This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables … using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model … constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response …

looking at the effect of a reduction in the maximum loan-to-value (LTV) ratio on homeownership rates, house prices and housing … is initially loose, allowing households to lever up against the collateral value of their housing. A reduction in the LTV … is the fall in house prices and the greater is the rise in the share of constrained homeowners and housing wealth …

We estimate a structural model of optimal life-cycle housing and nonhousing consumption in the presence of labor income … and house price uncertainties. The model postulates constant elasticity of substitution between housing service and … nonhousing consumption and explicitly incorporates a housing adjustment cost. Our estimation fits the cross-sectional and time …

-Sponsored Enterprises. We set up an economy with a housing and mortgage market where the government provides banks with insurance against …

developments in housing and housing finance. The general conclusion is that financial and macroeconomic developments have increased … the demand for the stock of housing. Because the stock of housing is inherently slow to adjust, this has increased its …

enriched with housing. The presence of housing enables the household to hedge against unexpected shocks and may decrease … relative risk aversion. In addition, housing may generate state-dependent, time-varying risk aversion. …

The paper presents a standard incomplete markets life-cycle model with housing that is calibrated to the Polish economy …

Housing tenure decision combines financial, economic and socio-psychological factors. This paper considers the global … the other hand, overinvestment in housing is harmful to diversification and distorts portfolio management. This trade … at least 9% of the housing price. The findings are robust to several methodological refinements. …