Download or read book Variation in the Dynamic Response of Housing Markets written by Andrew Pate Hill and published by . This book was released on 2011 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates the existence of asset bubbles in Florida metropolitan statistical areas during 2000-2010. Estimation occurs in two stages with the first being the estimated fundamental price of housing using a fixed effects estimator. Once the fundamental price of housing is determined an error correction model of housing prices is estimated to evaluate the degrees of serial correlation and mean reversion existing in the sampled geographic areas. Serial correlation and mean reversion are then interacted with the hypothesized effects of information costs, supply costs, and expectations of future price behavior to uncover variation in the dynamic response of housing. The results suggest that fluctuations in home sale transactions volume, construction costs, and expectations of future price behavior interact with market dynamics.
Download or read book The Microstructures of Housing Markets written by Susan J. Smith and published by Routledge. This book was released on 2013-10-31 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.
Download or read book Time Variation in Housing Dynamics written by Nicole Venus and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of this thesis is to examine the time-varying dynamics of the housing market in the United States, Netherlands, France and Italy. To this end, housing dynamics are analyzed in a time-varying parameter vector autoregressive model with stochastic volatility (TVP-SV-VAR). A monetary policy, housing supply, housing demand and productivity shock to the non-housing sector are identified by sign restrictions. The empirical evidence demonstrates the need to account for time variation in both coefficients and volatilities. For all countries except France, structural analysis indicates that the reaction of house prices to a monetary policy shock is weaker when property markets are bullish. In France, where no asymmetric pattern in visible, increased responsiveness appears to coincide with mortgage market liberalization. Historical decomposition suggests that monetary policy shocks only played a supporting role in the recent housing boom, whereas housing-related and productivity shocks have fueled house price growth at the turn of the millennium.
Download or read book Urban Planning and the Housing Market written by Nicole Gurran and published by Springer. This book was released on 2017-05-31 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book re-examines the role of urban policy and planning in relation to the housing market in an era of global uncertainty and change. The relationship between planning and the housing market is a contested problem across research, policy, and practice. Problems with housing supply and affordability in many nations have been linked to planning system constraints, while the global financial crisis has raised new questions about the role of urban planning regulation and processes in responding to housing market trends. With reference to international cases from the United Kingdom, the United States, Ireland, Hong Kong and Australia, the book examines how different systems of urban planning and governance address complex and dynamic housing market trends. It also offers practical guidance on how urban planning can support an efficient supply of appropriate and affordable homes in preferred locations. A detailed study, which explains and decodes the workings of the planning system and housing market, this book will be of particular interest to scholars of human geography and urban planning, as well as housing policy makers and practitioners. To view Nicole Gurran’s related TEDx talk please visit: Housing Crisis? How about housing solutions. TEDx Sydney 2018 (http://bit.ly/2psfpMw)
Download or read book Understanding House Price Volatility written by Bengte L. Evenson and published by . This book was released on 2003 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The speed with which its house prices respond to real economic shocks is critical to the functioning of an economic market. This speed is determined relative to the magnitudes of house price changes on the off-equilibrium path, as the market adjusts. When such changes are caused by an unexpected shift in housing demand, which is a substantial component of the variation in house prices, the magnitudes are determined by the elasticity of housing supply. I examine local housing-supply dynamics in each of 47 U.S. metropolitan-area housing markets using a unique market-level panel dataset. The data are analyzed with a conditional vector-autoregression, which characterizes the dynamic responses of housing price and stock to an increase in housing demand caused by a shift in employment. These response time-paths are used to create measures of short-, medium-, and long-run supply elasticities. Both the time-paths and the implied elasticities vary widely. I use several area characteristics to explain the variation in the supply elasticity measures across metropolitan areas. The results suggest that an area's population, land area, historical growth rate, region, January temperature, age of housing stock and incentive to regulate housing are all important determinants of a market's house-price response.
