A Note on the Estimation of the Degree of Over- Or Under-Pricing of Housing Markets Relative to Their Long-Term Pricing Trend

2021 ◽  
pp. 1-3
Author(s):  
Denise Gravatt ◽  
Eli Beracha ◽  
Ken H. Johnson
Keyword(s):  
Housing Markets

Long‐term prospects for US housing markets: Fewer units, greater investment

1987 ◽  
Vol 2 (3) ◽  
pp. 143-156 ◽  
Author(s):  
Leo Grebler ◽  
Leland S. Burns
Keyword(s):  
Housing Markets

Owner-Occupied Housing in Europe: Postwar Developments and Current Dilemmas

1985 ◽  
Vol 17 (5) ◽  
pp. 605-624 ◽  
Author(s):  
M Martens
Keyword(s):  
Western Europe ◽  
House Prices ◽  
House Price ◽  
Housing Markets ◽  
West Germany ◽  
Housing Production ◽  
Price Inflation ◽  
Market Instability ◽  
Long Term Trend

Owner-occupation has become a major tenure form in Western Europe. Yet, relatively little is known about the way owner-occupation is provided, since most studies tend to concentrate only on the effects of different forms of state support for the tenure. This survey examines owner-occupied housing markets in five European countries, Britain, France, West Germany, Denmark, and the Netherlands. Their housing markets vary substantially, but differences are especially marked between Britain and the rest of Europe. Differences in owner-occupied housing markets between these countries arise in the timing of the expansion of owner-occupation; in the relation between the building industry and dominant forms of housing promotion; in the roles played by the market for secondhand housing and in the importance of mortgage finance. One common characteristic of all these countries, however, has been the appearance of house-price inflation during the 1970s. The rising long-term trend of house prices has been punctuated by periodic booms and slumps. Market instability has helped to cause the major crises of housing production that exist in all countries. The survey concludes by indicating the dilemmas under the current structures of provision for state policies aimed at expanding owner-occupation.

scholarly journals The Impact of Uncertainty on State-Level Housing Markets of the United States: The Role of Social Cohesion

2021 ◽  
Vol 13 (6) ◽  
pp. 3065
Author(s):  
Linyan Dai ◽  
Xin Sheng
Keyword(s):  
United States ◽  
Social Cohesion ◽  
Housing Markets ◽  
State Level ◽  
The United States ◽  
Negative Effects ◽  
Housing Returns ◽  
The Impact

While considering the role of social cohesion, we analyse the impact of uncertainty on housing markets across the 50 states of the United States, plus the District of Columbia, using the local projection method for panel data. We find that both short-term and long-term measurements of macroeconomic and financial uncertainties reduce real housing returns, with the strongest effect originated from the macro-economic uncertainty over the long term. Moreover, the degree of social cohesion does not change the nature of the impact of uncertainty on real housing returns dramatically, but the size of the negative effects is relatively large for states with low social cohesion.

scholarly journals Price Convergence in the Regional Housing Markets in Poland

2019 ◽  
Vol 27 (2) ◽  
pp. 44-52 ◽  
Author(s):  
Konrad Żelazowski
Keyword(s):  
Significant Variation ◽  
Social Economic ◽  
Housing Markets ◽  
Price Convergence ◽  
Residential Real Estate ◽  
Relative Prices ◽  
Property Prices ◽  
Term Similarity ◽  
Regional Basis

Abstract Average prices of residential real estate usually show significant variation on a regional basis. This reflects different social, economic or historical conditions for the development of these markets. In addition, research so far has not provided strong evidence supporting convergence in the level of property prices in the regional dimension. The lack of price convergence, however, does not exclude convergence in the direction and strength of price changes. The article is an attempt to answer the question of whether price trajectories in the regional housing markets in Poland show long-term similarity. To this end, econometric analysis of the dynamics of relative prices in the voivodship markets with the use of quarterly data from the years 2002-2016 has been conducted.

