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Speculative Dynamics of Prices and Volume

DeFusco, Anthony - 2018

Using data on 50 million home sales from the recent U.S. housing cycle, we document that much of the variation in volume came from the rise and fall in short-term speculation. Cities with larger speculative booms have larger price cycles, sharper increases in unsold listings as the market turns,...

Persistent link: https://www.econbiz.de/10012933890

Speculative Fever : Investor Contagion in the Housing Bubble

Bayer, Patrick J. - 2016

, abound. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature …

Persistent link: https://www.econbiz.de/10012997370

House Price Moments in Boom-Bust Cycles

Sinai, Todd M. - 2012

This paper describes six stylized patterns among housing markets in the United States that potential explanations of the housing boom and bust should seek to explain. First, individual housing markets in the U.S. experienced considerable heterogeneity in the amplitudes of their cycles. Second,...

Persistent link: https://www.econbiz.de/10013098388

The 1920s American Real Estate Boom and the Downturn of the Great Depression : Evidence from City Cross Sections

Brocker, Michael - 2013

In the 1929-1933 downturn of the Great Depression, house values and homeownership rates fell more, and mortgage foreclosure rates were higher, in cities that had experienced relatively high rates of house construction in the residential real-estate boom of the mid-1920s. Across the 1920s, boom...

Persistent link: https://www.econbiz.de/10013085918

The Effect of Housing on Portfolio Choice

Chetty, Raj - 2015

Economic theory predicts that home ownership should have a negative effect on risk-taking in financial portfolios. However, empirical work has not found a strong relationship between housing and portfolios. We identify two reasons for the divergence between the theory and data. First, it is...

Persistent link: https://www.econbiz.de/10013038822

Real Estate Bubbles and Urban Development

Glaeser, Edward L. - 2017

Why are real estate bubbles so common? Can these bubbles actually do some good? Real estate booms have regularly … estate and the errors of passive capital can generate real estate bubbles. The preference of banks for more fungible real … estate assets can also explain why real estate is so often the source of financial crises. In principle, real estate bubbles …

Persistent link: https://www.econbiz.de/10012966602

Access to Long-Term Care after a Wealth Shock : Evidence from the Housing Bubble and Burst

Costa-Font, Joan - 2017

Home equity is the primary self-funding mechanism for long term services and supports (LTSS). Using data from the relevant waves of the Health and Retirement Study (1996-2010), we exploit the exogenous variation in the form of wealth shocks resulting from the value of housing assets, to examine...

Persistent link: https://www.econbiz.de/10012948082

A Real Estate Boom with Chinese Characteristics

Glaeser, Edward L. - 2016

Chinese housing prices rose by over 10 percent per year in real terms between 2003 and 2014, and are now between two and ten times higher than the construction cost of apartments. At the same time, Chinese developers built 100 billion square feet of residential real estate. This boom has been...

Persistent link: https://www.econbiz.de/10012980181

Credit Supply and Housing Speculation

Mian, Atif - 2018

Speculation is a critical channel through which credit supply expansion affects the housing cycle. The surge in private label mortgage securitization in 2003 fueled a large expansion in mortgage credit supply by lenders financed with non-core deposits. Areas more exposed to these lenders...

Persistent link: https://www.econbiz.de/10012914707

Asset Price Bubbles and Systemic Risk

Brunnermeier, Markus Konrad; Rother, Simon; Schnabel, Isabel - 2021

We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty … years. Systemic risk of banks rises already during a bubble’s build-up phase, and even more so during its bust. The increase …

Persistent link: https://www.econbiz.de/10013224874