hurricanes on Housing Prices: Evidence from US Coastal Cities.
en
oai:mpra.ub.uni-muenchen.de:19360
2019-09-26T21:21:11Z
7374617475733D756E707562
7375626A656374733D51:5135:513534
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/19360/
The Impact of Hurricanes on Housing Prices: Evidence from US Coastal Cities
Murphy, Anthony
Strobl, Eric
Q54 - Climate ; Natural Disasters and Their Management ; Global Warming
R21 - Housing Demand
We investigate the effect of hurricane strikes on housing prices in US coastal cities. To this end, we construct a new index of hurricane destruction which varies over time and space. Using this index and an annual, two equation, dynamic equilibrium correction panel model with area and time fixed effects, we model the effects of hurricanes on real house process and real incomes. In our model hurricanes have a direct effect on house prices and an indirect effect via a fall in local incomes. Our results show that the typical hurricane strike raises real house prices for a number of years, with a maximum effect of between 3 to 4% three years after occurrence. There is also a small negative effect on real incomes. These results are stable across models and sub-samples.
2009-12-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/19360/3/MPRA_paper_19360.pdf
Murphy, Anthony and Strobl, Eric (2009): The Impact of Hurricanes on Housing Prices: Evidence from US Coastal Cities.
en
oai:mpra.ub.uni-muenchen.de:21734
2019-09-27T12:19:29Z
7374617475733D756E707562
7375626A656374733D43:4332:433233
7375626A656374733D4A:4A36:4A3631
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21734/
Determinants of different internal migration trends: the Italian experience
Napolitano, Oreste
Bonasia, Mariangela
C23 - Panel Data Models ; Spatio-temporal Models
J61 - Geographic Labor Mobility ; Immigrant Workers
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
This paper investigates the determinants of interregional migration in Italy for the period 1985-2006, during which different migration trends took place. In so doing, in addition to the traditional variables of Harris and Todaro model, the impact of housing prices and externalities variables were studied. Our results, using a dynamic panel GMM, show that the H-T model, due to the complexity of the internal migration process, omits some important economic and non-economic variables and may not be representative of migration flow in Italy. Furthermore, our analysis confirms our intuition that for different periods we have to take into account different determinants.
2010-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21734/1/MPRA_paper_21734.pdf
Napolitano, Oreste and Bonasia, Mariangela (2010): Determinants of different internal migration trends: the Italian experience.
en
oai:mpra.ub.uni-muenchen.de:22455
2019-09-30T04:10:40Z
7374617475733D756E707562
7375626A656374733D52:5231:523133
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22455/
Differences in Quality of Life Estimates Using Rents and Home Values
Winters, John V
R13 - General Equilibrium and Welfare Economic Analysis of Regional Economies
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
Implicit values of amenities and the quality of life in an area can be measured by differences in “real wages” across areas, where real wages are computed as nominal wages adjusted for the cost of living. Computing cost of living differences involves several important issues, most important being how housing prices should be measured. Previous researchers typically have used some combination of rental payments and homeowner housing values. This paper examines differences in quality of life estimates for U.S. metropolitan areas using, alternatively, rents and housing values. We find that the two measures of quality of life are highly correlated. Value-based estimates, however, are considerably more dispersed than rent-based estimates, likely because of the recent bubble in the housing market and because housing values often provide an imperfect measure of the present user cost of housing. Researchers should be cautious in using housing values to construct quality of life estimates.
2010-04-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22455/1/MPRA_paper_22455.pdf
Winters, John V (2010): Differences in Quality of Life Estimates Using Rents and Home Values.
en
oai:mpra.ub.uni-muenchen.de:23124
2019-09-26T08:19:33Z
7374617475733D756E707562
7375626A656374733D51:5135:513531
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23124/
Which “Greenness” is Valued? Evidence from Green Condominiums in Tokyo
Yoshida, Jiro
Sugiura, Ayako
Q51 - Valuation of Environmental Effects
R31 - Housing Supply and Markets
R21 - Housing Demand
This is one of the first researches on price differentials of green buildings in Asia. Using a rich set of data on condominium transactions and mandatory evaluation of environmental performance in Tokyo, we estimate the effects of itemized green scores on transaction prices. Although green condominiums are on average traded at a premium, the premium is mainly attributed to the building age and quality. After controlling for relevant attributes, we find significant price discounts for newly constructed green condominiums. However, green condominiums experience little depreciation at least during the initial years. Using itemized scores, we find that the long-life design mitigates price discounts, but other factors such as the use of eco-friendly materials, renewable energy, water reuse, and greening exacerbate discounts. Several possibilities are discussed including high future maintenance costs of green condominiums.
2010-03-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23124/1/MPRA_paper_23124.pdf
Yoshida, Jiro and Sugiura, Ayako (2010): Which “Greenness” is Valued? Evidence from Green Condominiums in Tokyo.
en
oai:mpra.ub.uni-muenchen.de:23514
2019-09-27T08:19:00Z
7374617475733D756E707562
7375626A656374733D52:5232:523231
7375626A656374733D45:4534:453430
7375626A656374733D47:4731:473130
7375626A656374733D52:5233:523333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23514/
Monetary Policy, Term Structure and Asset Return: Comparing REIT, Housing and Stock
Chang, Kuang-Liang
Chen, Nan-Kuang
Leung, Charles Ka Yui
R21 - Housing Demand
E40 - General
G10 - General
R33 - Nonagricultural and Nonresidential Real Estate Markets
This paper confirms that a regime-switching model out-performs a linear VAR model in terms of understanding the system dynamics of asset returns. Impulse responses of REIT returns to either the federal funds rate or the interest rate spread are much larger initially but less persistent. Furthermore, the term structure acts as an amplifier of the impulse response for REIT return, a stabilizer for the housing counterpart under some regime, and, perhaps surprisingly, almost no role for the stock return. In contrast, GDP growth has very marginal effect in the impulse
response for all assets.
2009-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23514/1/MPRA_paper_23514.pdf
Chang, Kuang-Liang and Chen, Nan-Kuang and Leung, Charles Ka Yui (2009): Monetary Policy, Term Structure and Asset Return: Comparing REIT, Housing and Stock.
en
oai:mpra.ub.uni-muenchen.de:23708
2019-09-27T04:26:35Z
7374617475733D756E707562
7375626A656374733D44:4435:443533
7375626A656374733D45:4533:453332
7375626A656374733D44:4438:443834
7375626A656374733D44:4438:443832
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23708/
Systemic Stability of Housing and Mortgage Market: From the observable to the unobservable
Xiao, Qin
D53 - Financial Markets
E32 - Business Fluctuations ; Cycles
D84 - Expectations ; Speculations
D82 - Asymmetric and Private Information ; Mechanism Design
R31 - Housing Supply and Markets
R21 - Housing Demand
G01 - Financial Crises
Motivated by the revealed preference approach to consumer theory, this study constructs a dynamic theoretical model which infers the unobservable household behavior from the observable patterns of housing and mortgage market activities. The model emphasizes the role of asymmetric responses of sellers in different phases of a housing market cycle in generating certain price and volume patterns. Such role has so far largely been ignored in both theoretical and empirical studies of housing markets. The model also establishes, theoretically, multiple channels via which housing and mortgage markets interact and via which speculative forces are propagated. In addition, it generates a testable result regarding the stability of the system formed by the two markets, which may be extended by endogenizing some important policy instruments.
2010-07-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23708/1/MPRA_paper_23708.pdf
Xiao, Qin (2010): Systemic Stability of Housing and Mortgage Market: From the observable to the unobservable.
en
oai:mpra.ub.uni-muenchen.de:24270
2019-09-26T13:53:00Z
7374617475733D756E707562
7375626A656374733D52:5231:523133
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24270/
Differences in Quality of Life Estimates Using Rents and Home Values
Winters, John V
R13 - General Equilibrium and Welfare Economic Analysis of Regional Economies
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
Implicit values of amenities and the quality of life in an area can be measured by differences in “real wages” across areas, where real wages are computed as nominal wages adjusted for the cost of living. Computing cost of living differences involves several important issues, most important being how housing prices should be measured. Previous researchers typically have used some combination of rental payments and homeowner housing values. This paper examines differences in quality of life estimates for U.S. metropolitan areas using, alternatively, rents and housing values. We find that the two measures of quality of life are highly correlated. Value-based estimates, however, are considerably more dispersed than rent-based estimates, likely because of the recent bubble in the housing market and because housing values often provide an imperfect measure of the present user cost of housing. Researchers should be cautious in using housing values to construct quality of life estimates.
2010-04-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24270/1/MPRA_paper_24270.pdf
Winters, John V (2010): Differences in Quality of Life Estimates Using Rents and Home Values.
en
oai:mpra.ub.uni-muenchen.de:24371
2019-10-07T01:12:30Z
7374617475733D756E707562
7375626A656374733D44:4435:443533
7375626A656374733D45:4533:453332
7375626A656374733D44:4438:443834
7375626A656374733D44:4438:443832
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24371/
Systemic Stability of Housing and Mortgage Market: A state-dependent four-phase model
Xiao, Qin
D53 - Financial Markets
E32 - Business Fluctuations ; Cycles
D84 - Expectations ; Speculations
D82 - Asymmetric and Private Information ; Mechanism Design
R31 - Housing Supply and Markets
R21 - Housing Demand
G01 - Financial Crises
Motivated by the revealed preference approach to consumer theory, this study constructs a dynamic theoretical model which infers the unobservable household behavior from the observable patterns of housing and mortgage market activities. The model emphasizes the role of asymmetric responses of sellers in different phases of a housing market cycle in generating certain price and volume patterns. Such role has so far largely been ignored in both theoretical and empirical studies of housing markets. The model also establishes, theoretically, multiple channels via which housing and mortgage markets interact and via which speculative forces are propagated. In addition, it generates a testable result regarding the stability of the system formed by the two markets, which may be extended by endogenizing some important policy instruments.
2010-07-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24371/1/MPRA_paper_24371.pdf
Xiao, Qin (2010): Systemic Stability of Housing and Mortgage Market: A state-dependent four-phase model.
en
oai:mpra.ub.uni-muenchen.de:26722
2019-09-27T16:04:50Z
7374617475733D756E707562
7375626A656374733D45:4534:453434
7375626A656374733D44:4438:443832
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/26722/
Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis
Jin, Yi
Leung, Charles Ka Yui
Zeng, Zhixiong
E44 - Financial Markets and the Macroeconomy
D82 - Asymmetric and Private Information ; Mechanism Design
R21 - Housing Demand
R31 - Housing Supply and Markets
This paper studies the connection between the capital market and the real estate market. Empirically, we find that positive real house price shocks lower the external finance premium and stimulate nonresidential investment and real GDP. Our theoretical framework is able to mimic the volatility of the external finance premium, the relative price of real estate and capital, and the investment in real estate and capital. It also captures the cyclicality of the external finance premium and of real estate prices. The contribution of real estate price fluctuations to the variability of the external finance premium and the GDP is confirmed to be significant.
2010-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/26722/1/MPRA_paper_26722.pdf
Jin, Yi and Leung, Charles Ka Yui and Zeng, Zhixiong (2010): Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis.
en
oai:mpra.ub.uni-muenchen.de:27481
2019-09-26T08:48:30Z
7374617475733D756E707562
7375626A656374733D44:4435:443530
7375626A656374733D45:4534:453434
7375626A656374733D43:4331:433130
7375626A656374733D47:4731:473132
7375626A656374733D45:4533:453330
7375626A656374733D45:4535:453532
7375626A656374733D52:5232:523231
7375626A656374733D47:4731:473130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27481/
House Prices and Consumption
Song, In Ho
D50 - General
E44 - Financial Markets and the Macroeconomy
C10 - General
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
E30 - General
E52 - Monetary Policy
R21 - Housing Demand
G10 - General
I study the consumption responses of heterogeneous households following changes in both house prices and interest rates. I show the common assumption that household period utility is separable in housing and consumption can be consistent with the observed co-movement between these two series only in the absence of housing transaction costs. When these costs are introduced into dynamic stochastic general equilibrium (DSGE) models characterized by separable preferences, consumption no longer increases after a rise in house prices. As it is well known, transaction costs are an important ingredient in house sales. I address this issue by developing a model that allows for non-separable preferences in housing and consumption alongside housing transaction costs.
