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The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications

Beidas-Strom, Samya; Lian, Weicheng; Maseeh, Ashwaq - International Monetary Fund (IMF) - 2009

This paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per capita consumer spending volatility this decade; (ii) a...

Persistent link: https://www.econbiz.de/10008561070

What Goes Up Must Come Down? House Price Dynamics in the United States

Klyuev, Vladimir - International Monetary Fund (IMF) - 2008

by the inventory-to-sales ratio and by foreclosure starts in a highly inertial relationship. Taken together, this implies …

Persistent link: https://www.econbiz.de/10005599266

Money for Nothing and Checks for Free; Recent Developments in U.S. Subprime Mortgage Markets

Mills, Paul S.; Kiff, John - International Monetary Fund (IMF) - 2007

After a number of warning signs, the U.S. "subprime mortgage crisis" became a headline issue in February 2007. Notwithstanding the bankruptcy of numerous mortgage companies, historically high delinquencies and foreclosures, and a significant tightening in subprime lending standards, the impact...

Persistent link: https://www.econbiz.de/10005605115

The Role of Affordable Mortgages in Improving Living Standards and Stimulating Growth; A Survey of Selected Mena Countries

Nothaft, Frank E.; Erbas, S. Nuri - International Monetary Fund (IMF) - 2002

This paper argues that making affordable home mortgage loans available to a large cross section of the population will serve both the redistributive and growth-enhancing objectives of poverty reduction policies. The current state of housing and mortgage markets in selected Middle East and North...

Persistent link: https://www.econbiz.de/10005825998

House Price Developments in Europe; A Comparison

Hilbers, Paul Louis Ceriel; Banerji, Angana; Shi, Haiyan; … - International Monetary Fund (IMF) - 2008

House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends...

Persistent link: https://www.econbiz.de/10005826322

Canadian Residential Mortgage Markets; Boring But Effective?

Kiff, John - International Monetary Fund (IMF) - 2009

Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term loans is caused by a five-year maturity cap on...

Persistent link: https://www.econbiz.de/10008528667

Mortgage Defaults

Martinez, Leonardo; Hatchondo, Juan Carlos; Sanchez, Juan M. - International Monetary Fund (IMF) - 2012

This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the...

Persistent link: https://www.econbiz.de/10009650640

Home Sweet Home; Government's Role in Reaching the American Dream

Tsounta, Evridiki - International Monetary Fund (IMF) - 2011

This paper investigates the role of government intervention in achieving the American dream of homeownership. The study … analyzes the role of tax deductions in housing finance, including their impact on homeownership and housing consumption. The … comparable homeownership rates as the United States in a less complicated and fiscally cheaper system. Country experiences of …

Persistent link: https://www.econbiz.de/10009293771

What Fuels the Boom Drives the Bust; Regulation and the Mortgage Crisis

Dagher, Jihad; Fu, Ning - International Monetary Fund (IMF) - 2011

participation by these lenders is associated with increased foreclosure filing rates at the onset of the housing downturn. We …-nonparametric methods. We show that this relation between the pre-crisis market share of independents and the rise in foreclosure is more …

Persistent link: https://www.econbiz.de/10009327868

A Fistful of Dollars; Lobbying and the Financial Crisis

Igan, Deniz; Tressel, Thierry; Mishra, Prachi - International Monetary Fund (IMF) - 2009

Using detailed information on lobbying and mortgage lending activities, we find that lenders lobbying more on issues related to mortgage lending (i) had higher loan-to-income ratios, (ii) securitized more intensively, and (iii) had faster growing portfolios. Ex-post, delinquency rates are higher...

Persistent link: https://www.econbiz.de/10008561076