Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of credit eases liquidity constraints of households, which is likely to lead to higher demand for housing. On the other hand, housing prices may significantly influence household...

We consider how the inter-temporal discreteness of the revenue and cost processes affect the optimal timing of a real estate investment opportunity in comparison with the investment timing strategy obtained by relying on the traditional continuous real option model. We characterize both optimal...

This article hypothesises that, due to factors such as thin trading and lack of publicly available data on transactions in the land market, urban land prices react more sluggishly to shocks in market fundamentals than housing prices do. Based on a vector error-correction model utilising...

The aim of this study is to examine empirically the regional differences in housing price dynamics by estimating panel data models that allow for regional variation in the dynamics. In particular, we investigate whether there are large regional differences in the housing price ímomentumîù...

In this study, regional differences in housing price dynamics are examined empirically using panel data models. We concentrate on examining the momentum dynamics and the reversion speed towards fundamental price level. The analysis can be seen as a test for the validity of conventionally used...

Previous empirical investigations provide evidence of substantial regional variation in the supply elasticity of housing. They further show that the elasticity and its variation across cities within the U.S. are significantly influenced not only by regulatory supply constraints, but also by the...

Previous empirical investigations provide evidence of substantial regional variation in the supply elasticity of housing, and show that the elasticity and its variation across cities within the U.S. are significantly influenced by regulatory supply constraints, city level population, population...

The long-term price elasticity of supply of housing is a key factor determining the growth rates of housing prices and housing supply as the city grows. Therefore, the housing supply elasticity has considerable influence on the competitiveness of the region and on the growth potentials of the...

This study identifies empirically the impact of various macroeconomic factors on the default risk premium. Using monthly data for the period 1970-2010 for the U.S., our estimations indicate that the monetary policy aggregates, risk-free interest rate, term structure of interest rates, inflation,...

This article studies the co-movement and dynamics between price movements and transactions in the housing market using data for the period 1988–2008 from Finland. While the previous related literature examines the reactions of sales and prices to an interest rate shock only, this study...