The results of my model closely match the aggregate data. Furthermore, it predicts that credit-constrained households will be substantially more responsive to changes in both house prices and interest rates than unconstrained households. Following a rise in house prices, consumption among constrained households increases by far more than the consumption of unconstrained households. Following a rise in interest rates, constrained households' consumption falls by more than that of unconstrained households. I trace this differing responsiveness in consumption to the house loan-to-value ratio of credit-constrained households. Higher loan-to-value ratios imply larger differences in their elasticity of response relative to unconstrained households. I also find that these differences widen with the degree of complementarity between housing and consumption. These predictions of my model are confirmed by household data from the Consumer Expenditure Surveys.
2010-11-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27481/1/MPRA_paper_27481.pdf
Song, In Ho (2010): House Prices and Consumption.
en
oai:mpra.ub.uni-muenchen.de:28367
2019-09-26T21:48:27Z
7374617475733D756E707562
7375626A656374733D50:5032:503235
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/28367/
Private renting in Romania
Gray, Patrick Francis
Epure, Manuela
P25 - Urban, Rural, and Regional Economics
R31 - Housing Supply and Markets
R21 - Housing Demand
The paper's aim is to present an overview on the PRS in Romania, emphasizing the main characteristics and the nature of PRS evolution after 1989. The past 20 years reveal some key-changes that occurred in the socio-economic and political life of the country and we have explored them as factors that have shaped the PRS. The analysis begins with a presentation of PRS stock, and it continues with a brief assessment of the housing conditions in addition to the socio-economic and demographic profile of households in the sector. Romania has a large housing stock with an unusually high-share of private ownership. Having these findings as a starting point, our paper explores those housing policies that have had the biggest impact on the field and shaped housing market trends. We have used statistical tools to analyze the data provided by the National Institute of Statistics-Romania, and Housing Associations, and major real-estate companies who operate on the Romanian market. An exploratory research was developed using the opportunity to interview policy-makers, national housing authorities, landlords and tenants in order to describe the current role of PRS on the housing market and the future of PRS in Romania.
2010-02-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/28367/1/MPRA_paper_28367.pdf
Gray, Patrick Francis and Epure, Manuela (2010): Private renting in Romania.
en
oai:mpra.ub.uni-muenchen.de:29127
2019-09-27T06:07:47Z
7374617475733D756E707562
7375626A656374733D45:4533:453330
7375626A656374733D44:4438:443833
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29127/
“Fire Sales” in housing market: is the house-searching process similar to a theme park visit?
Leung, Charles Ka Yui
Zhang, Jun
E30 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
R21 - Housing Demand
Three striking empirical regularities have been repeatedly reported: the positive correlation between housing prices and trading volume, between housing price and the time-on-the-market (TOM), and the existence of price dispersion. This short paper provides perhaps the first unifying framework which mimics these phenomena in a simple competitive search framework. In the equilibrium, sellers with heterogeneous waiting cost and buyers are endogenously segregated into different submarkets, each with distinct market tightness and prices. With endogenous search effort, our model also reproduces the well-documented price-volume correlation. Directions for future research are also discussed.
2011
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29127/1/MPRA_paper_29127.pdf
Leung, Charles Ka Yui and Zhang, Jun (2011): “Fire Sales” in housing market: is the house-searching process similar to a theme park visit?
en
oai:mpra.ub.uni-muenchen.de:29487
2019-10-06T23:50:35Z
7374617475733D707562
7375626A656374733D52:5235:523538
7375626A656374733D52:5233:523331
7375626A656374733D52:5231:523131
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29487/
Beyond City Living: Remaking the Inner Suburbs
Unsworth, Rachael
Nathan, Max
R58 - Regional Development Planning and Policy
R31 - Housing Supply and Markets
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
R21 - Housing Demand
This paper explores the emerging regeneration strategies for inner suburban areas. Drawing on evidence from Liverpool, Manchester and Leeds, the authors argue that regeneration of these inner areas can do more than upgrade housing and environments for existing residents; they can become more attractive to a wider range of households as convenient, accessible locations for larger, more affordable
housing than is available in the city centre or the more recent suburbs. But care will be needed to create appealing, safe, walkable places; to define and deliver
an attractive ‘offer’ for new residents, and to avoid displacement and tensions with existing residents. Here is a potential site for one version of ‘sustainable communities’ in the early twenty-first century, if it is approached sensitively and intelligently.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29487/2/MPRA_paper_29487.pdf
Unsworth, Rachael and Nathan, Max (2006): Beyond City Living: Remaking the Inner Suburbs. Published in: Built Environment , Vol. 3, No. 32 (2006): pp. 235-249.
en
oai:mpra.ub.uni-muenchen.de:30420
2019-09-26T22:15:06Z
7374617475733D707562
7375626A656374733D50:5032:503235
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/30420/
Neighborhood preferences of house buyers: the case of klang valley, malaysia
Tan, teck hong
P25 - Urban, Rural, and Regional Economics
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
This paper attempts to examine the impacts of neighborhood types, as defined by a gated-guarded neighborhood with landscape compound and a freehold tenure neighborhood on residential property values in Klang Valley, Malaysia. A weighted least squares method together with a heteroscedasticity consistent covariance matrix estimator is used to estimate the coefficients of structural, locational, and neighborhood attributes of dwellings on house prices. Results show the gated-guarded neighborhood with landscape compound could increase residential property values by 18.1%. Additionally, the positive perception of a freehold property in the neighborhood could induce a price premium of 23.7%. It is reasonable to believe that neighborhood types play a role in determining residential property values. In order to meet the increasingly affluent and discerning house buyers, developers instead of just offering dream homes in prime locations, they should provide intangible benefits in the neighborhood that just as sought after by today’s house buyers, such as a sense of security in the landscape compound, a feeling of harmony with one’s surroundings, and an infrastructure which supports the lifestyle of house buyers.
2011-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/30420/2/MPRA_paper_30420.pdf
Tan, teck hong (2011): Neighborhood preferences of house buyers: the case of klang valley, malaysia. Published in: International Journal of Housing Market and Analysis , Vol. 4, No. 1 (March 2011): pp. 58-69.
en
oai:mpra.ub.uni-muenchen.de:30581
2019-09-28T04:39:30Z
7374617475733D756E707562
7375626A656374733D43:4333:433334
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/30581/
Construction of a Spatial Housing Price Index by Estimating an Almost Ideal Demand System
Iturra, Victor
Paredes - Araya, Dusan
C34 - Truncated and Censored Models ; Switching Regression Models
R21 - Housing Demand
The aim of this article is to build a spatial housing price index for the Chilean communes (the commune political body similar to a municipality or county). The first step is to recover hedonic prices of three housing attributes by estimating a mixed index model (Bowden, 1992) using a generalized method of moments procedure. Secondly, a censored almost ideal demand system (Deaton and Muellbauer, 1980) is estimated to build expenditures for every commune and to compare them among different spatial units, while maintaining a constant utility level. Using micro data from the 2009 CASEN survey, we show that there are important differences in housing prices among Chilean communes and the axiomatic approach tends to understate spatial index compared to economic approach.
2011-04-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/30581/1/MPRA_paper_30581.pdf
Iturra, Victor and Paredes - Araya, Dusan (2011): Construction of a Spatial Housing Price Index by Estimating an Almost Ideal Demand System.
en
oai:mpra.ub.uni-muenchen.de:32040
2019-09-30T08:55:55Z
7374617475733D756E707562
7375626A656374733D44:4431:443138
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32040/
The HAMP NPV model: development and early performance
Holden, Steve
Kelly, Austin
McManus, Doug
Scharlemann, Therese
Singer, Ryan
Worth, John
D18 - Consumer Protection
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
The foreclosure crisis that began in 2008 triggered the need for standardized tools to evaluate distressed mortgages as candidates for modification. A key component of the Obama Administration’s Home Affordable Modification Program (HAMP) was the development of a standardized Net Present Value (NPV) model to identify troubled loans that were value-enhancing candidates for payment-reducing modifications. This paper discusses the development of the HAMP NPV model, its purpose, and the constraints that dictated its structure and limitations. We describe the structure and the estimation of the model in detail. Furthermore, we describe the responsiveness of the model to key characteristics, such as loan to value and credit score and provide new evidence on the relationship between HAMP modification performance and key borrower and modification characteristics. The paper concludes with a discussion of model limitations and suggestions for further refinement of the model.
2011-07-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32040/1/MPRA_paper_32040.pdf
Holden, Steve and Kelly, Austin and McManus, Doug and Scharlemann, Therese and Singer, Ryan and Worth, John (2011): The HAMP NPV model: development and early performance.
en
oai:mpra.ub.uni-muenchen.de:32406
2019-10-05T05:04:04Z
7374617475733D756E707562
7375626A656374733D44:4431:443138
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32406/
The HAMP NPV model: development and early performance
Holden, Steve
Kelly, Austin
McManus, Doug
Scharlemann, Therese
Singer, Ryan
Worth, John
D18 - Consumer Protection
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
The foreclosure crisis that began in 2008 triggered the need for new approaches to treat distressed mortgages. A key component of the Obama Administration’s Home Affordable Modification Program (HAMP) was the development of a standardized Net Present Value (NPV) model to identify troubled loans that were value-enhancing candidates for payment-reducing modifications. This paper discusses the development of the HAMP NPV model, its purpose, and some important constraints that dictated its structure and limitations. We describe the structure and the estimation of the model in detail. Furthermore, we describe the responsiveness of the model to key characteristics, such as loan to value and credit score and provide new evidence on the relationship between HAMP modification performance and key borrower and modification characteristics. The paper concludes with a discussion of model limitations and suggestions for further refinement of the model.
2011-07-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32406/1/MPRA_paper_32406.pdf
Holden, Steve and Kelly, Austin and McManus, Doug and Scharlemann, Therese and Singer, Ryan and Worth, John (2011): The HAMP NPV model: development and early performance.
en
oai:mpra.ub.uni-muenchen.de:32599
2019-09-27T08:58:25Z
7374617475733D756E707562
7375626A656374733D52:5233:523332
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32599/
Love Thy Neighbor: Income Distribution and Housing Preferences
Leung, Tin Cheuk
Tsang, Kwok Ping
R32 - Other Spatial Production and Pricing Analysis
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
Do homeowners prefer living in an area with a more equal distribution of income? We answer this question by estimating a semi-parametric hedonic pricing model for about 90,000 housing units transacted in Hong Kong between 2005 and 2006. We first identify a hedonic price function by locally regressing the rental price of the housing unit on its intrinsic and neighborhood characteristics, one of which is the Gini coefficient for household income of the constituency area. We then combine the estimates with a log utility function to obtain the heterogeneous preference parameters. Finally, we estimate the joint distribution of the preference parameters and demographics. We find that most homeowners have a strong distaste for inequality in their neighborhood, and the distaste increases with income and goes down with education level. Counterfactual experiments show that reallocating Public Rental Housing by half can increase the welfare of homeowners by about HK$8,000 on average per year, an amount which is equivalent to increasing the housing unit by 20 square feet or reducing the age of the unit by 5 years.
2011-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32599/1/MPRA_paper_32599.pdf
Leung, Tin Cheuk and Tsang, Kwok Ping (2011): Love Thy Neighbor: Income Distribution and Housing Preferences.
en
oai:mpra.ub.uni-muenchen.de:32697
2019-10-01T19:14:47Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3634
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32697/
The Hedonic Price Function in a Matching Model of Housing Market
Lisi, Gaetano
J64 - Unemployment: Models, Duration, Incidence, and Job Search
R21 - Housing Demand
R31 - Housing Supply and Markets
This paper develops a theoretical model in which the matching framework à la Pissarides (2000) extended to the housing market is integrated with the hedonic price theory. Market tightness and selling price collectively determine the long-run equilibrium of the economic system in which a seller can become a buyer, and vice versa. As a result, the house price depends not only on the housing characteristics but also on the market tensions and bargaining power of the parties. This integration allows to overcome a major drawback of the hedonic price theory, namely the assumption of perfect competition.
