[PDF] Speculation In Redlined Areas Investigation Into Relationship Between Redlining And Housing Speculation eBook

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Far from Utopia

Damany Morris Fisher
Far from Utopia by Damany Morris Fisher PDF

Author : Damany Morris Fisher
Publisher :
Page : 716 pages
File Size : 38,66 MB
Release : 2008
Category :
ISBN :

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Arrested Development

Charles G. Nathanson
Arrested Development by Charles G. Nathanson PDF

Author : Charles G. Nathanson
Publisher :
Page : 67 pages
File Size : 32,28 MB
Release : 2017
Category : Housing
ISBN :

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This paper studies the role of disagreement in amplifying housing cycles. Speculation is easier in the land market than in the housing market due to frictions that make renting less efficient than owner-occupancy. As a result, undeveloped land both facilitates construction and intensifies the speculation that causes booms and busts in house prices. This observation reverses the standard intuition that cities where construction is easier experience smaller house price booms. It also explains why the largest house price booms in the United States between 2000 and 2006 occurred in areas with elastic housing supply.

Speculative Bubbles Or Market Fundamentals? An Investigation of US Regional Housing Markets

Shuping Shi
Speculative Bubbles Or Market Fundamentals? An Investigation of US Regional Housing Markets by Shuping Shi PDF

Author : Shuping Shi
Publisher :
Page : 28 pages
File Size : 46,94 MB
Release : 2017
Category :
ISBN :

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This paper investigates the existence of speculative bubbles in the US national and 21 regional housing markets over three decades (1978-2015). A new method for real-time monitoring exuberance in housing markets is proposed. By taking changes in the macroeconomic conditions (such as interest rate, per-capita income, employment, and population growth) into consideration, the new method provides better control for housing market fundamentals and thereby it is expected to significantly reduce the chance of false positive identification. Compared with the method of Phillips, Shi and Yu (2015a,b), the new approach finds a dramatic reduction in the number of speculative housing markets and shorter bubble episodes in the US. It locates only one bubble episode in the early-to-mid 2000s over the whole sample period in the national housing market. At the regional level, it identifies two periods of speculation: late 1980s and early-to-mid 2000s. The early-to-mid 2000s bubble episode lasts longer and involves 16 metropolitan statistical areas.