Circuits of Capital, Ground Rent and the Production of the Built Environment: A (New) Framework for Analysis

2016 ◽  
Vol 9 (3) ◽  
pp. 27-42
Author(s):  
Karl Beitel
Keyword(s):  
Housing Markets ◽  
Urban Housing ◽  
Land Market ◽  
Neoclassical Economics ◽  
Internal Factors ◽  
Property Prices ◽  
Contrasting View ◽  
General Demand ◽  
New Framework

This paper develops prior work on Marxian theories of ground rent and property investment to outline a framework for interpreting the long-term rise in property prices observed in the neoliberal period. Orthodox economists and private developers have consistently maintained that the primary barrier to addressing affordability problems in expensive urban regions is excessive regulation. A diametrically contrasting view is developed in this paper. I argue the affordability crisis expresses the confluence and interaction of three primary factors: widening income and wealth disparities; the fictitious nature of land as a commodity, and the ability of property developers to extract surplus profits. Land is not a genuine commodity; and housing is a heterogeneous economic good whose production is targeted toward particular buyers of this good. Contra the hypothetical constructions of neoclassical economics, there is no “general supply” or “general demand” in urban housing markets. I show why increased production can lead the market toward higher overall levels of rents and prices. The primary counter-tendency to this basic dynamic is recurrent overproduction crises, with some modicum of affordability restored only through a collapse of prices once markets become severely overbuilt. Internal factors within the land market operate to limit the actual fall in prices, so that the longer-term trend in the neoliberal period shows a pronounced inflationary bias.

Long-Term Equilibrium and Short-Term Dynamics between Metropolitan Housing Markets in China

2014 ◽  
Vol 905 ◽  
pp. 343-347
Author(s):  
Gao Lu Zou ◽  
K.W. Chau
Keyword(s):  
House Prices ◽  
Housing Markets ◽  
Small Sample ◽  
Short Term ◽  
Long Run ◽  
Regional Markets ◽  
Cointegration Tests ◽  
Causality Tests ◽  
Short Run

House prices across cities may form long-term relations. Geographic barriers could lead to lack of short-term dynamics. The paper aims to investigate the long-run equilibrium and/or short-run dynamics betweenmetropolitan house pricesin China. The study introduced two cointegration tests and various small-sample corrections. We conductedthe Toda-Yamamoto Granger causality tests. House prices betweencitiesin most regional markets did notshow long-term relations as well as short-term dynamics. Therefore, geographies andtransport costs between cities could reducethe centrifugal forces of city growth. Metropolitan housing markets are typically local.

Separating owner-occupier and investor demands for housing in the Australian states

2019 ◽  
Vol 37 (2) ◽  
pp. 215-232 ◽  
Author(s):  
Le Ma ◽  
Richard Reed ◽  
Jian Liang
Keyword(s):  
Home Ownership ◽  
House Prices ◽  
Supply And Demand ◽  
Housing Markets ◽  
Housing Affordability ◽  
Housing Supply ◽  
Content Type ◽  
Western Countries ◽  
Long Run

PurposeThere has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices.Design/methodology/approachThe econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models.FindingsThe results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified.Practical implicationsThe findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market.Originality/valueThere has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.

Long-term private renters: Perceptions of security and insecurity

2017 ◽  
Vol 53 (3) ◽  
pp. 653-669 ◽  
Author(s):  
Alan Morris ◽  
Kath Hulse ◽  
Hal Pawson
Keyword(s):  
Rental Housing ◽  
Housing Markets ◽  
Welfare Regimes ◽  
Developed Economies ◽  
Private Renting ◽  
High Rent ◽  
Rising Incidence ◽  
Primary Focus ◽  
Depth Interviews

Many developed economies, especially in ‘liberal welfare regimes’, have experienced a substantial growth in private rental housing. Bound up with this dynamic is the rising incidence of long-term private renting (private renting for ten years or more). Regulation of the private rental sector in liberal welfare regimes is light and post the written agreement residents are subject to constant de jure insecurity. Drawing on a questionnaire survey and in-depth interviews (the primary focus), this article investigates the impacts of perpetual de jure housing insecurity on long-term private renters in diverse housing markets (low-, medium- and high-rent) in Sydney and Melbourne. The results indicate that de jure insecurity does not necessarily translate into de facto insecurity. Long-term private renters typically respond to perpetual de jure insecurity in one of three ways – incessant anxiety and fear; lack of concern; and concern offset by economic/social capital and traded off against locational preference.

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