2011-08-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32697/1/MPRA_paper_32697.pdf
Lisi, Gaetano (2011): The Hedonic Price Function in a Matching Model of Housing Market.
en
oai:mpra.ub.uni-muenchen.de:33272
2019-09-30T23:20:48Z
7374617475733D756E707562
7375626A656374733D44:4431:443132
7375626A656374733D4C:4C37:4C3734
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33272/
Valuación de las características de las viviendas sujetas a financiamiento público: el caso del área metropolitana de Monterrey
Arteaga, Julio Cesar
Lopez, Humberto
D12 - Consumer Economics: Empirical Analysis
L74 - Construction
R21 - Housing Demand
Reforms to the Mexican Social Security System in 1997 have risen acquisitions of houses using loans granted by Infonavit. The objective of this paper is to determine how attributes of houses with possibilities of being financed by Infonavit are valued. This paper uses the hedonic price methodology to information of residences in the metropolitan area of Monterrey. It is interesting to observe that, for this type of homes, although a third bedroom is highly valued, an additional bathroom is not. On the other hand, evidence shows that an urban development plan including construction of houses, shopping malls and
medical centers would increase value of homes in vicinity where a small demand would be otherwise.
2009
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33272/1/MPRA_paper_33272.pdf
Arteaga, Julio Cesar and Lopez, Humberto (2009): Valuación de las características de las viviendas sujetas a financiamiento público: el caso del área metropolitana de Monterrey.
es
oai:mpra.ub.uni-muenchen.de:33848
2019-10-04T16:17:51Z
7374617475733D756E707562
7375626A656374733D45:4533:453332
7375626A656374733D45:4533:453331
7375626A656374733D52:5232:523231
7375626A656374733D45:4533:453337
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33848/
Productivity shocks and housing market inflations in new Keynesian models
Ko, Jun-Hyung
E32 - Business Fluctuations ; Cycles
E31 - Price Level ; Inflation ; Deflation
R21 - Housing Demand
E37 - Forecasting and Simulation: Models and Applications
R31 - Housing Supply and Markets
Econometric evidence suggests the existence of two dynamics in the postwar U.S. housing market: (i) housing rental and purchase prices co-move positively in response to productivity shocks, and (ii) the purchase price exhibits much larger volatile movements than the rental price in response to the shocks. A standard New Keynesian model with nominal rigidity in the production sector is inconsistent with these facts. We incorporate a rental market into an otherwise standard New Keynesian model with durables and show that nominal rigidity in the rental market contributes to our empirical findings.
2011-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33848/1/MPRA_paper_33848.pdf
Ko, Jun-Hyung (2011): Productivity shocks and housing market inflations in new Keynesian models.
en
oai:mpra.ub.uni-muenchen.de:33863
2019-09-27T13:30:59Z
7374617475733D756E707562
7375626A656374733D52:5230
7375626A656374733D44:4434:443430
7375626A656374733D44:4438:443833
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33863/
Price dispersion in the housing market: the role of bargaining and search costs
Lisi, Gaetano
R0 - General
D40 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
R31 - Housing Supply and Markets
R21 - Housing Demand
This paper develops a matching model à la Pissarides (2000) in order to explain the basic facts of housing markets, most of all the variance in house prices. Price dispersion is basically due to both the ex-ante heterogeneity of the parties and the search costs of buyers and sellers. In fact, sellers and buyers spend time and money before concluding the deal. Furthermore, the house price is substantially determined by bargaining between the parties. These factors affect the selling price and lead to price dispersion. This simple theoretical model is able to take these distinctive features into account, thus explaining the basic facts of housing markets.
2011-10-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33863/2/MPRA_paper_33863.pdf
Lisi, Gaetano (2011): Price dispersion in the housing market: the role of bargaining and search costs.
en
oai:mpra.ub.uni-muenchen.de:34395
2019-09-30T13:28:43Z
7374617475733D756E707562
7375626A656374733D43:4336
7375626A656374733D4C:4C38:4C3835
7375626A656374733D50:5032:503235
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
7375626A656374733D52:5233:523333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/34395/
A dynamic model of house price
Wang, Zigan
Zhu, Youwei
C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling
L85 - Real Estate Services
P25 - Urban, Rural, and Regional Economics
R21 - Housing Demand
R31 - Housing Supply and Markets
R33 - Nonagricultural and Nonresidential Real Estate Markets
In this paper, we build the rationale of the financial
intermediate's decision of making loans to potential home buyers over an infinite time horizon. In the first period "good" borrowers with stable future income flows receive loans and buy homes. In later periods, the intermediate securitizes the loans to raise new capital and makes loans to some of the "bad" borrowers with uncertain future income flows. Currently, we simplify the securitization as a tool to raise capital without cost over time. This unrealistic simplification should be improved in later work. The financial intermediate calculates the expected payoffs in different scenarios under the realizations of uncertainty to decide whether to make loans to a new borrower and whether to liquidate a house if the owner is short of liquidity in the short run. After clarifying the sequence of moves of different agents within each period, we compute the financial intermediate's decision rule described by a Bellman equation. Then we simulate borrowers' income realization and produce a figure of house price as well as value function over time.
2011-05-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/34395/1/MPRA_paper_34395.pdf
Wang, Zigan and Zhu, Youwei (2011): A dynamic model of house price.
en
oai:mpra.ub.uni-muenchen.de:34906
2019-09-29T10:34:32Z
7374617475733D707562
7375626A656374733D4C:4C38:4C3835
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/34906/
Home owning motivation in Malaysia
Tan, Teck Hong
L85 - Real Estate Services
R21 - Housing Demand
R31 - Housing Supply and Markets
The residential property industry, which had grown rapidly in the 1980s, however, encountered overhang problems recently. Overhang of residential units has been getting worse and therefore, precautionary measures must be taken by the housing developers before it leads to a property glut. In order to address property overhang in the country, housing developers must recognize the importance of orienting their activities to consider how and why households are motivated to home owning. Factor analysis of the 25 questions was used to support the grouping of these questions into a smaller number of factors. Factors were used as constructs of the motivation of homeownership. The results conclude that Malaysian householders are motivated to become homeowners because they expect home owning will improve the home environment in which a child lives, improve neighborhood stability through higher properties maintenance and improvement, and longer tenure, and improve social capital and local amenities investments in the neighborhood. The motivation of home owning is crucial to housing developers as they have to be cautious before undertaking any new project. Housing developers should know what the market really wants and plan their products to take cognizance of the changing lifestyles of Malaysians
2009-02-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/34906/1/MPRA_paper_34906.pdf
Tan, Teck Hong (2009): Home owning motivation in Malaysia. Published in: Journal of Accounting, Business and Management , Vol. Vol. 1, No. 1 (8 February 2009): pp. 93-112.
en
oai:mpra.ub.uni-muenchen.de:34909
2019-09-27T20:50:41Z
7374617475733D707562
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/34909/
Determinants of homeownership in Malaysia
Tan, Teck Hong
R21 - Housing Demand
The housing industry is crucial to the sustainable development in Malaysia. The efficiency and effectiveness of the housing delivery system requires housing provision for all. The housing industry, which had grown rapidly in the 1980s encountered property oversupply recently. The majority of these units remain unsold for reasons beyond price factor, ranging from poor location to unattractive houses. The main objective of this paper is to tackle property oversupply in the country by examining a detailed knowledge of home owning determinants. Homeownership should be encouraged as positive externalities of homeownership can be found in many housing surveys. Homeownership is a complex issue that is the result of many determinants, including housing characteristics (house types and property types), employment and income trends, socio-cultural and demographic descriptors. In addition to determinants, efforts needed to reduce regulatory barriers in the housing delivery system that can significantly increase the cost of producing houses. The government should make home financing more available and affordable by providing subsidies to low income families and creating incentives to save for homeownership. Efforts also needed to extend opportunities to enhance the affordability of homeownership by liberalizing rules and regulation of Employee Provident Fund (EPF) withdrawal.
2008-06-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/34909/2/MPRA_paper_34909.pdf
Tan, Teck Hong (2008): Determinants of homeownership in Malaysia. Published in: Habitat International , Vol. Vol. 3, No. 3 : pp. 318-335.
en
oai:mpra.ub.uni-muenchen.de:34950
2019-09-27T05:04:39Z
7374617475733D707562
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/34950/
Determinants of homeownership in Malaysia
Tan, Teck Hong
R21 - Housing Demand
The housing industry is crucial to the sustainable development in Malaysia. The efficiency and effectiveness of the housing delivery system requires housing provision for all. The housing industry, which had grown rapidly in the 1980s encountered property oversupply recently. The majority of these units remain unsold for reasons beyond price factor, ranging from poor location to unattractive houses. The main objective of this paper is to tackle property oversupply in the country by examining a detailed knowledge of home owning determinants. Homeownership should be encouraged as positive externalities of homeownership can be found in many housing surveys. Homeownership is a complex issue that is the result of many determinants, including housing characteristics (house types and property types), employment and income trends, socio-cultural and demographic descriptors. In addition to determinants, efforts needed to reduce regulatory barriers in the housing delivery system that can significantly increase the cost of producing houses. The government should make home financing more available and affordable by providing subsidies to low income families and creating incentives to save for homeownership. Efforts also needed to extend opportunities to enhance the affordability of homeownership by liberalizing rules and regulation of Employee Provident Fund (EPF) withdrawal.
2008-06-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/34950/1/MPRA_paper_34950.pdf
Tan, Teck Hong (2008): Determinants of homeownership in Malaysia. Published in: Habitat International , Vol. Vol. 3, No. 3 (16 June 2008): pp. 318-335.
en
oai:mpra.ub.uni-muenchen.de:36683
2019-09-26T10:46:04Z
7374617475733D707562
7375626A656374733D52:5232:523231
7375626A656374733D43:4330:433031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/36683/
Housing market of Almaty
Mynbaev, Kairat
Ibrayeva, Saniya
R21 - Housing Demand
C01 - Econometrics
The housing market is special in that houses are immobile, costly and durable. In this paper we look at the determinants of prices of the housing market of Almaty. What affects the prices of houses and apartments? How was the housing market developing during the economic boom and after the financial crisis started?
The paper starts with a review of the existing models. The theory indicates the size, quality and location as the main determinants. To apply the hedonic model, we collected a random sample of about 2,500 observations on housing units in seven districts of Almaty from newspaper advertisements. Those units were categorized by the number of rooms, quality, district, floor, etc. Some of those characteristics are nonnumerical and require dummy variables. With the data collected, we ran several regressions in Eviews.
We have obtained valuation figures for different characteristics of housing units. The data clearly show existence of a bubble during 2006-2007. The regression results revealed the differences between different districts, dependence on the quality and floor. Among unexpected results are the facts that corner apartments and floor level have negative coefficients, perhaps because first-floor apartments are considered as potential commercial property or perhaps lower stories are preferred in general but the first storey is the least preferred. Some questions, such as valuation of luxury apartments or those in the north of the city remain unanswered because of lack of data. It would be also interesting to correlate housing prices with the interest rate on mortgages.
A shorter version of this paper has been published as K. T. Mynbaev and S. Ibrayeva, Housing market of Almaty, Herald of the Kazakh-British Technical University, N 2 (17), 2011, 88-93.
2011-10-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/36683/1/MPRA_paper_36683.pdf
Mynbaev, Kairat and Ibrayeva, Saniya (2011): Housing market of Almaty. Published in: Herald of the Kazakh-British Technical University No. 2 (17) (2011): pp. 88-93.
en
oai:mpra.ub.uni-muenchen.de:36769
2019-09-27T01:18:35Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/36769/
Can the Mortensen-Pissarides model match the housing market facts?
