We estimate a structural model of optimal life-cycle housing and consumption in the presence of realistic labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service and nonhousing consumption, and explicitly incorporates a house adjustment cost. Our estimation fits the crosssectional and time-series household wealth and housing p...

Why is this topic of house price indexes important? The Global Financial Crisis has several causes but a main cause was a housing bubble in the U.S. which led banks to make mortgage loans that were based on the assumption that house prices were not rising unusually quickly. If accurate regional house price indexes for the U.S. would have been widely available to the public, it is unlikely that ...

This paper is a good example of how solid research can support the policy decision process. Based on housing and land transaction data, the authors use the hedonic approach to calculate constant quality housing price and land price indices in 35 Chinese cities. This new and unique dataset on residential land transactions at the city level is by itself an important contribution, and the statisti...

Recently housing price hikes are spreading across America spatially, a reminder of the stock market hikes of the 1990s that ruptured in 2000. The aim of this study were to identify the determinants of housing prices, the differences between housing and stock markets, and whether the housing market can follow the path of the stock market. The aim was also to examine the existence of a housing bu...

Executive Summary ore than 100 cities and counties have adopted some form of a growth boundary—a limit on land development beyond a politically designated area—to curb sprawl, protect open space, or encourage the redevelopment of inner-city neighborhoods. Statewide mandates for growth boundaries exist in Oregon, Tennessee, and Washington. Urban-growth boundaries, however, have potentially negat...

In down-payment constrained housing consumption models, increases in house prices could trigger household mobility decisions in housing markets. This study empirically tests house price dynamics associated with the mobility of households in the public resale and private housing markets in Singapore. The results show that stochastic permanent breaks were found in the public housing resale prices...

The price process of real assets, in particular real estate, is of interest to financial economists for a number of reasons. For example, since real estate is often used as collateral for loans that are used for other types of corporate investments, changes in real estate prices can affect the level of investment expenditures more generally. This relation between real estate prices and corporat...

We consider which factors determined the price–rent ratio for the housing market in 18 U. S. metropolitan statistical areas (MSAs) and at the national level over the period of 1975– 2014. Based on a present-value framework, our proposed empirical model separates the price–rent ratio for a given market into unobserved components related to the expected real rent growth and the expected housing r...

Over the past 25 years California has transformed its system of public school finance from one of the least equitable in the nation to one of the most equitable. This paper examines the impact of that transformation on housing values. Specifically, we use data on residential housing sales from Los Angeles County for the years 1975, 1980, 1985, and 1990, to answer three fundamental questions rel...