المؤلفون: Straelen, Eileen van¹ (AUTHOR) eileen.vanstraelen@frb.gov

المصدر: Review of Financial Studies. Mar2024, Vol. 37 Issue 3, p802-836. 35p.

مصطلحات موضوعية: *CONSTRUCTION industry, *HOUSING market, *HOME prices, *HOUSING development, *REAL estate bubbles, HOUSING developers, UNITED States economy, 2001-2009

مستخلص: I identify the effect of financial constraints on product prices using granular data on home-builder housing developments from the 2006–2009 housing crisis. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. When builders cut prices, they sell homes faster and builders cut prices more in areas in which price cuts produce larger declines in time-to-sale. Financially constrained firms are more likely to cut prices of homes in healthy areas following losses elsewhere. Firms cut prices following losses in other projects only during the crisis, not during the boom. [ABSTRACT FROM AUTHOR]

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المؤلفون: Li, Zhimin¹ (AUTHOR), Shen, Leslie Sheng² (AUTHOR) lesliesheng.shen@bos.frb.org, Zhang, Calvin³ (AUTHOR)

المصدر: Review of Financial Studies. Mar2024, Vol. 37 Issue 3, p761-801. 41p.

مصطلحات موضوعية: *CAPITAL movements, *HOUSING market, *REAL property, *REAL economy, CHINESE people, GENTRIFICATION

مصطلحات جغرافية: UNITED States

مستخلص: This paper studies the real effects of foreign real estate capital inflows. Using transaction-level data, we document (i) a "China shock" in the U.S. housing market characterized by surging foreign Chinese housing purchases after 2008, and (ii) "home bias" in these purchases, as they concentrate in neighborhoods historically populated by ethnic Chinese. Exploiting their temporal and spatial variation, we find that these capital inflows raise local employment, with the effect transmitted through a housing net worth channel. However, they displace local lower-income residents. Our results show that real estate capital inflows can both stimulate the real economy and induce gentrification. [ABSTRACT FROM AUTHOR]

: Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

المؤلفون: BORTZ, DANIEL (AUTHOR)

المصدر: Kiplinger Personal Finance. Apr2024, Vol. 78 Issue 4, p40-47. 7p. 2 Color Photographs, 1 Chart.

مصطلحات موضوعية: *MORTGAGE rates, *HOUSING market, *REAL property, *MORTGAGE guarantee insurance, *INTEREST rates, *INCOME

مستخلص: This document provides a comprehensive overview of the state of the housing market in 2023 and offers insights into the outlook for 2024. It highlights the challenges faced by home buyers in 2023, such as rising mortgage rates and low home supply, which resulted in a significant drop in home sales. The article suggests that the housing market is improving in 2024, with mortgage rates and home supply starting to improve. It provides valuable tips for both buyers and sellers, including staying on top of new listings, finding specialized agents, exploring down payment assistance programs, and utilizing social media for marketing. The document also offers advice on getting pre-approved for a mortgage, shopping around for the best rates, and including a home inspection contingency for buyers. For sellers, it advises against overvaluing the home, improving curb appeal, installing smart home technology, offering concessions, upgrading kitchen amenities, and utilizing social media for marketing. Overall, this document is a valuable resource for anyone interested in the current state and future trends of the housing market. [Extracted from the article]

: Copyright of Kiplinger Personal Finance is the property of Future Publishing Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

المؤلفون: Giacoletti, Marco¹ (AUTHOR) mgiacole@marshall.usc.edu, Parsons, Christopher A¹ (AUTHOR)

المصدر: Review of Financial Studies. Nov2023, Vol. 36 Issue 11, p4636-4676. 41p.

مصطلحات موضوعية: *HOUSING market, *HOME prices, *RENTAL housing, *ECONOMIC competition, *REAL estate investment

مصطلحات جغرافية: CALIFORNIA

مستخلص: Homeowners who originally bought when marketwide price levels were high (low) fetch high (low) sales prices and rents, even decades later. We study the propagation of reference-dependence to neighboring listings. The "spillover" reference point effect is about one-half as large as the "own" reference point effect. Neither house quality nor location appears capable of explaining the result. Using a simple model to provide empirical predictions, we find support for a competition-based mechanism. We quantify the aggregate effect of own and spillover reference point effects on aggregate prices and/or rents at the ZIP code level. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

: Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

المؤلفون: BLOCK, SANDRA (AUTHOR) Sandra.Block@futurenet.com

المصدر: Kiplinger Personal Finance. Jan2024, Vol. 78 Issue 1, p56-61. 6p. 6 Color Photographs.

مصطلحات موضوعية: *HOUSING market, *HOUSE selling, *MAINTENANCE costs

مستخلص: This article explores the advantages and challenges of downsizing in today's housing market, with a focus on retirees. Downsizing can offer financial benefits by freeing up equity and reducing maintenance costs. Retirees have advantages in the market, such as the ability to make all-cash offers and explore a wider range of homes. However, there are considerations to keep in mind, including the costs of selling a home, ongoing expenses for a new home, and access to medical care and community in a new location. The article provides practical advice on downsizing, including decluttering tips and the potential tax implications of selling a home. It emphasizes the importance of considering personal preferences and family ties when making housing decisions. [Extracted from the article]

: Copyright of Kiplinger Personal Finance is the property of Future Publishing Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

المؤلفون: Kim, Euijune¹ (AUTHOR), Kim, Ayoung² (AUTHOR) a.kim@msstate.edu, Nam, Kyung-Min³ (AUTHOR)

المصدر: Annals of Regional Science. Jun2024, Vol. 73 Issue 1, p397-429. 33p.