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R31 - Housing Supply and Markets
R21 - Housing Demand
This paper examines whether the Mortensen-Pissarides matching model can account for the housing market facts, most of all the empirical anomaly known as ‘price dispersion’. Our main finding is that the model can account for the three basic facts of housing market (namely, the existence of price dispersion, the positive correlation between housing price and trading volume, and between housing price and time-on-the market), without any restrictive assumption and in a very simple framework.
2012-01-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/36769/1/MPRA_paper_36769.pdf
Lisi, Gaetano (2012): Can the Mortensen-Pissarides model match the housing market facts?
en
oai:mpra.ub.uni-muenchen.de:37010
2019-09-27T06:08:23Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37010/
Can the Mortensen-Pissarides model match the housing market facts?
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R31 - Housing Supply and Markets
R21 - Housing Demand
This paper examines whether the baseline Mortensen-Pissarides matching model can account for the housing market facts, namely, the existence of price dispersion, the positive correlation between housing price and trading volume, and between housing price and time-on-the-market. Our main finding is that the model can account for these three basic facts of the housing market, thus showing that the Mortensen-Pissarides framework can be seen as the benchmark macroeconomic model not only for the labour market but for any market with frictions.
2012-02-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37010/1/MPRA_paper_37010.pdf
Lisi, Gaetano (2012): Can the Mortensen-Pissarides model match the housing market facts?
en
oai:mpra.ub.uni-muenchen.de:37065
2019-09-27T04:40:59Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37065/
Home seekers in the housing market
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R21 - Housing Demand
R31 - Housing Supply and Markets
There are two types of home seekers in this housing market matching model: the homeless who search for a dwelling both in the rental market and in the homeownership market simultaneously; and the home seekers in the renter (tenant) state who want to buy a home and only search in the homeownership market. The search process leads to several types of matching and in turn this implies different prices of equilibrium. Furthermore, the search process connects the rental market with the homeownership market. Hence, this simple model is able to explain both the relationship between the rental price and the selling price and the price dispersion which exists in the housing market, relying only on the different states of agents in the search process.
2012-02-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37065/1/MPRA_paper_37065.pdf
Lisi, Gaetano (2012): Home seekers in the housing market.
en
oai:mpra.ub.uni-muenchen.de:37066
2019-10-17T03:33:36Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37066/
On the theoretical derivation of a functional form for the hedonic price function
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R21 - Housing Demand
R31 - Housing Supply and Markets
The key issue in the hedonic price theory is that although the literature emphasises the intrinsic nonlinearity in the relationship between house prices and housing characteristics, very little theoretical guidance is provided regarding the more appropriate mathematical specification for the hedonic price function. Thus, most empirical studies make use of flexible functional forms or simple linear models which possess a direct economic meaningfulness. This theoretical paper fills this gap by using the Mortensen-Pissarides matching model to show both the nonlinearity of the hedonic price function and the more appropriate functional relationship between prices and attributes.
2012-02-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37066/1/MPRA_paper_37066.pdf
Lisi, Gaetano (2012): On the theoretical derivation of a functional form for the hedonic price function.
en
oai:mpra.ub.uni-muenchen.de:37387
2019-09-28T14:32:48Z
7374617475733D756E707562
7375626A656374733D4A:4A31:4A3133
7375626A656374733D43:4332:433233
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37387/
Fertility and the user cost of home ownership: Evidence from regional panel data
XXX, Shuya
Iwata, Shinichiro
J13 - Fertility ; Family Planning ; Child Care ; Children ; Youth
C23 - Panel Data Models ; Spatio-temporal Models
R21 - Housing Demand
Cross-sectional data yield the interesting result that fertility rates and home ownership rates tend to correlate positively, while time-series data suggest an inverse (or no) relationship between them. Although these associations can be explained by observed economic variables, doubt remains as to whether these links are due to the existence of omitted regional and time effects. Thus, controlling for regional-specific fixed effects and nationwide common time effects, this paper tests the link between the user cost of home ownership, which is the purchase price of housing, and total fertility rates. The empirical results, which use a panel of Japanese regional aggregate data, suggest that the impact of user costs on fertility considerably decreased when compared with the pooled OLS regression result without controlling for the above effects, but remained significantly negative. In the Japanese context, the association between the number of children and home ownership seems to be complementary.
2012-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37387/1/MPRA_paper_37387.pdf
XXX, Shuya and Iwata, Shinichiro (2012): Fertility and the user cost of home ownership: Evidence from regional panel data.
en
oai:mpra.ub.uni-muenchen.de:37395
2019-09-27T02:13:06Z
7374617475733D756E707562
7375626A656374733D45:4534:453433
7375626A656374733D4C:4C38:4C3835
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37395/
Downward-sloping term structure of lease rates: a puzzle
Seko, Miki
Sumita, Kazuto
Yoshida, Jiro
E43 - Interest Rates: Determination, Term Structure, and Effects
L85 - Real Estate Services
R31 - Housing Supply and Markets
R21 - Housing Demand
A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared with data on residential leases in Japan. The model shows that the initial lease rate for a cancellable lease must be set higher than that for a non-cancellable lease because the former rate will be repeatedly adjusted downward when the market rent decreases. More importantly, the term structure of lease rates is always upward-sloping for cancellable leases. Empirical findings show a sharp contrast with the theory. Fixed-term lease rates are often higher than open-ended long-term lease rates. Moreover, in the fixed-term lease sample, the term structure of lease rates is downward-sloping. The term structure is also heterogeneous by tenant’s income.
2012-02-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37395/1/MPRA_paper_37395.pdf
Seko, Miki and Sumita, Kazuto and Yoshida, Jiro (2012): Downward-sloping term structure of lease rates: a puzzle.
en
oai:mpra.ub.uni-muenchen.de:37782
2019-09-27T10:17:25Z
7374617475733D707562
7375626A656374733D44:4434
7375626A656374733D52:5232:523231
7375626A656374733D52:5232
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37782/
Ценообразование на рынке жилья в странах СНГ (на примере г. Москвы).
Potashev, Roman
D4 - Market Structure, Pricing, and Design
R21 - Housing Demand
R2 - Household Analysis
R31 - Housing Supply and Markets
The article presents the author's model of pricing at the housing market. Economic indicators according to which the analysis should be carried out are defined in this article. The analysis of prices at the housing market of CIS countries on the example of Moscow in the post-Soviet period is made from the standpoint of microeconomics.
2011-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37782/1/MPRA_paper_37782.pdf
Potashev, Roman (2011): Ценообразование на рынке жилья в странах СНГ (на примере г. Москвы). Published in: Actual Problems of Economics , Vol. 126, (December 2011): pp. 137-151.
ru
oai:mpra.ub.uni-muenchen.de:38264
2019-09-28T13:39:11Z
7374617475733D707562
7375626A656374733D50:5032:503235
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38264/
Residential stamp duty:Time for a change
Andrew, Mark
Evans, Alan
Koundouri, Phoebe
Meen, Geoffrey
P25 - Urban, Rural, and Regional Economics
R21 - Housing Demand
R31 - Housing Supply and Markets
In this report, we are concerned with the impact of the current system of residential stamp duty. Not only does stamp duty have an effect on the housing market, but it also discriminates between both different parts of the country and different household types. Because of the inefficiencies and inequalities of stamp duty the report also explores alternatives to the current system. We demonstrate that even modest reforms can generate significant improvements. The purpose of our report is to consider the economic rationale lying behind stamp duty. We have three broad main aims:
•to consider how stamp duty measures up to general principles of optimal taxation,
•to consider and quantify, where possible, the effects of stamp duty on the housing market and wider economy,
•to discuss meaningful revenue-neutral alternatives to the current regime.
2003-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38264/1/MPRA_paper_38264.pdf
Andrew, Mark and Evans, Alan and Koundouri, Phoebe and Meen, Geoffrey (2003): Residential stamp duty:Time for a change. Published in: (April 2003)
en
oai:mpra.ub.uni-muenchen.de:38587
2019-09-27T16:38:20Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38587/
Can the Mortensen-Pissarides model match the housing market facts?
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R31 - Housing Supply and Markets
R21 - Housing Demand
This paper examines whether the baseline Mortensen-Pissarides matching model can account for the housing market facts, namely, the existence of price dispersion, the positive correlation between housing price and trading volume, and between housing price and time-on-the-market. Our main finding is that the model can account for these three basic facts of the housing market, thus showing that the Mortensen-Pissarides framework can be seen as the benchmark macroeconomic model not only for the labour market but for any market with frictions.
2012-02-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38587/1/MPRA_paper_38587.pdf
Lisi, Gaetano (2012): Can the Mortensen-Pissarides model match the housing market facts?
en
oai:mpra.ub.uni-muenchen.de:38732
2019-09-27T10:04:21Z
7374617475733D756E707562
7375626A656374733D44:4438:443836
7375626A656374733D44:4437:443732
7375626A656374733D52:5232:523231
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38732/
High Implicit Interest Rates in the Context of Informal Traditional Housing Transactions: Evidence from Morocco
Driouchi, Ahmed
Mertou, Amat
D86 - Economics of Contract: Theory
D72 - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
R21 - Housing Demand
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
Abstract:
The objective of this research is to investigate the situation of the poor in Morocco through assessing the implicit charges of informal housing transactions in different cities. A model allowing the calculation of the implicit interest rate from the traditional-mortgage transactions is applied. Data about traditional-mortgage housing transactions, duration, and rental values are collected from a sample of households in different cities. The results reveal that these transactions are costly although they involve small amounts of money. On average, a rate higher than 6% but lower than 50 % is implicitly implied in traditional-mortgage transactions. The overall results confirm that poor households are implicitly charged higher interest rates in their housing transactions in comparison with the explicit rates charged by formal credit markets, including microfinance. This implies that administrative and economic policies are to be further developed to ensure that poor households can easily access formal credit markets.
2012-04-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38732/1/MPRA_paper_38732.pdf
Driouchi, Ahmed and Mertou, Amat (2012): High Implicit Interest Rates in the Context of Informal Traditional Housing Transactions: Evidence from Morocco.
en
oai:mpra.ub.uni-muenchen.de:38777
2019-10-09T16:43:36Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38777/
Home seekers in the housing market
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R21 - Housing Demand
R31 - Housing Supply and Markets
This housing market matching model considers two types of home seekers: people who search for a house both in the rental and in the homeownership market, and people who only search in the homeownership market. The house-search process leads to several types of matching and in turn this implies different prices of equilibrium. Also, the house-search process connects the rental market with the homeownership market. This model is thus able to explain both the relationship between the rental price and the selling price and the price dispersion which exists in the housing market. Furthermore, this theoretical model can be used to study the impact of taxation in the two markets. Precisely, it is straightforward to show the effects of two different taxes: the tax on property sale and the tax on rental income.
2012-05-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38777/1/MPRA_paper_38777.pdf
Lisi, Gaetano (2012): Home seekers in the housing market.
en
oai:mpra.ub.uni-muenchen.de:38782
2019-09-29T04:31:27Z
7374617475733D696E7072657373
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38782/
On the functional form of the hedonic price function: a matching-theoretic model and empirical evidence
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R21 - Housing Demand
R31 - Housing Supply and Markets
The key issue in the hedonic price theory is that although the literature emphasises the intrinsic nonlinearity in the relationship between house prices and housing characteristics, very little theoretical guidance is provided regarding the more appropriate mathematical specification for the hedonic price function. Thus, most empirical studies make use of flexible functional forms or simple linear models which possess a direct economic meaningfulness. This theoretical paper attempts to fill this gap by using the Mortensen-Pissarides matching model to show the nonlinearity of the hedonic price function and provide insights on the more appropriate functional relationship between prices and attributes.
