We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively few households, while the median household strongly benefits from housing price increases. The capit...

This paper examines the equilibrium price effects of the privatization of housing assets that were previously owned and allocated by the state. I develop a theoretical framework that shows that privatization can have ambiguous effects on prices in the private market, and that the degree of misallocation of the assets prior to privatization determines the subsequent price effects. I test the pre...

The Retail Price Index is by far the most widely used measure of inflation in the United Kingdom.2 Its components include an index of interest payments on home mortgages, which has a weight of 4.2 percent. Mortgages in the United Kingdom are predominantly at floating— rather than at fixed—interest rates. The index of mortgage interest payments is calculated using a long-term weighted average of...

This paper explores the question of how house prices in five different counties are affected by housing characteristics (both internally, such as number of bathrooms, bedrooms, etc. and externally, such as public schools’ scores or the walkability score of the neighborhood). Using data from sold houses listed on Zillow, Trulia and Redfin, three prominent housing websites, this paper utilizes bo...

We use a user-cost model to study how dispersed information among housing market participants a¤ects the equilibrium house price. In the model, agents consume housing services, speculate on price changes and are disparately informed about local economic conditions. Information dispersion leads agent to form heterogeneous expectations about housing demand and prices. Optimists, who expect high h...

Abstract Accelerating public housing prices may have resulted in housing wealth distribution changing over time. Measurement of public housing wealth distribution in Singapore from 1984 to 1992 is carried out. Result show that, overall, the distribution was reasonably good from 1984 to 1990. But, starting from 1991, inequality increased. Housing price change is the major reason for the change i...

This paper investigates the combined problem of high car dependence and housing affordability, in view of likely continued volatility in oil prices (and hence higher petrol and diesel prices), and rising house prices. Household budgets are likely to be stretched where there are high levels of car dependency and housing unaffordability – with little flexibility for rising costs in either or both...

Hedonic house price models typically impose a constant price structure on housing characteristics throughout an entire market area. However, there is increasing evidence that the marginal prices of many important attributes vary over space, especially within large markets. In this paper, we compare two approaches to examine spatial heterogeneity in housing attribute prices within the Tucson, Ar...

This paper analyzes housing price dynamics in and outside of Telecom Corridor, a region near Dallas, Texas, with a high concentration of new economy firms. Using separate home price indexes in and outside this region, the paper tests whether home values are more volatile in the new economy area and compares mean-variance efficient portfolio weights on housing. The problem of hedging housing pri...