House Price Volatility And The Housing Ladder
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| Author | : James Banks |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2015 |
| Genre | : Economics |
| ISBN | : |
This paper investigates the effects of spatial housing price risk on housing choices over the first half of the life-cycle. Housing price risk can be substantial but, unlike other risky assets which people can avoid, most people want to eventually own their home thereby creating an insurance demand early in life. Our contribution focuses on the importance of home ownership as a hedge against future house price risk for individuals that plan to move up the housing ladder. We use a simple theoretical model to show that people living in places with higher housing price risk should own their first home at a younger age, live in larger homes, and be less likely to refinance. These predictions are shown to hold using panel data from the United States and United Kingdom.
| Author | : |
| Publisher | : |
| Total Pages | : |
| Release | : 2015 |
| Genre | : |
| ISBN | : |
This paper investigates the effects of spatial housing price risk on housing choices over the first half of the life-cycle. Housing price risk can be substantial but, unlike other risky assets which people can avoid, most people want to eventually own their home thereby creating an insurance demand early in life. Our contribution focuses on the importance of home ownership as a hedge against future house price risk for individuals that plan to move up the housing ladder. We use a simple theoretical model to show that people living in places with higher housing price risk should own their first home at a younger age, live in larger homes, and be less likely to refinance. These predictions are shown to hold using panel data from the United States and United Kingdom.
| Author | : Jim Clayton |
| Publisher | : |
| Total Pages | : |
| Release | : 1998 |
| Genre | : |
| ISBN | : |
This paper derives a forward-looking rational expectations house price model and empirically tests its ability to explain short-run fluctuations in real house prices. A novel approach to proxying the imputed rents of owner-occupied housing, as a function of observable housing market fundamentals, is derived and combined with a housing market arbitrage relation to derive a present value model for real house prices. Tests of the rational expectations, nonlinear cross-equation restrictions reject the joint null hypothesis of rational expectations and the asset-based housing price model for quarterly, single-detached house prices in the city of Vancouver, British Columbia, over the 1979-1991 sample period. The model fails to fully capture observed house price dynamics in two real estate booms but tracks real house prices well in less volatile times, suggesting that prices may temporarily deviate from fundamental values in real estate price cycles.
| Author | : David A. Wise |
| Publisher | : University of Chicago Press |
| Total Pages | : 399 |
| Release | : 2017-03-20 |
| Genre | : Business & Economics |
| ISBN | : 022642667X |
The fraction of the population over age sixty-five in many developed countries is projected to rise, in some cases sharply, in coming decades. This has drawn growing interest to research on the health and economic circumstances of individuals as they age. Many individuals are retiring from paid work, yet they are living longer than ever. Their well-being is shaped by their past decisions such as their saving behavior, as well as by current and future economic conditions, health status, medical innovations, and a rapidly evolving landscape of policy incentives and supports. The contributions to Insights in the Economics of Aging uncover how financial, physical, and emotional well-being are integrally related. The authors consider the interactions between financial circumstances in later life, such as household savings and home ownership, physical circumstances such as health and disability, and emotional well-being, including happiness and mental health.
| Author | : Thomas Sowell |
| Publisher | : Basic Books (AZ) |
| Total Pages | : 194 |
| Release | : 2009-05-12 |
| Genre | : Business & Economics |
| ISBN | : 0465018807 |
Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
| Author | : Leo Grebler |
| Publisher | : Free Press |
| Total Pages | : 280 |
| Release | : 1979 |
| Genre | : Business & Economics |
| ISBN | : |
| Author | : Bengte L. Evenson |
| Publisher | : |
| Total Pages | : 53 |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
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.
| Author | : |
| Publisher | : |
| Total Pages | : |
| Release | : 2004 |
| Genre | : Home ownership |
| ISBN | : |
| Author | : David A. Wise |
| Publisher | : University of Chicago Press |
| Total Pages | : 509 |
| Release | : 2010-04-15 |
| Genre | : Business & Economics |
| ISBN | : 0226903087 |
The baby boom generation's entry into old age has led to an unprecedented increase in the elderly population. The social and economic effects of this shift are significant, and in Research Findings in the Economics of Aging, a group of leading researchers takes an eclectic view of the subject. Among the broad topics discussed are work and retirement behavior, disability, and their relationship to the structure of retirement and disability policies. While choices about when to retire are made by individuals, these decisions are influenced by a set of incentives, including retirement benefits and health care, and this volume includes cross-national analyses of the effects of such programs on these decisions. Furthermore, the volume also offers in-depth analysis of the effects of retirement plans, employer contributions, and housing prices on retirement. It explores well-established relationships among economic circumstances, health, and mortality, as well as the effects of poverty and lower levels of economic development on health and life satisfaction. By combining micro and macro evidence, this volume continues a tradition of expanding the research agenda on the economics of aging.
| Author | : J. Doling |
| Publisher | : IOS Press |
| Total Pages | : 279 |
| Release | : 2006-06-29 |
| Genre | : Business & Economics |
| ISBN | : 1607501864 |
Home ownership sectors in most European countries have grown in size. Whatever assets European households have acquired in recent decades, real estate appears to form a significant element in wealth portfolios. Frequently, national governments have been active in promoting the shift in tenure balance. The general question pursued in this book is about the gains and losses accruing to individual households by virtue of their position as home owners. The focus, here, is on financial gains and losses. It also concerns the losses, in the form of repayment risk, related to difficulties that some households may experience in meeting housing loan repayment schedules. The immediate background to this volume is the Conference Housing in Europe: New Challenges and Innovations in Tomorrow's Cities, held in Reykjavik, Iceland. Hosted by the Urban Studies Institute of the University of Iceland and Centre for Housing and Property Research, Bifröst School of Business, it was held under the auspices of the European Network of Housing Researchers.