2012-04-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38782/1/MPRA_paper_38782.pdf
Lisi, Gaetano (2012): On the functional form of the hedonic price function: a matching-theoretic model and empirical evidence. Forthcoming in: International Real Estate Review No. Forthcoming
en
oai:mpra.ub.uni-muenchen.de:41033
2019-09-28T16:33:31Z
7374617475733D707562
7375626A656374733D43:4335:433533
7375626A656374733D47:4731:473138
7375626A656374733D4C:4C38:4C3835
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/41033/
A study on the volatility forecast of the US housing market in the 2008 crisis
Li, Kui-Wai
C53 - Forecasting and Prediction Methods ; Simulation Methods
G18 - Government Policy and Regulation
L85 - Real Estate Services
R21 - Housing Demand
This article provides the in-sample estimation and evaluates the out of-sample conditional mean and volatility forecast performance of the conventional Generalized Autoregressive Conditional Heteroscedasticity (GARCH), Asymmetric Power Autoregressive Conditional Heteroscedasticity (APARCH) and the benchmark RiskMetrics model on the US real estate finance data for the pre-crisis and post-crisis periods
in 2008. The empirical results show that the RiskMetrics model performed satisfactorily in the in-sample estimation but poorly in the out-of-sample
forecast. For the post-crisis out-of-sample forecasts, all models naturally
performed poorly in conditional mean and volatility forecast.
2011
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/41033/1/MPRA_paper_41033.pdf
Li, Kui-Wai (2011): A study on the volatility forecast of the US housing market in the 2008 crisis. Published in: Applied Financial Economics , Vol. 22, No. 22 (2012): pp. 1869-1880.
en
oai:mpra.ub.uni-muenchen.de:41070
2019-09-26T22:34:52Z
7374617475733D696E7072657373
7375626A656374733D45:4533:453332
7375626A656374733D45:4534:453434
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/41070/
Cykle na rynku nieruchomości mieszkaniowych i komercyjnych, ryzyko dla inwestora oraz potrzeba adekwatnej i ostrożnej wyceny
Augustyniak, Hanna
Łaszek, Jacek
Olszewski, Krzysztof
Waszczuk, Joanna
E32 - Business Fluctuations ; Cycles
E44 - Financial Markets and the Macroeconomy
R21 - Housing Demand
R31 - Housing Supply and Markets
This article explains why the housing and commercial real estate market are in a permanent disequilibrium. The real estate market converges towards the equilibrium, but it changes due to credit constraints, expectations and the long investment process. The cycles on this market are much more volatile than those of the whole economy. Moreover, the market is very local. Often, one can observe the accumulation of different factors, which lead to herding and speculations and finally result in a crisis. Because the market is strongly financed by banks, problems on the market affect the whole financial system. Thus, an appropriate and prudent valuation of the property is needed, which helps to smooth the demand and also reduces the risk for the investor and the bank.
2012-08-23
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/41070/1/MPRA_paper_41070.pdf
Augustyniak, Hanna and Łaszek, Jacek and Olszewski, Krzysztof and Waszczuk, Joanna (2012): Cykle na rynku nieruchomości mieszkaniowych i komercyjnych, ryzyko dla inwestora oraz potrzeba adekwatnej i ostrożnej wyceny. Forthcoming in: Biuletyn wydany z okazji Sympozjum Wyceny Nieruchomości i Przedsiębiorstw, 20-22 września 2012 r. (www.swnip.pl) (September 2012)
pl
oai:mpra.ub.uni-muenchen.de:43166
2019-09-30T06:31:12Z
7374617475733D707562
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43166/
Real Estate Prices in the Republic of Macedonia
Davidovska Stojanova, Biljana
Jovanovic, Branimir
Kadievska Vojnovic, Maja
Ramadani, Gani
Petrovska, Magdalena
R21 - Housing Demand
In this paper we construct a hedonic house price index for Macedonia, for the period 2000-2008. Then we investigate whether house prices in Macedonia are in line with the fundamentals, finding a positive answer.
2008-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43166/1/MPRA_paper_43166.pdf
Davidovska Stojanova, Biljana and Jovanovic, Branimir and Kadievska Vojnovic, Maja and Ramadani, Gani and Petrovska, Magdalena (2008): Real Estate Prices in the Republic of Macedonia. Published in: National Bank of the Republic of Macedonia Working Paper (August 2008)
en
oai:mpra.ub.uni-muenchen.de:43524
2019-09-29T12:26:24Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43524/
Can the Mortensen-Pissarides model match the housing market facts?
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R31 - Housing Supply and Markets
R21 - Housing Demand
In the housing markets, three basic facts have been repeatedly reported by empirical studies: the existence of price dispersion, the positive correlation between housing price and time-on-the-market, and between housing price and trading volume. Since housing markets are also characterised by a decentralised framework of exchange with important search and matching frictions, this paper examines whether the baseline search and matching model, i.e. the Mortensen-Pissarides model, can account for these three basic facts. We find that the behaviour of the housing market reflected in the above empirical findings can be addressed adequately by the standard matching framework.
2012-12-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43524/1/MPRA_paper_43524.pdf
Lisi, Gaetano (2012): Can the Mortensen-Pissarides model match the housing market facts?
en
oai:mpra.ub.uni-muenchen.de:43879
2019-10-03T15:54:49Z
7374617475733D696E7072657373
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43879/
On the functional form of the hedonic price function: a matching-theoretic model and empirical evidence
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R21 - Housing Demand
R31 - Housing Supply and Markets
The key issue in the hedonic price theory is that although the literature emphasises the intrinsic nonlinearity in the relationship between house prices and housing characteristics, very little theoretical guidance is provided regarding the more appropriate mathematical specification for the hedonic price function. Thus, most empirical studies make use of flexible functional forms or simple linear models which possess a direct economic meaningfulness. This theoretical paper attempts to fill this gap by using the Mortensen-Pissarides matching model to show the nonlinearity of the hedonic price function and provide insights on the more appropriate functional relationship between prices and attributes.
2012-04-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43879/1/MPRA_paper_43879.pdf
Lisi, Gaetano (2012): On the functional form of the hedonic price function: a matching-theoretic model and empirical evidence. Forthcoming in: International Real Estate Review No. (forthcoming)
en
oai:mpra.ub.uni-muenchen.de:43880
2019-10-21T01:35:40Z
7374617475733D696E7072657373
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43880/
Home seekers in the housing market
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R21 - Housing Demand
R31 - Housing Supply and Markets
This housing market matching model considers two types of home seekers: people who search for a house both in the rental and in the homeownership market, and people who only search in the homeownership market. The house-search process leads to several types of matching and in turn this implies different prices of equilibrium. Also, the house-search process connects the rental market with the homeownership market. This model is thus able to explain both the relationship between the rental price and the selling price and the price dispersion which exists in the housing market. Furthermore, this theoretical model can be used to study the impact of taxation in the two markets. Precisely, it is straightforward to show the effects of two different taxes: the tax on property sale and the tax on rental income.
2012-05-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43880/1/MPRA_paper_43880.pdf
Lisi, Gaetano (2012): Home seekers in the housing market. Forthcoming in: International Real Estate Review No. (forthcoming)
en
oai:mpra.ub.uni-muenchen.de:43896
2019-09-26T12:53:48Z
7374617475733D756E707562
7375626A656374733D52:5231:523130
7375626A656374733D52:5232:523230
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43896/
The Market Valuation of Interior Design and Developers strategies: a simple Theory and some Evidence
Leung, Charles Ka Yui
Ma, Wai Yip
Zhang, Jun
R10 - General
R20 - General
R21 - Housing Demand
How much do the market values of housing reflect its interior design? Does the interior design interact with other housing attributes? Following the recent research based on “graph theory,” this paper confirms the importance of internal design variables in a hedonic pricing model, which is applied to a large dataset of high-rise apartment buildings in Asia. The evidence is consistent with a simple theory that developers strategically use interior design to “dilute” the effect of location, which leads to a form of endogenous multi-collinearity. Directions for future research are also discussed.
2013-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43896/1/MPRA_paper_43896.pdf
Leung, Charles Ka Yui and Ma, Wai Yip and Zhang, Jun (2013): The Market Valuation of Interior Design and Developers strategies: a simple Theory and some Evidence.
en
oai:mpra.ub.uni-muenchen.de:44829
2019-09-26T19:30:20Z
7374617475733D756E707562
7375626A656374733D52:5231:523131
7375626A656374733D52:5231:523132
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/44829/
The Great Recession and Nonmetropolitan America
Rickman, Dan S.
Guettabi, Mouhcine
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
R12 - Size and Spatial Distributions of Regional Economic Activity
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
R31 - Housing Supply and Markets
The influence of the housing market bubble on U.S. business cycle dynamics during the previous decade has been well-documented. Yet, little if anything is known about how nonmetropolitan areas fared during the period. This study examines the association of regional housing market bubbles with relative nonmetropolitan economic performance during the business cycle phases of the decade. To better infer causality the study makes extensive use of exogenous measures of asymmetric labor demand shocks. Among the primary findings, the study establishes the important role of natural amenity attractivness in regional housing market cycles and regional employment population growth dynamics.
2013-03-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/44829/1/MPRA_paper_44829.pdf
Rickman, Dan S. and Guettabi, Mouhcine (2013): The Great Recession and Nonmetropolitan America.
en
oai:mpra.ub.uni-muenchen.de:44884
2019-09-28T05:31:47Z
7374617475733D756E707562
7375626A656374733D48:4834:483430
7375626A656374733D4B:4B30:4B3030
7375626A656374733D4B:4B34:4B3432
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/44884/
The link between non-property crime and house prices – Evidence from UK street-level data
Braakmann, Nils
H40 - General
K00 - General
K42 - Illegal Behavior and the Enforcement of Law
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
R31 - Housing Supply and Markets
This paper uses street-level data on house sales and crime rates for England and Wales to look at the existence of compensating differentials for crime risk. In terms of identification my strategy relies on the use of non-parametric regional time trends as well as various fixed effects to control for unobserved amenities and regional economic conditions. The results suggest that each additional case of anti-social behavior lowers house prices in the same street by approximately 1% and each additional case of violent crime by 2%. Drug crime does not appear to matter, as does crime outside of the respective street.
2012-10-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/44884/1/MPRA_paper_44884.pdf
Braakmann, Nils (2012): The link between non-property crime and house prices – Evidence from UK street-level data.
en
oai:mpra.ub.uni-muenchen.de:46032
2019-09-27T00:21:14Z
7374617475733D756E707562
7375626A656374733D4A:4A36:4A3633
7375626A656374733D52:5233:523331
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/46032/
Can the Mortensen-Pissarides model match the housing market facts?
Lisi, Gaetano
J63 - Turnover ; Vacancies ; Layoffs
R31 - Housing Supply and Markets
R21 - Housing Demand
In the housing markets three basic facts have been repeatedly reported by empirical studies: the existence of price dispersion, the positive correlation between housing price and time-on-the-market, and between housing price and trading volume. Since housing markets are characterised by a decentralised framework of exchange with important search and matching frictions, this paper examines whether the baseline search and matching model can account for these three basic facts. We find that the behaviour of the housing market reflected in the above empirical findings can be addressed by the standard matching framework.
2013-01-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/46032/1/MPRA_paper_46032.pdf
Lisi, Gaetano (2013): Can the Mortensen-Pissarides model match the housing market facts?
en
oai:mpra.ub.uni-muenchen.de:46647
2019-10-05T05:15:16Z
7374617475733D756E707562
7375626A656374733D44:4431:443132
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/46647/
Housing subsidy or parental support: Crowding-out effect of mortgage tax deduction
Iwata, Shinichiro
Yukutake, Norifumi
D12 - Consumer Economics: Empirical Analysis
R21 - Housing Demand
Children may receive monetary transfers from their parents to realize the dream of homeownership. This raises the question of whether transfers received decrease if governments also provide a homeownership-related subsidy. The purpose of this paper is to empirically examine this question, using a sample of the Japanese home-buying households that are subsidized by a mortgage tax deduction (MTD) as a model case. In the empirical stage, we offer a test of the effect of the MTD on both the extensive (the probability of receiving transfers) and the intensive (the amount of transfers received) margins using the overall sample as well as subsample groups. The empirical results, which use the full sample, appear to indicate that the MTD has a tendency to crowd out transfers on both the extensive and the intensive margins. Subsample analysis demonstrates that the crowding-out effect is strengthened when parents' behavior is influenced by a relatively strong altruistic motive and a relatively weak exchange motive.