مصطلحات موضوعية: *HOUSING market, *HOME prices, *HOUSE construction, COMPUTABLE general equilibrium models, HOUSING policy

مصطلحات جغرافية: SOUTH Korea

مستخلص: This paper examines the impacts of housing market policies in Korea by developing a dynamic computable general equilibrium model integrating regional housing markets and multiregional mobility. We compare simulation outcomes of demand- and/or supply-side approaches in housing market interventions and address how these various policy instruments affect housing prices, demand, and household welfare. Policy simulation results suggest that supply-based interventions would be more effective than housing tax policies for cooling down overheated housing markets without decreasing consumer welfare. Tax-based demand-side approaches result in a 1.8–2.2% housing price drop and a 1.1–1.2% welfare decline annually between 2021 and 2024. In the supply-side policy, investing in housing construction leads to 3.4–4.1% lower housing prices and 1.5–1.8% enhanced welfare. [ABSTRACT FROM AUTHOR]

: Copyright of Annals of Regional Science is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

المصدر: Report on Financial Stability (Magyar Nemzeti Bank). May2024, Special section p42-45. 4p.

مصطلحات موضوعية: *CREDIT risk management, *HOUSING market, *LOAN agreements

المؤلفون: Just, Tobias¹ (AUTHOR), Salzberger, Hannah¹ (AUTHOR)

المصدر: Intereconomics. Jun2024, Vol. 59 Issue 3, p167-175. 9p.

مصطلحات موضوعية: *HOUSING market, *RISK assessment, DISEASE risk factors, COUNTRIES

مستخلص: This paper analyses the housing markets of OECD countries using a scoring model. This model is based on a European Systematic Risk Board approach to risk assessment of housing markets but extends this approach in two important ways. First, this paper distinguishes between cyclical and structural risk factors. Markets facing higher susceptibility to cyclical risks necessitate a distinct policy approach to prevent or handle disruptions, as opposed to markets primarily affected by structural risks. Second, it illustrates that scoring models contain subjective aspects, e.g. in the choice of weighting factors. We develop four distinct models to weigh risk factors. We show that these different weighing schemes have a significant impact on the estimated risk scores. For policy decisions, such models can therefore only be an indication of the vulnerability of housing markets to crises. Therefore, several scenarios and models should be calculated in parallel to reduce subjectivity. [ABSTRACT FROM AUTHOR]

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المؤلفون: Eliasson, Kent¹ (AUTHOR), Westerlund, Olle² (AUTHOR) olle.westerund@umu.se

المصدر: European Urban & Regional Studies. Jul2024, Vol. 31 Issue 3, p259-280. 22p.

مصطلحات موضوعية: *HOUSING market, *HOME prices, *LABOR market, RESIDENTIAL mobility, CITIES & towns, REGIONAL differences

مصطلحات جغرافية: STOCKHOLM (Sweden), SWEDEN

مستخلص: In many countries, there are signs of declining migration to high-productivity urban areas due to restrictions in the housing market and increasing regional differences in housing prices. Using detailed population-wide register data for Sweden, we estimate how regional variation in housing prices and homeownership is associated with the individual's decision whether to accept a job offer in the Stockholm metropolitan region and the interrelated choice between migration and commuting as the mobility mode. Our findings indicate that high relative housing prices in the Stockholm area and homeownership are associated with decreasing total geographical labour mobility to the region. This is pronounced among the young and among highly skilled workers. The negative effects of high relative housing prices and homeownership on migration are partially but not fully compensated by positive effects on commuting to Stockholm. [ABSTRACT FROM AUTHOR]

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المؤلفون: Attílio, Luccas Assis¹ (AUTHOR) luccas.attilio@ufop.edu.br

المصدر: Manchester School (1463-6786). Jul2024, Vol. 92 Issue 4, p397-425. 29p.

مصطلحات موضوعية: *HOME prices, *HOUSING market, *VOLATILITY (Securities), *PETROLEUM sales & prices, *IMPULSE response, *FINANCIAL markets, GROUP of Seven countries

مستخلص: In this paper, we investigate house price shocks on the macroeconomic variables (financial market, inflation, and real sector) of the G7 economies. We use the GVAR to capture the spillover effects from the U.S. housing market and oil prices on these economies from 1991M3–2022M10. We identify the U.S. house price shock using the Structural Generalized Impulse Response Function, house supply and demand variables, and regional divergence. We find that the domestic stock markets and industrial production are the most sensitive to house price shocks. We further compare the importance of house and oil prices on domestic fluctuations. The estimates reinforce the previous findings: U.S. house prices are responsible for a quarter of the domestic volatility of the stock markets and industrial production. In the other macroeconomic segments, the effects of house prices are present, but in lower values. Our results show that house prices provoke more domestic fluctuations than oil prices. Finally, we also found that short and long‐term credit markets, as well as stock markets, transmit the house price shock to industrial production. Consequently, we provide potential channels to comprehend the spillover effect of U.S. house prices on international markets. [ABSTRACT FROM AUTHOR]

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