Where trade is decentralized and information is imperfect, an urban housing market should be organized into separate market segments. Units in more active market segments should sell at a premium if households value asset liquidity. Evidence from the Hong Kong housing market strongly supports the joint hypothesis of market segmentation and transaction-based liquidity effects in the housing mark...

A house is an essential human factor. A housing market is formed by the demand and supply of houses. A global housing market fluctuates by each country's policies and situations. Because of the various social, cultural and economic aspects affecting complexity, it is difficult to analyze the factors affecting the housing market. Consequently, in this paper, we analyze several housing market fac...

This paper develops an agent-based spatial model of the housing market. Real estate is many families’ single biggest asset. It is also widely held by financial institutions, in the form of mortgage based securities. As a result, avoiding extreme housing price volatility is crucial for maintaining financial stability of the nation. The housing market is very unique: it is thin, highly regulated,...

This paper defines housing flippers as home buyers and sellers whose trading is motivated by the capital gains accumulated within a short time period. Non-flippers are rental housing investors and owner occupiers. We attempt to offer an alternative explanation to housing market mis-pricing by scrutinizing their differential trading abilities and analyzing the positive feedbacks of non-flippers ...

This paper assesses the impact of housing market conditions on the theoretically motivated and empirically observed negative relationship between loan to value ratios and home maintenance expenditures. If the relationship is causal, then a down housing market will result in significantly decreased upkeep in the housing stock. The large rise and fall in home prices during the 2001-2009 period al...

This article carries out an asset-pricing analysis of the U.S. metropolitan housing market. We use ZIP code–level housing data to study the cross-sectional role of volatility, price level, stock market risk and idiosyncratic volatility in explaining housing returns. While the related literature tends to focus on the dynamic role of volatility and housing returns within submarkets over time, our...