Download or read book Shortrun Response of Housing Markets to Demand Shifts written by C. Peter Rydell and published by RAND Corporation. This book was released on 1979 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents a theory of short-run market adjustments to exogenous demand shifts that is consistent with evidence from the Housing Assistance Supply Experiment (HASE). It is argued that (1) a 1.0 percent shift in rental demand leads to a rent change of only 0.26 percent, whereas capital value can change as much as 5.0 percent; and (2) landlords derive capital value in a tightening market primarily from decreased vacancy loss (because of monopolistic competition among themselves) rather than from increased nominal rent. Using HASE data, the theory predicts that a housing allowance program would cause short-run rent increases of 0.6 to 1.0 percent and capital value increases of 1.6 to 6.5 percent, depending on the size and duration of allowance-induced demand shifts.
Download or read book West European Housing Systems in a Comparative Perspective written by H. van der Heijden and published by IOS Press. This book was released on 2013-01-21 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: West European Housing Systems in a Comparative Perspective gives an overview of the results of almost 20 years of international comparative housing research, carried out by the author and his colleagues at OTB Research Institute for the Built Environment. The articles give evidence of the transition from descriptive analysis to theoretical exploration and the growing relevance of methodology during these years. The results provide deeper insight into comparative research methodologies and the viability of existing theories as a framework for analysing differences and similarities in the development of housing systems in West European countries. One of the key issues is the practicability of this framework in future policy making. Especially Kemeny’s theory on rental markets appears to offer a valuable framework to evaluate policy strategies. Therefore the book is not only relevant to academics but also to policy-makers.
Download or read book Housing Dynamics written by Edward L. Glaeser and published by . This book was released on 2012 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: The key stylized facts of the housing market are positive serial correlation of price changes at one year frequencies and mean reversion over longer periods, strong persistence in construction, and highly volatile prices and construction levels within markets over time. We calibrate a dynamic model of housing in the spatial equilibrium tradition of Rosen and Roback to see whether such a model can generate these facts. With reasonable parameter values, this model readily explains the mean reversion of prices over five year periods, but cannot explain the observed positive serial correlation at higher frequencies. The model predicts the positive serial correlation of new construction that we see in the data and the volatility of both prices and quantities in the typical market, and it can account for substantial variation on construction intensity across markets. However, the model cannot explain the most volatile markets in terms of low frequency price changes. More research is needed to determine whether measurement error-related data smoothing or market inefficiency can best account for the persistence of high frequency price changes. With respect to the extremely high house price change volatility in certain coastal markets, more research is needed to ascertain whether shocks to interest rates or better measurement of local income variability can match this moment of data without appealing to some type of animal spirits.
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 Essays on Housing Markets written by Christian Landers Redfearn and published by . This book was released on 2000 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Markets and Planning Policy written by Colin Jones and published by John Wiley & Sons. This book was released on 2009-10-08 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing systems in many countries are now more market-oriented than ever before. This is particularly true of the UK, where there is heightened interest in the ability of the market to deliver new housing, as well as considerable debate among housing academics and policy makers over the extent to which policy instruments can be used to steer market processes. This increased market orientation means a greater understanding of market economics is needed. The challenges of providing affordable housing, while simultaneously addressing the problems of low demand housing in some areas, together with the revitalisation of neighbourhoods in need of renewal, also underline the need for a better understanding of the structure and operation of housing markets at local and neighbourhood level. This timely contribution to the field addresses the main housing and planning policy challenges in the UK today. It does so by examining the structure and operation of the urban housing system and then exploring both conceptual and empirical analyses of the workings of the market. The authors then consider the lessons for policy makers, discussing the limitations of the policy framework and considering the strategies for integrating market information into the analysis undertaken in practice. Housing Markets & Planning Policy is an invaluable advanced text for students of land economy, land management, urban planning, housing and urban studies. The authors provide a uniquely detailed analysis of an important policy area that builds on a strong theoretical basis drawn from housing economics. With the challenges posed by the instability of the housing market, it will be of particular interest to academic researchers, policy-makers and housing and planning practitioners.
