This paper investigates the characteristics of house price dynamics for a sample of 16 emerging economies from Asia and Central and Eastern Europe, over the period 1995-2011. Linking housing valuations to a set of conventional fundamental determinants – relative to both the supply and the demand side of the market, institutional factors and [...]
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Posted on May 17th, 2012
Posted on May 15th, 2012
For decades U.S. housing policy has focused on promoting homeownership. This study shows that the set of policies designed to further homeownership has been ineffective and expensive and that homeownership as a public policy goal is not well supported. The author documents that homeownership rates have remained roughly constant over the past 40 years. [...] Posted on May 15th, 2012
After three years and four consultation papers, the UK Financial Services Authority is nearing the end of its Mortgage Market Review, with a final policy statement and rules expected in summer 2012. Paul Smee, Director General at the Council of Mortgage Lenders (CML), reflects on the CML’s analysis of the proposals, concluding that [...] Posted on May 9th, 2012
We provide an analysis that might help distinguish rationally justified movements in house prices from potentially non-rational movements, using a two-sector business cycle model, in which investment in housing is subject to collateral constraints. A large portion of the evolution of U.S. house prices during the past 20 years can be reproduced when expectations of [...] Posted on April 30th, 2012
Spain faces high unemployment and slow growth. This paper focuses on an important source of those problems, namely its housing market. While some adjustment has occurred since Spain’s housing bubble burst in 2008, the authors find that house prices and construction need to decrease more to slow Spain’s unsustainable accumulation of foreign [...] 32 pages
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