2013-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/46647/1/MPRA_paper_46647.pdf
Iwata, Shinichiro and Yukutake, Norifumi (2013): Housing subsidy or parental support: Crowding-out effect of mortgage tax deduction.
en
oai:mpra.ub.uni-muenchen.de:46890
2019-09-27T21:30:50Z
7374617475733D707562
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
7375626A656374733D52:5233:523338
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/46890/
The Link between Homeownership Motivation and Housing Satisfaction
Tan, Teck Hong
Khong, Kok Wei
R21 - Housing Demand
R31 - Housing Supply and Markets
R38 - Government Policy
It is reasonable to believe that the degree of housing satisfaction may depend on the motivation of home owning as motivation has been an important reason in the explanation of homeownership. There is little empirical evidence demonstrating how homeownership motivation, as defined by local amenities investment, social capital investment, residential stability, and financial benefits of home owning affect housing satisfaction in the Malaysian context. In this paper, Structural Equation Modeling (SEM) was used to examine the link between homeownership motivation and housing satisfaction. Results showed that social capital investment and residential stability of homeownership appears to be important determinants of housing satisfaction. The findings also indicated that interdependencies among homeownership motivation variables were important extensions of the housing satisfaction model because they help improve the ability of model to predict housing satisfaction.
2012-04-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/46890/1/MPRA_paper_46890.pdf
Tan, Teck Hong and Khong, Kok Wei (2012): The Link between Homeownership Motivation and Housing Satisfaction. Published in: International Journal of Economics and Management , Vol. 6, No. 1 (18 April 2012): pp. 1-20.
en
oai:mpra.ub.uni-muenchen.de:47068
2019-09-26T11:28:44Z
7374617475733D756E707562
7375626A656374733D4A:4A31:4A3135
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47068/
Education, race and revealed attitudes towards homosexual couples
Leguizamon, Sebastian
Leguizamon, Susane
Christafore, David
J15 - Economics of Minorities, Races, Indigenous Peoples, and Immigrants ; Non-labor Discrimination
R21 - Housing Demand
We examine the varying influence of the presence of homosexual couples on average home prices with different compositions of educational attainment and race. We find
that a higher number of homosexuals in relatively higher educated areas is associated with higher average prices and lower average prices in areas with less educated residents. The magnitude of positive influence and negative influence is lower when the number of black residents increases. This suggests that education is associated with a greater revealed tolerance for homosexuals, but the influence of education is less for areas with a higher percent black, perhaps due to homophily.
2013-05-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47068/1/MPRA_paper_47068.pdf
Leguizamon, Sebastian and Leguizamon, Susane and Christafore, David (2013): Education, race and revealed attitudes towards homosexual couples.
en
oai:mpra.ub.uni-muenchen.de:47586
2019-09-28T16:38:45Z
7374617475733D756E707562
7375626A656374733D47:4732:473231
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47586/
Financial Repression and Housing Investment: An Analysis of the Korean Chonsei
Kim, Jinwon
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
R21 - Housing Demand
R31 - Housing Supply and Markets
South Korea has a unique kind of rental contract, called chonsei. The tenant pays an upfront deposit, typically from 40% to 70% of the property value, to the landlord, and the landlord repays the deposit to the tenant upon contract termination. The tenant is not required to make any periodic monthly rental payments. The main goal of this paper is to show why such a unique rental contract exists and has been popular in Korea. The model shows that chonsei is an ingenious market response in the era of "financial repression" in Korea (Renaud (1989)), allowing landlords to accumulate sufficient funds for housing investment without major reliance on a mortgage. The model also shows that the tenant, who suffers from insufficient mortgage borrowings, can access cheaper rental housing via chonsei than when only monthly rental housing is available. The model predicts that the chonsei system should fade out when arbitrage gains from housing investment disappear. An implication of the model is that the chonsei renter may save while the landlord and the owner-occupier put all their assets into housing and thus have no financial savings. This hypothesis is empirically tested and confirmed.
2012-08-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47586/1/MPRA_paper_47586.pdf
Kim, Jinwon (2012): Financial Repression and Housing Investment: An Analysis of the Korean Chonsei.
en
oai:mpra.ub.uni-muenchen.de:47653
2019-09-28T19:45:55Z
7374617475733D756E707562
7375626A656374733D43:4335:433533
7375626A656374733D51:5134:513431
7375626A656374733D51:5134:513437
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47653/
Structural Breaks, Price and Income Elasticity, and Forecast of the Monthly Italian Electricity Demand
Dicembrino, Claudio
Trovato, Giovanni
C53 - Forecasting and Prediction Methods ; Simulation Methods
Q41 - Demand and Supply ; Prices
Q47 - Energy Forecasting
R21 - Housing Demand
Insights about electricity demand dynamics is fundamental for investment capacity, optimal energy policies, and a balanced electricity system.
This paper presents an empirical analysis of the monthly Italian electricity demand since January 2001 to June 2012. In the first section we conduct the analysis of structural breaks in the electricity demand finding that the series has two structural breaks in August 2002 and August 2004 as market liberalization effects on consumption. In the second part of the paper we estimate demand price elasticities both for residential and industrial sector.
As expected from the electricity economics literature concerning elasticities estimates, we find that the long run price and income elasticities are more price elastic than the short run both in industrial and residential consumption.
In the third and last section, we compare two different forecasting models: the Hidden Markov Models (HMM) and the Holt Winters (H-W) seasonal smoothing method. Considering the Mean Absolute Percentage Error (MAPE), the HMM approach seems to show a superiority in forecasting the monthly electricity demand compared to the H-W methodology.
2013-06-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47653/1/MPRA_paper_47653.pdf
Dicembrino, Claudio and Trovato, Giovanni (2013): Structural Breaks, Price and Income Elasticity, and Forecast of the Monthly Italian Electricity Demand.
en
oai:mpra.ub.uni-muenchen.de:49042
2019-09-28T05:41:58Z
7374617475733D756E707562
7375626A656374733D44:4435:443531
7375626A656374733D45:4531:453133
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/49042/
Rational Housing Bubble
Zhao, Bo
D51 - Exchange and Production Economies
E13 - Neoclassical
R21 - Housing Demand
This paper studies an economy inhabited by overlapping generations of
homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners and drives the equilibrium interest rate level down to the housing price growth rate, which makes housing attractive as a store of value for investors. As long as the rental market friction is high enough, the investors will hold a positive number of vacant houses in equilibrium. A housing bubble arises in an equilibrium in which investors hold houses for resale purposes only and without the expectation of receiving a dividend either in terms of utility or rent. The model can be applied to China, where the housing bubble can be attributed to the rapid decline in the replacement rate of the pension system.
2012-08-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/49042/1/MPRA_paper_49042.pdf
Zhao, Bo (2012): Rational Housing Bubble.
en
oai:mpra.ub.uni-muenchen.de:49423
2019-10-02T11:28:37Z
7374617475733D756E707562
7375626A656374733D4A:4A31:4A3135
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/49423/
Immigration and property prices: Evidence from England and Wales
Braakmann, Nils
J15 - Economics of Minorities, Races, Indigenous Peoples, and Immigrants ; Non-labor Discrimination
R21 - Housing Demand
R31 - Housing Supply and Markets
This paper investigates the link between immigration and property prices in England and Wales. Evidence from fixed effects and shift-share-based instrumental variable regressions suggests that an increase in the regional share of migrants (a) decreases prices at the lower end of the distribution up to the median and (b) has (almost) no effect on mean property prices or prices above the median. I also provide evidence on two mechanisms that explain these effects: (c) natives move out of regions as immigration increases and (d) the number of persons per room increases with the share of immigrants.
2013-08-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/49423/1/MPRA_paper_49423.pdf
Braakmann, Nils (2013): Immigration and property prices: Evidence from England and Wales.
en
oai:mpra.ub.uni-muenchen.de:50226
2019-10-05T15:17:58Z
7374617475733D707562
7375626A656374733D4A:4A31:4A3130
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/50226/
A Living Cost Index for SMSAs
Cebula, Richard
J10 - General
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
A number of recent studies have been concerned with the determinants of either housing cost differentials or overall living cost differentials among SMSAs. Given the obvious significance of such differentials, the purpose of this research note is to develop a geographically comparable cost-of-living index for the 100 largest (as of 1980) SMSAs. From 1966 until 1979 the U.S. Bureau of Labor Statistics compiled comparable cost-of-living data for some 39 metropolitan areas. In more recent years (starting with 1979) the data have been compiled for a maximum of only 24 metropolitan areas. By generating a geographically comparable living cost index for the 100 largest SMSAs, it is hoped that a data base useful to studies of wage differentials, geographic mobility, and other areas of concern and interest can be developed. The index is based on estimation of a reduced-form equation involving population size and density, per capita income, and the presence of right-to-work legislation.
1985-07-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/50226/1/MPRA_paper_50226.pdf
Cebula, Richard (1985): A Living Cost Index for SMSAs. Published in: Social Science Quarterly , Vol. 67, No. 4 (14 December 1986): pp. 887-891.
en
oai:mpra.ub.uni-muenchen.de:51607
2019-10-10T21:59:34Z
7374617475733D707562
7375626A656374733D44:4438:443830
7375626A656374733D47:4731
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
7375626A656374733D52:5233:523338
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51607/
Rentabilidad de la inversión en vivienda, apalancamiento y especulación (1996-2008)
Fuentes Castro, Daniel
D80 - General
G1 - General Financial Markets
R21 - Housing Demand
R31 - Housing Supply and Markets
R38 - Government Policy
To understand the formation and extent of the speculative tsunami that sweeps the coast of the Spanish economy since the end of 2007, it is necessary to analyze the profitability of property sales in the past decade. This article analyzes economic and financial profitability, and the multiplier effect of leverage, in the Spanish housing market. We also deal with the conditions under which homeownership is more profitable than renting. The article distinguish, among other types of investors, those that buy for residential purposes and those speculating on housing inflation.
2009-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51607/1/MPRA_paper_51607.pdf
Fuentes Castro, Daniel (2009): Rentabilidad de la inversión en vivienda, apalancamiento y especulación (1996-2008). Published in: Boletín Económico de Información Comercial Española No. 2970 : pp. 31-49.
es
oai:mpra.ub.uni-muenchen.de:51609
2019-10-06T04:51:54Z
7374617475733D707562
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51609/
Una nota sobre el exceso de oferta de viviendas y la duración del ajuste del sector
Fuentes Castro, Daniel
R21 - Housing Demand
R31 - Housing Supply and Markets
Housing construction has been fueled in recent years by a speculative process that has ended up generating an extraordinary oversupply. The aim of this study is to quantify the gap between supply and demand for housing in the Spanish economy between 1996 and 2007. Different estimates of the duration of the sector adjustment are provided. We reflect on the importance of residential property sales for speculative reasons or motives. Among other results, it is concluded that the market will not empty until the third quarter of 2012 (under the assumption of current development of housing demand), as long as the sector adjusts its supply at current demand growth.
