Most U.S. house price models break down in the mid-2000s due to the omission of exogenous changes in mortgage credit supply (associated with the subprime mortgage boom) from house price-to-rent ratio and inverted housing demand models. Previous models lack data on credit constraints facing...

The U.S. house price boom has been linked to an unsustainable easing of mortgage credit standards. However, standard time series models of U.S. house prices omit credit constraints and perform poorly in the 2000s. We incorporate data on credit constraints for first-time buyers into a model of...

Remarks at the 6th Annual Real Estate Symposium, North Dallas Chamber of Commerce, Dallas, Texas, August 30, 2006 ; "Our current analysis points to an economy at a crossroads. High energy prices, rising interest rates and the slowdown in a red-hot housing market have taken some of the steam out...

We investigate the effect of hurricane strikes on housing prices in U.S. coastal cities. To this end, we construct a new index of hurricane destruction which varies over time and space. Using this index and an annual, two equation, dynamic equilibrium correction panel model with area and time...