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Private Transfers, Borrowing Constraints and the Timing of Homeownership

Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 1998

The 1991 Italian Survey of Household Income and Wealth contains detailed information on how respondents acquired their main residence and any other real estate. This information is used to estimate the impact of inter vivos transfers on the saving period required to purchase a house and on the...

Persistent link: https://www.econbiz.de/10005504649

The Bank's Market Power and the Interest Rate Elasticity of Demand for Housing: An Econometric Study of Discrimination on French Mortgage Data

Gary-Bobo, Robert J.; Larribeau, Sophie - C.E.P.R. Discussion Papers - 2003

We specify several variants of a structural econometric model explaining mortgage interest rates and loan sizes simultaneously. The models are estimated by simultaneous equation methods with a sample of loan files originated from a French mortgage lender. They yield estimates of the...

Persistent link: https://www.econbiz.de/10005789094

Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraints

Ortalo-Magné, François; Rady, Sven - C.E.P.R. Discussion Papers - 2001

This Paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement. The market interaction of young credit-constrained...

Persistent link: https://www.econbiz.de/10005498172

Housing Bubbles

Arce, Oscar; López-Salido, J David - C.E.P.R. Discussion Papers - 2008

In this paper we use the notion of a housing bubble as an equilibrium in which some investors hold houses only for resale purposes and not for the expectation of a dividend, either in the form of rents or utility. We provide a life-cycle model where households face collateral constraints that...

Persistent link: https://www.econbiz.de/10005504239

Loss Aversion and Seller Behaviour: Evidence from the Housing Market

Genesove, David; Mayer, Christopher - C.E.P.R. Discussion Papers - 2001

Data from downtown Boston in the 1990s show that loss aversion determines seller behaviour in the housing market. Condominium owners subject to nominal losses: (1) set higher asking prices of 25-35% of the difference between the property’s expected selling price and their original purchase...

Persistent link: https://www.econbiz.de/10005136421

Ethnic Identity and Immigrant Homeownership

Constant, Amelie; Roberts, Rowan; Zimmermann, Klaus F - C.E.P.R. Discussion Papers - 2007

Immigrants are much less likely to own their homes than natives, even after controlling for a broad range of life-cycle and socio-economic characteristics and housing market conditions. This paper extends the analysis of immigrant housing tenure choice by explicitly accounting for ethnic...

Persistent link: https://www.econbiz.de/10005067560

The Housing Market and Regional Commuting and Migration Choices

Cameron, Gavin; Muellbauer, John - C.E.P.R. Discussion Papers - 1998

forces operate from relative house prices. Commuting, at least to contiguous regions, is often an alternative to migration …. Relative employment and earnings opportunities should influence commuting rates in the same direction as migration rates. Given … contiguous regions. This paper presents evidence on inter-regional commuting and migration in Great Britain which is broadly in …

Persistent link: https://www.econbiz.de/10005114156

The Price and Quantity of Residential Land in the United States

Davis, Morris; Heathcote, Jonathan - C.E.P.R. Discussion Papers - 2005

A house is a bundle comprising a physical structure and the plot of land upon which the house is built. Thus changes in house prices reflect changes in the cost of structures and value of land. In this paper we apply this insight to construct the first constant-quality price and quantity indexes...

Persistent link: https://www.econbiz.de/10005123787

House Prices, Rents and Interest Rates Under Collateral Constraints

Arce, Oscar; López-Salido, J David - C.E.P.R. Discussion Papers - 2006

We develop an OLG model aimed at explaining the joint determination of housing prices, rents, and interest rates, in an environment featuring a positive home ownership bias and individual borrowing limits that generate a mismatch between desired and available funds to finance housing purchases....

Persistent link: https://www.econbiz.de/10005124088

Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises

Jeske, Karsten; Krueger, Dirk; Mitman, Kurt - C.E.P.R. Discussion Papers - 2011

This paper evaluates the macroeconomic and distributional effects of government bailout guarantees for Government Sponsored Enterprises (such as Fannie Mae and Freddy Mac) in the mortgage market. In order to do so we construct a model with heterogeneous, infinitely lived households and...

Persistent link: https://www.econbiz.de/10009351520