2009-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51609/1/MPRA_paper_51609.pdf
Fuentes Castro, Daniel (2009): Una nota sobre el exceso de oferta de viviendas y la duración del ajuste del sector. Published in: Boletín Económico de Información Comercial Española No. 2958 : pp. 15-24.
es
oai:mpra.ub.uni-muenchen.de:51613
2019-09-29T08:27:35Z
7374617475733D707562
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51613/
Una nota sobre la relevancia del sistema de amortización en el mercado hipotecario español entre 1998 y 2008
Fuentes Castro, Daniel
R21 - Housing Demand
R31 - Housing Supply and Markets
No one can ignore the importance of financial innovation in mortgage markets. A relevant issue is the choice of the amortization system. This article shows how the French amortization system has reduced the price of loans in the short term whereas price of loans has become more expensive in the long run (more profitable for banks). With a system of constant amortization, home buyers for residential purposes would have stood for a significantly lower financial cost. In addition, the fee structure for the constant depreciation system would have had the effect to contain to some extent the entry into the mortgage market, helping to curb speculation and preventing the grant of a portion of subprime mortgages.
2010-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51613/1/MPRA_paper_51613.pdf
Fuentes Castro, Daniel (2010): Una nota sobre la relevancia del sistema de amortización en el mercado hipotecario español entre 1998 y 2008. Published in: Boletín Económico de Información Comercial Española No. 2984 : pp. 17-28.
es
oai:mpra.ub.uni-muenchen.de:51825
2019-09-26T20:47:54Z
7374617475733D707562
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51825/
Una nota sobre el exceso de oferta de viviendas y la duración del ajuste del sector
Fuentes Castro, Daniel
R21 - Housing Demand
R31 - Housing Supply and Markets
Housing construction has been fueled in recent years by a speculative process that has ended up generating an extraordinary oversupply. The aim of this study is to quantify the gap between supply and demand for housing in the Spanish economy between 1996 and 2007. Different estimates of the duration of the sector adjustment are provided. We reflect on the importance of residential property sales for speculative reasons or motives. Among other results, it is concluded that the market will not empty until the third quarter of 2012 (under the assumption of current development of housing demand), as long as the sector adjusts its supply at current demand growth.
2009-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51825/1/MPRA_paper_51825.pdf
Fuentes Castro, Daniel (2009): Una nota sobre el exceso de oferta de viviendas y la duración del ajuste del sector. Published in: Boletín Económico de Información Comercial Española No. 2958 : pp. 15-24.
es
oai:mpra.ub.uni-muenchen.de:51826
2019-10-01T09:04:52Z
7374617475733D707562
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51826/
Exceso de oferta de viviendas entre 1998 y 2008: una estimación provincial a partir de variables demográficas
Fuentes Castro, Daniel
R21 - Housing Demand
R31 - Housing Supply and Markets
The following work is to estimate the theoretical demand for housing in Spain given the demographic trends and the preferences of investors between 2001 and 2008. The paper shows how much of the demand does not respond to demographic factors. The stock of unsold new houses is estimated and it is placed in relation to the total stock of housing so as to have a figure of the importance of housing oversupply. The analysis is developped for each of the Spanish provinces, trying to identify main patterns at the regional level.
2010-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51826/1/MPRA_paper_51826.pdf
Fuentes Castro, Daniel (2010): Exceso de oferta de viviendas entre 1998 y 2008: una estimación provincial a partir de variables demográficas. Published in: Economia Aragonesa No. 41 (April 2010): pp. 79-96.
es
oai:mpra.ub.uni-muenchen.de:51992
2019-10-21T01:51:52Z
7374617475733D707562
7375626A656374733D44:4434:443430
7375626A656374733D44:4437:443730
7375626A656374733D44:4437:443738
7375626A656374733D4B:4B32:4B3230
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51992/
An Exploratory Note on Interstate Living-Cost Differentials
Cebula, Richard
D40 - General
D70 - General
D78 - Positive Analysis of Policy Formulation and Implementation
K20 - General
R21 - Housing Demand
This exploratory study seeks to identify factors that systematically influence interstate living-cost differentials.
Living costs refer to the average cost of living for a four-person family in each of the 50 states. For the year 1977, the living cost level is found to be an increasing function of population density, average income, and the degree of urbanization, while being a decreasing function of the presence of right-to-work laws.
1985-02-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51992/1/MPRA_paper_51992.pdf
Cebula, Richard (1985): An Exploratory Note on Interstate Living-Cost Differentials. Published in: The Review of Regional Studies , Vol. 16, No. 2 (10 September 1986): pp. 58-59.
en
oai:mpra.ub.uni-muenchen.de:52013
2019-09-30T04:44:50Z
7374617475733D756E707562
7375626A656374733D4A:4A31:4A3131
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523330
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52013/
Nüfus Yapısındaki Değişimlerin Uzun Dönem Konut Talebi Üzerindeki Etkileri
ARSLAN, Yavuz
CERİTOĞLU, Evren
KANIK, Birol
J11 - Demographic Trends, Macroeconomic Effects, and Forecasts
R21 - Housing Demand
R30 - General
In this study, we investigate the effects of age structure dynamics of population on the housing demand in Turkey. The critical question is how the housing demand moves in the environment of positive population growth with declining rate and aging population. We use TurkStat Household Budget Survey to determine the link between household housing demand and household age cohorts. We obtain housing demand for each age cohorts and long term housing demand for Turkey by utilizing TurkStat population forecasts. Estimation results indicate that age structure of population has a notable effect on the growth of housing demand besides population growth. The results show housing demand will increase 1.48 percent annually on average from 2009 to 2050 where 1.08 percent of the increase will be contributed by population growth and the rest of 0.40 percent will be derived by the change in age structure of the population.
2013-06-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52013/1/MPRA_paper_52013.pdf
ARSLAN, Yavuz and CERİTOĞLU, Evren and KANIK, Birol (2013): Nüfus Yapısındaki Değişimlerin Uzun Dönem Konut Talebi Üzerindeki Etkileri.
tr
oai:mpra.ub.uni-muenchen.de:52365
2019-09-26T12:20:30Z
7374617475733D756E707562
7375626A656374733D44:4430
7375626A656374733D44:4438:443833
7375626A656374733D44:4439:443931
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52365/
Housing in consumer’s theory
Łaszek, Jacek
D0 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
R21 - Housing Demand
This article aims to deepen the knowledge on consumer choices from the microeco-nomic perspective so as to better understand the behaviour of home buyers and its impact on the housing market. First, we provide an analysis of housing understood as a consumer and investment good. We then discuss its market value and cost. This analysis helps to better understand the housing choices of consumers. Finally, we take a detailed look at the choice of housing as a heterogeneous good. Taking into account the conclusions derived from the above points, we demonstrate the complex choice of the housing demand structure in the form of savings and consumption.
2013
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52365/1/MPRA_paper_52365.pdf
Łaszek, Jacek (2013): Housing in consumer’s theory.
en
oai:mpra.ub.uni-muenchen.de:52430
2019-09-27T18:34:27Z
7374617475733D707562
7375626A656374733D44:4431:443132
7375626A656374733D44:4434:443430
7375626A656374733D52:5231:523130
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52430/
An Empirical Analysis of Determinants of Interstate Living-Cost Differentials, 2005
Cebula, Richard
Toma, Michael
D12 - Consumer Economics: Empirical Analysis
D40 - General
R10 - General
R21 - Housing Demand
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
This empirical study investigates determinants of interstate living-cost differentials for the year 2005. It seeks to supplement existing related studies, most of which have investigated such differentials at the metropolitan area or county levels and for earlier time periods.
OLS and two-stage least squares (2SLS) results imply that the overall cost of living in a state is positively a function of per capita income and the relative amount of shoreline on major bodies of water, and negatively a function of the presence of right-to-work laws, heating degree days, and toxic chemical releases. Interestingly, the 2SLS estimate adopts two additional amenity/dis-amenity variables (population density and crime rate) as instrumental variables.
2007-01-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52430/1/MPRA_paper_52430.pdf
Cebula, Richard and Toma, Michael (2007): An Empirical Analysis of Determinants of Interstate Living-Cost Differentials, 2005. Published in: Journal of Regional Analysis and Policy , Vol. 38, No. 3 (30 December 2008): pp. 222-228.
en
oai:mpra.ub.uni-muenchen.de:52599
2019-09-27T01:42:19Z
7374617475733D756E707562
7375626A656374733D44:4430
7375626A656374733D44:4438:443833
7375626A656374733D44:4439:443931
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52599/
Housing in consumer’s theory
Łaszek, Jacek
D0 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
R21 - Housing Demand
This article aims to deepen the knowledge on consumer choices from the microeconomic perspective so as to better understand the behaviour of home buyers and its impact on the housing market. First, we provide an analysis of housing understood as a consumer and investment good. We then discuss its market value and cost. This analysis helps to better understand the housing choices of consumers. Finally, we take a detailed look at the choice of housing as a heterogeneous good. Taking into account the conclusions derived from the above points, we demonstrate the complex choice of the housing demand structure in the form of savings and consumption.
2013
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52599/1/MPRA_paper_52599.pdf
Łaszek, Jacek (2013): Housing in consumer’s theory.
en
oai:mpra.ub.uni-muenchen.de:53729
2019-09-26T14:52:03Z
7374617475733D756E707562
7375626A656374733D48:4832:483230
7375626A656374733D48:4832:483236
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/53729/
Tax-driven Bunching of Housing Market Transactions: The case of Hong Kong
Leung, Charles Ka Yui
Leung, Tommy Tin Cheuk
Tsang, Byron Kwok Ping
H20 - General
H26 - Tax Evasion and Avoidance
R21 - Housing Demand
We study the implications of property market transaction tax. As property buyers are obligated to pay a transaction tax (“stamp duty”, or SD) where the rate increases with the value of the transaction, there are incentives to trade at or just below the cutoff points of the tax schedule. Thus, both “bunching in transactions” and “underpricing” should be observed near those cutoffs. Furthermore, the bunching points should change with the tax schedule. We confirm these conjectures with a rich dataset from the Hong Kong housing market and provide a measure of the tax avoidance.
2014-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/53729/1/MPRA_paper_53729.pdf
Leung, Charles Ka Yui and Leung, Tommy Tin Cheuk and Tsang, Byron Kwok Ping (2014): Tax-driven Bunching of Housing Market Transactions: The case of Hong Kong.
en
oai:mpra.ub.uni-muenchen.de:55292
2019-09-30T22:43:07Z
7374617475733D756E707562
7375626A656374733D45:4533:453331
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/55292/
Quantifying and Explaining Stickiness in Housing Rents: A Turkish Case Study with Micro-Level Data
Aysoy, Cem
Aysoy, Cevriye
Tumen, Semih
E31 - Price Level ; Inflation ; Deflation
R21 - Housing Demand
R31 - Housing Supply and Markets
Using a national panel of housing units, this paper documents that the rate of nominal rigidity in housing rents is high in Turkey between 2008 and 2011. We find that, on average, 31.5 percent of the rents did not change from year to year in nominal terms. We then ask if the incidence of nominal rigidity depends on the turnover status of the housing unit. We show that 35.4 percent of the nonturnover units had rigid rents, while for only 17.1 percent of the turnover units rents did not change. We also present evidence that grid pricing is associated with more than half of the nominal rigidity in housing rents in our sample. The household- and individual-level determinants of the nominal rigidity in rents and turnover status are also investigated using the micro-level details available in our dataset. We document that, relative to the low-income tenants, high-income tenants are less likely to have rigid rents and they are also less likely to change units frequently. This finding suggests that search and moving costs impose frictions that amplify the opportunity costs of high-income tenants; thus, they are more likely to agree on reasonable rent increases for the purpose of saving time and reducing emotional stress.
