Download or read book The Long Run Elasticity of New Housing Supply in the U S written by Dixie Marie Blackley and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The long-run price elasticity for alternative specifications of new housing supply is estimated using U.S. annual data for 1950 through 1994. The basic model expresses residential construction as a linear function of new housing price and the prices of construction inputs. Long-run elasticities range from 1.6 to 3.7, suggesting that new housing supply is price elastic. Residential construction responds to both the real interest and expected inflation rates, but other construction cost variables perform poorly. However, the results are sensitive to the time-series processes underlying the variables. A modified model that expresses residential construction as a function of changes in input prices, rather than their levels, produces a long- run elasticity of about 0.8 and a significant inverse relationship between new housing supply and the construction wage rate.
Download or read book The Price Elasticity of the Long run Supply of New Housing Construction written by James R. Follain and published by . This book was released on 1979 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Price Elasticities of Housing Supply written by C. Peter Rydell and published by . This book was released on 1982 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the price elasticity of the supply of rental housing services, defined as the percentage increase in supply associated with a one percent increase in price. The purpose of the report is to predict the price changes associated with supply responses to shifts in demand. Section II analyzes each component of supply response separately. It presents price elasticities for the repair, inventory, and occupancy responses to demand shifts. It reviews the literature on all three and offers new estimates for the second and third (the estimates are based on the analysis of Annual Housing Survey data from the U.S. Census Bureau reported in Appendix B). Section III combines the three individual supply elasticities into a composite elasticity. It accomplishes the integration using a model of housing-market responses to demand shifts presented in Appendix C. The model was built during the Housing Assistance Supply Experiment to explain the housing market's response to demand shifts caused by an experimental housing allowance program.
Download or read book Hot Property written by Rob Nijskens and published by Springer. This book was released on 2019-06-14 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Download or read book Longrun Supply and Demand of New Residential Construction in the United States 1986 to 2040 written by Claire A. Montgomery and published by . This book was released on 1989 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future of Housing in the United States written by Claire Montgomery and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Primer on U S Housing Markets and Housing Policy written by Richard K. Green and published by The Urban Insitute. This book was released on 2003 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book that explains the economics of housing policy for a general audience. Planners, government officials, and public policy students will find that the economic perspective is a very powerful and useful way to examine these issues. The authors provide a broad review of the market for housing services in the U.S., including a conceptual framework, an overview of housing demand and supply, methods for measuring prices and quantities, and sources of basic data on markets. They cover housing programs and polices, and offer answers to policy questions that are of current interest. The book has been field-tested in graduate and undergraduate courses in urban and housing economics at the University of Wisconsin, the University of California--Berkeley, The University of Pennsylvania, and others. This book is also sure to be useful to policymakers, advocates, economists, and anyone interested in a clear picture of how housing markets function. Published in cooperation with the American Real Estate and Urban Economics Association (AREUEA).
Download or read book International Encyclopedia of Housing and Home written by and published by Elsevier. This book was released on 2012-10-09 with total page 3870 pages. Available in PDF, EPUB and Kindle. Book excerpt: Available online via SciVerse ScienceDirect, or in print for a limited time only, The International Encyclopedia of Housing and Home, Seven Volume Set is the first international reference work for housing scholars and professionals, that uses studies in economics and finance, psychology, social policy, sociology, anthropology, geography, architecture, law, and other disciplines to create an international portrait of housing in all its facets: from meanings of home at the microscale, to impacts on macro-economy. This comprehensive work is edited by distinguished housing expert Susan J. Smith, together with Marja Elsinga, Ong Seow Eng, Lorna Fox O'Mahony and Susan Wachter, and a multi-disciplinary editorial team of 20 world-class scholars in all. Working at the cutting edge of their subject, liaising with an expert editorial advisory board, and engaging with policy-makers and professionals, the editors have worked for almost five years to secure the quality, reach, relevance and coherence of this work. A broad and inclusive table of contents signals (or tesitifes to) detailed investigation of historical and theoretical material as well as in-depth analysis of current issues. This seven-volume set contains over 500 entries, listed alphabetically, but grouped into seven thematic sections including methods and approaches; economics and finance; environments; home and homelessness; institutions; policy; and welfare and well-being. Housing professionals, both academics and practitioners, will find The International Encyclopedia of Housing and Home useful for teaching, discovery, and research needs. International in scope, engaging with trends in every world region The editorial board and contributors are drawn from a wide constituency, collating expertise from academics, policy makers, professionals and practitioners, and from every key center for housing research Every entry stands alone on its merits and is accessed alphabetically, yet each is fully cross-referenced, and attached to one of seven thematic categories whose ‘wholes' far exceed the sum of their parts
Download or read book Research Paper PNW written by and published by . This book was released on 1978 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Error Correction Models of MSA Housing Supply Elasticities written by William C. Wheaton and published by . This book was released on 2014 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: MSA-level estimates of a housing supply schedule must offer a solution to the twin problems of simultaneity and stationarity that plague the time series data for local housing prices and stock. An Error Correction Model (ECM) is shown to provide a solution to stationarity, but not simultaneity. A Vector Error Correction Model (VECM) is suggested to handle both the stationarity and endogeneity problems. Such models also nicely distinguish between (very) long run elasticities and a variety of short term impacts. We estimate these models separately for 68 US MSA using quarterly data on housing prices and residential construction permits since 1980. The results provide long run supply elasticity estimates for each market that are better bounded than previous panel-based attempts and also correspond with much conventional thought. We find these elasticities are well explained by geographic and regulatory barriers, and that inelastic markets exhibit greater price volatility over the last two decades. Using the models' short run dynamics we make several forecasts of prices over the next decade. In current dollars, some MSA will still not recover to recent peak (2007) house price levels by 2022, while others should exceed it by as much as 70%.
Download or read book Urban Research Monitor written by and published by . This book was released on 1998 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Download or read book EBOOK Economics 12e written by David Begg and published by McGraw Hill. This book was released on 2019-12-11 with total page 715 pages. Available in PDF, EPUB and Kindle. Book excerpt: EBOOK: Economics, 12e
Download or read book Essays on housing supply land use regulation and regional labourmarkets written by Wouter Vermeulen and published by Rozenberg Publishers. This book was released on 2003 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fundamental Drivers of House Prices in Advanced Economies written by Ms.Nan Geng and published by International Monetary Fund. This book was released on 2018-07-18 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Download or read book Housing and the Financial Crisis written by Edward L. Glaeser and published by University of Chicago Press. This book was released on 2013-08-19 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.
Download or read book Housing Economics written by Geoffrey Meen and published by Springer. This book was released on 2016-04-29 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world has still to emerge fully from the housing-triggered Global Financial Crisis, but housing crises are not new. The history of housing shows long-run social progress, littered with major disasters; nevertheless the progress is often forgotten, whilst the difficulties hit the headlines. Housing Economics provides a long-term economic perspective on macro and urban housing issues, from the Victorian era onwards. A historical perspective sheds light on modern problems and the constraints on what can be achieved; it concentrates on the key policy issues of housing supply, affordability, tenure, the distribution of migrant communities, mortgage markets and household mobility. Local case studies are interwoven with city-wide aggregate analysis. Three sets of issues are addressed: the underlying reasons for the initial establishment of residential neighbourhoods, the processes that generate growth, decline and patterns of integration/segregation, and the impact of historical development on current problems and the implications for policy.