Download or read book The Dynamics of Neighborhood Change written by James Mitchell and published by . This book was released on 1975 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document has evolved over three years to meet the need for a more comprehensive understanding of how neighborhoods change. The Office of Policy Development and Research at HUD formulated policy alternatives to stem the rising tide of abandoned residential buildings. It showed abandonment as the last stage of a process, not a random or isolated phenomenon. The failure of programs to counteract and halt the decline of neighborhoods has stemmed mainly from an imperfect understanding of this process. There have also been political problems with acting in neighborhoods before the symptoms were painfully evident and from the tendency of program developers to deal with the house, rather than the people who own it, rent it, loan on it, or insure it. Few programs have recognized that those people were part of a total neighborhood rather than occupants of individual buildings. The process of neighborhood change is triggered and fueled by individual, collective and institutional decisions. These are made by a myriad of people-households, bankers, real estate brokers, investors, speculators, public service providers (police, fire, schools, sanitation, etc.) and others. It is a reasonable conclusion that if a concentrated effort is made to affect these decisions then neighborhood decline can be slowed, halted, or in some circumstances, reversed.
Download or read book Dynamic Economic Decision Making written by John E. Silvia and published by John Wiley & Sons. This book was released on 2011-08-09 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive analysis of the macroeconomic and financial forces altering the economic landscape Financial decision-making requires one to anticipate how their decision will not only affect their business, but also the economic environment. Unfortunately, all too often, both private and public sector decision-makers view their decisions as one-off responses and fail to see their decisions within the context of an evolving decision-making framework. In Decision-Making in a Dynamic Economic Setting, John Silvia, Chief Economist of Wells Fargo and one of the top 5 economic forecasters according to Bloomberg News and USA Today, skillfully puts this discipline in perspective. Details realistic, decision-making approaches and applications under a broad set of economic scenarios Analyzes monetary policy and addresses the impact of financial regulations Examines business cycles and how to identify economic trends, how to deal with uncertainty and manage risk, the building blocks of growth, and strategies for innovation Decision-Making in a Dynamic Economic Setting details the real-world application of economic principles and financial strategy in making better business decisions.
Download or read book Working Paper Series written by and published by . This book was released on 2000 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy Housing Investment and Heterogeneous Regional Markets written by Michael C. Fratantoni and published by . This book was released on 2015 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper quantifies the importance of heterogeneity in regional housing markets for the conduct of monetary policy using a new model called an aggregation VAR (AVAR). The model integrates a national financial market with regional housing markets, imposing all exact aggregation conditions. Monetary policy is transmitted to the real economy through the mortgage rate. The AVAR model is based on linear VARs, but its aggregate impulse responses exhibit two nonlinearities: (1) time variation stemming from aggregation over heterogeneous regions, and (2) state dependence on initial economic conditions in regions. Thus, the effect of monetary policy on the real economy depends on the extent and nature of regional heterogeneity, which vary over time. Using longitudinal data for detailed U.S. regions, we estimate the effects of time variation and state dependence on the dynamic responses of the AVAR model. These estimates, and aggregation bias, provide plausible and tangible explanations for quot;long and variablequot; lags in monetary policy. As an example, we show how the AVAR model can simulate the effects of coastal housing booms on the efficacy of monetary policy.
Download or read book Housing Market Dynamics written by François Ortalo-Magné and published by . This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Market Dynamics in Africa written by El-hadj M. Bah and published by Springer. This book was released on 2018-03-12 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book utilizes new data to thoroughly analyze the main factors currently shaping the African housing market. Some of these factors include the supply and demand for housing finance, land tenure security issues, construction cost conundrum, infrastructure provision, and low-cost housing alternatives. Through detailed analysis, the authors investigate the political economy surrounding the continent’s housing market and the constraints that behind-the-scenes policy makers need to address in their attempts to provide affordable housing for the majority in need. With Africa’s urban population growing rapidly, this study highlights how broad demographic shifts and rapid urbanization are placing enormous pressure on the limited infrastructure in many cities and stretching the economic and social fabric of municipalities to their breaking point. But beyond providing a snapshot of the present conditions of the African housing market, the book offers recommendations and actionable measures for policy makers and other stakeholders on how best to provide affordable housing and alleviate Africa’s housing deficit. This work will be of particular interest to practitioners, non-governmental organizations, private sector actors, students and researchers of economic policy, international development, and urban development.