2014-04-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/55292/1/MPRA_paper_55292.pdf
Aysoy, Cem and Aysoy, Cevriye and Tumen, Semih (2014): Quantifying and Explaining Stickiness in Housing Rents: A Turkish Case Study with Micro-Level Data.
en
oai:mpra.ub.uni-muenchen.de:55557
2019-10-01T19:56:16Z
7374617475733D756E707562
7375626A656374733D47:4730:473031
7375626A656374733D52:5232
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523339
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/55557/
Foreclosures in an Exurb: Multiple Empirical Analyses through a Prism
Kashian, Russell
Cebula, Richard
Cramer, Eric
G01 - Financial Crises
R2 - Household Analysis
R21 - Housing Demand
R39 - Other
As the nation navigates through the stages of its foreclosure crisis, its journey brings with it negative outcomes that impact to the general real estate market. This paper combines two individual pieces and peruses a comprehensive illustration of the timeline of foreclosures and sheriff sales, and the effect they have on the single-family real estate market in Muskego, Wisconsin. This paper employs two econometric models to achieve its goal. First, we utilize a duration model that considers the time from a foreclosure’s filing until a sheriff sale or redemption. Our second model turns to a probit model, which attempts to predict whether a home is sheriff-sold or redeemed. Our results find that despite growing experience in dealing with foreclosures, lenders do not appear to have reduced the time from filing to sheriff sale. Finally, more expensive homes are less likely to be sheriff-sold following a foreclosure in relationship to other foreclosures.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/55557/1/MPRA_paper_55557.pdf
Kashian, Russell and Cebula, Richard and Cramer, Eric (2014): Foreclosures in an Exurb: Multiple Empirical Analyses through a Prism.
en
oai:mpra.ub.uni-muenchen.de:55587
2019-09-27T11:48:26Z
7374617475733D756E707562
7375626A656374733D48:4832:483234
7375626A656374733D48:4837:483731
7375626A656374733D52:5232:523231
7375626A656374733D52:5233:523332
7375626A656374733D52:5233:523338
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/55587/
Applying the Hedonic Pricing Model to the Prices of Single-Family Homes in the Oldest U.S. City, St. Augustine, Florida, Testing Whether Property Taxes Are Capitalized into Housing Prices
Angjellari-Dajci, Fiorentina
Cebula, Richard
H24 - Personal Income and Other Nonbusiness Taxes and Subsidies
H71 - State and Local Taxation, Subsidies, and Revenue
R21 - Housing Demand
R32 - Other Spatial Production and Pricing Analysis
R38 - Government Policy
This empirical investigation applies a hedonic pricing model to determine whether property taxes have been capitalized into housing prices of single-family homes in city of St. Augustine, Florida housing market for single family homes. There were sufficient data in this context to study a total of 4,017 single-family houses for the six-year period from 2008 to 2013 period. The sales price and property tax levels are expressed real terms, i.e., in 2005 dollars. The semi-log estimation reveals, among other things, that the natural log of the real sales price of a single-family house in the St. Augustine area was in fact negatively affected by the city and county property tax level.
2014-01-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/55587/1/MPRA_paper_55587.pdf
Angjellari-Dajci, Fiorentina and Cebula, Richard (2014): Applying the Hedonic Pricing Model to the Prices of Single-Family Homes in the Oldest U.S. City, St. Augustine, Florida, Testing Whether Property Taxes Are Capitalized into Housing Prices.
en
oai:mpra.ub.uni-muenchen.de:55694
2019-10-01T12:15:44Z
7374617475733D707562
7375626A656374733D43:4333:433332
7375626A656374733D4F:4F34:4F3430
7375626A656374733D52:5232:523231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/55694/
Konut Piyasası ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Zaman Serileri Analizi (2000-2012)
KARGI, Bilal
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
O40 - General
R21 - Housing Demand
In this study, certain selected factors about growth data and housing market within last decade are examined. Housing is a human’s physiological need and economic development can be carried out by means of extending the possibility of satisfying this high valuable need or there can be shown a linkage between economic growth and processes at market. For this reason when we handle 2000-2012 period, the indicators about economic growth and housing acquisition are being searched to explain this main hypothesis. From the obtained quarter data about concerning period, correlation relations, augmented Dickey-Fuller Unit Root Test, Granger Causality Analysis and multiple regression models are researched. Housing is a basic need but has a high cost to be met by intense savings and high burrowing. For this reason; 1- consumers’ incomes increase, 2-credit opportunities widen and 3-continuity macroeconomic performance which is giving impression of being trustworthy of a long term expenditure item. This study assumes that the most important debility of Turkey’s economy is the sensitivity of political events but especially after 2002 it’s relatively stabilized. Under his two hypothesis, we can reach that the housing market is widened. The other factors that determine housing demand (as a result of macroeconomic stability) low housing interest rates, low increase of housing prices because of low inflation and extension of banking system credit capacity. The study result in under this fundamental frame as follows. Extension of credit capacity and sensitivity of housing expenditure to gross national product (GDP) is the sign that in Turkey’s economy there is no housing balloon. Especially extension of credit capacity and housing expenditures which are acting together with GDP until 3rd quarter of 2008 is keeping it’s sensitivity to the decrease of GDP after this period but not to the extension of banking system credit capacity. According to the intense of demand according to the GDP increase and economic stability, there can be price inflation by means of probable supply constriction in the market which is arranged by interest. Although it’s not mentioned in this study, housing prices are not increased very much and it shows that supply is enough. Housing interests are drop down according to the general interest drop down related to international liquidity wideness. For this reason quantity of housing credits usage is increased. But also the other reason of increase is the extend of fixed period of time. The source of the extend of fixed period of time is the arrangements made by the law 5582. But in spite of the highness of the housing purchase cost and long term credit sources, in conclusion we can say that the consumers are following the general statement of economy and sensitive to the usage of burrowing opportunities. Likewise, after the 3rd quarter of 2008 refraction period, according to the GDP fluctuate the credit usage level is not advance as the preceding period on the contrary has a horizontal movement. The most important conclusion from the number 5 equation of regression models is the finding the change of 1 unit housing interest in GDP housing(gsyihknt) variable shows the decrease of housing expenditure at -288,35 unit. But also at %5 meaning level, from kkfo to tufeknt Granger causality relation (0.02059) and the strong (0.720992) correlation relation between this two variables indicates that housing credits are effected from inflation before all else. Decrease of inflation is the reason of Granger (0.02975) regarding to increase at GDP and also found the negative correlation (-0.641993) between this two variables.
At the other regression model number (6) equity explains the housing credits of banking system. According to this model also it has not an effective rank (-0.000474), the 1 unit increase of banking system capacity decrease (-0.000474) the housing credits. The main reason is (as shown in first chapter) excessive usage of credit by both households and private sector could be said. In the other hand increase at the inflation, decreases the banking system credit capacity (-1079.328) is observed. In addition to this explanations, the increase at the banking system credit capacity is effected very much from the decreasing of interest (kkfo=3.602.661). According to the number (7) equity, the (tufeknt) variable which is used as an indicator for the housing prices is explained by GDP (5.18) and the increase at GDP also rises housing prices. Related to this, the increase at banking system credit capacity has a positive (1.41) effect on housing interest. Especially at the relation between housing prices and housing credits, the increase at housing prices has a decreasing effect (-5.64) in housing credit capacity. Also the correlation level between prices and credits supports reverse aspect relation (-0.351545). It must be mentioned that no Granger causality determined between this two variables. But there is in model’s finding about Granger causality at a level of %5 that (0.00185) designation of housing prices by GDP. Finally the increase at housing prices, increases housing interests (0.207636) unit is observed. The findings about last regression model number (8) equity is as follows. At the designation of housing credit interest, the general trend of GDP increase (-4.97), housing expenditures (-1.11),
banking system housing credits (-3.02) have negative effects. Hence explanation of the decrease of housing credits is this three basic variables increase. The widening at banking system credit capacity has an increasing effect (5.88) on housing credit interests. Inflation and housing prices (tufeknt) are the two variables increasing according to the housing credit interests. In the same way, correlation relation between housing credits and inflation (0.749064) and housing prices (0.720992) is strong. Within the Granger causality tests, from housing credits to inflation (0.00068) and housing prices (0.02059) Granger causality is found. Finally in the light of this findings in Turkey’s economy at the mentioned time period a unbalanced situation and balloon formation in housing market couldn't be found. Although there is a strong
bound between housing expenditures and GDP but also has a correct way and weak relation with banking system credit capacity increasing rates. In the other words, households housing demand is effected and determined by decreasing credit interest rates and inflation with GDP not the credit expansion. Thus, this shows the households sensitivity to general economic trends and acting cautiously for a long term saving and borrowing coast as in housing expenditures.
2013-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/55694/1/MPRA_paper_55694.pdf
KARGI, Bilal (2013): Konut Piyasası ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Zaman Serileri Analizi (2000-2012). Published in: International Journal of Human Sciences , Vol. 10, No. 1 (February 2013): pp. 897-926.
tr
oai:mpra.ub.uni-muenchen.de:55897
2019-09-28T04:48:35Z
7374617475733D756E707562
7375626A656374733D48:4832:483234
7375626A656374733D52:5232:523231
7375626A656374733D52:5232:523239
7375626A656374733D52:5233:523331
7375626A656374733D52:5233:523338
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/55897/
Firm Size, Dual Brokerage, and National Franchise Affiliation of Real Estate Brokerage Firms: Unexpected Results from 2008 to 2013
Angjellari-Dajci, Fiorentina
Boylan, Robert
Cebula, Richard
H24 - Personal Income and Other Nonbusiness Taxes and Subsidies
R21 - Housing Demand
R29 - Other
R31 - Housing Supply and Markets
R38 - Government Policy
In this study, we examine the impact of real estate brokerage firm characteristics on real estate prices from 2008 to 2013. We focus on single-family homes and condominiums in Duval County, the largest county in the Northeast Florida real estate market. Contrary to most research findings to date, we have strong evidence to suggest that homebuyers will fare better if they associate with small brokerage firms to represent their interests in the purchase transaction. Contrary to the previously published research, we found that firms associated with a national franchise garnered lower final sales prices.
2014-05-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/55897/1/MPRA_paper_55897.pdf
Angjellari-Dajci, Fiorentina and Boylan, Robert and Cebula, Richard (2014): Firm Size, Dual Brokerage, and National Franchise Affiliation of Real Estate Brokerage Firms: Unexpected Results from 2008 to 2013.
en
oai:mpra.ub.uni-muenchen.de:57544
2019-10-12T19:08:09Z
7374617475733D756E707562
7375626A656374733D43:4333:433335
7375626A656374733D4A:4A32:4A3230
7375626A656374733D4A:4A32:4A3233
7375626A656374733D4A:4A35:4A3530
7375626A656374733D52:5231:523134
7375626A656374733D52:5231:523135
7375626A656374733D52:5232:523231
7375626A656374733D52:5234:523431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/57544/
Regional Variations in Labor Demand Elasticities: Evidence from U.S. Counties
Maiti, Abhradeep
Indra, Debarshi
C35 - Discrete Regression and Qualitative Choice Models ; Discrete Regressors ; Proportions
J20 - General
J23 - Labor Demand
J50 - General
R14 - Land Use Patterns
R15 - Econometric and Input-Output Models ; Other Models
R21 - Housing Demand
R41 - Transportation: Demand, Supply, and Congestion ; Travel Time ; Safety and Accidents ; Transportation Noise
We use a large panel dataset covering the years 1988 to 2010 to estimate county specific total wage elasticities of labor demand for four highly aggregated industries in the United States. Our industries are construction, finance/real estate/service, manufacturing, and retail trade, which together employ on average over eighty percent of the U.S. national labor force per year. We use both the conventional constant coefficient panel data model and a random coefficients panel data model to estimate labor demand elasticities in various industries. We find the labor demand curves in all the industries studied to be downward
sloping. We also find significant evidence that the total wage elasticity of labor demand exhibits regional variation. The labor demand estimates obtained in this study are useful to investigate the differential impact of various shocks
and policy changes on the labor market. As an example, we use the estimated county specific labor demand elasticities to identify the impact of union membership and right to work laws on labor demand. We show that labor demand tends to become less elastic with higher union membership rates. We also find that labor demand becomes more elastic if a right to work law is in place.
2014-07-24
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/57544/1/MPRA_paper_57544.pdf
Maiti, Abhradeep and Indra, Debarshi (2014): Regional Variations in Labor Demand Elasticities: Evidence from U.S. Counties.
en
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