Showing posts with label Global Housing Watch. Show all posts
Wednesday, January 29, 2025
From a paper by Tobias Herbst, Moritz Kuhn, and Farzad Saidi:
“Houses are the most important asset on American households’ balance sheets, rendering the U.S. economy sensitive to house prices. There is a consensus that credit conditions affect house prices, but to what extent remains controversial, as an expansion in credit supply often coincides with changes in house price expectations. To address this longstanding question, we rely on novel microdata on the universe of mortgages guaranteed under the Veterans Administration (VA) loan program. We use the expansion of eligibility of veterans for the VA loan program following the Gulf War to estimate a long-lived effect of credit supply on house prices. We then exploit the segmentation of the conventional mortgage market from program eligibility to link this sustained house price growth to developments in the initially unaffected segment of the credit market. We uncover a net increase in credit for all other residential mortgage applicants that aligns closely with the evolution of house price growth, which supports the view that credit-induced house price shocks are amplified by beliefs.”
From a paper by Tobias Herbst, Moritz Kuhn, and Farzad Saidi:
“Houses are the most important asset on American households’ balance sheets, rendering the U.S. economy sensitive to house prices. There is a consensus that credit conditions affect house prices, but to what extent remains controversial, as an expansion in credit supply often coincides with changes in house price expectations. To address this longstanding question, we rely on novel microdata on the universe of mortgages guaranteed under the Veterans Administration (VA) loan program.
Posted by at 8:26 PM
Labels: Global Housing Watch
From a post by M. Nolan Gray:
“After a lot of hard work by activists, America’s political class has finally started to accept that we are in a housing crisis that is ruining everything. But what do we mean when we talk about a housing crisis? The reality is that housing market conditions are quite varied across the United States. There is not one single crisis, but three different varieties of housing crisis that require three different policy responses.
Continue reading here.
From a post by M. Nolan Gray:
“After a lot of hard work by activists, America’s political class has finally started to accept that we are in a housing crisis that is ruining everything. But what do we mean when we talk about a housing crisis? The reality is that housing market conditions are quite varied across the United States. There is not one single crisis, but three different varieties of housing crisis that require three different policy responses.
Posted by at 7:06 AM
Labels: Global Housing Watch
Friday, January 17, 2025
On cross-country:
Working papers and conferences:
On the US—developments on house prices, rent, permits and mortgage:
On the US—other developments:
On Australia and New Zealand:
On other countries:
On cross-country:
Working papers and conferences:
On the US—developments on house prices,
Posted by at 5:00 AM
Labels: Global Housing Watch
Monday, January 13, 2025
From a paper by Edward L. Glaeser, Leonardo D’Amico, Joseph Gyourko, William Kerr, and Giacomo A.M. Ponzetto:
“We document a Kuznets curve for construction productivity in 20th-century America. Homes built per construction worker remained stagnant between 1900 and 1940, boomed after World War II, and then plummeted after 1970. The productivity boom from 1940 to 1970 shows that nothing makes technological progress inherently impossible in construction. What stopped it? We present a model in which local land-use controls limit the size of building projects. This constraint reduces the equilibrium size of construction companies, reducing both scale economies and incentives to invest in innovation. Our model shows that, in a competitive industry, such inefficient reductions in firm size and technology investment are a distinctive consequence of restrictive project regulation, while classic regulatory barriers to entry increase firm size. The model is consistent with an extensive series of key facts about the nature of the construction sector. The post-1970 productivity decline coincides with increases in our best proxies for land-use regulation. The size of development projects is small today and has declined over time. The size of construction firms is also quite small, especially relative to other goods-producing firms, and smaller builders are less productive. Areas with stricter land use regulation have particularly small and unproductive construction establishments. Patenting activity in construction stagnated and diverged from other sectors. A back-of-the-envelope calculation indicates that, if half of the observed link between establishment size and productivity is causal, America’s residential construction firms would be approximately 60 percent more productive if their size distribution matched that of manufacturing.”
From a paper by Edward L. Glaeser, Leonardo D’Amico, Joseph Gyourko, William Kerr, and Giacomo A.M. Ponzetto:
“We document a Kuznets curve for construction productivity in 20th-century America. Homes built per construction worker remained stagnant between 1900 and 1940, boomed after World War II, and then plummeted after 1970. The productivity boom from 1940 to 1970 shows that nothing makes technological progress inherently impossible in construction. What stopped it? We present a model in which local land-use controls limit the size of building projects.
Posted by at 8:09 AM
Labels: Global Housing Watch
Friday, January 10, 2025
Working papers and conferences:
On the US—developments on house prices, rent, permits and mortgage:
On the US—other developments:
On Australia and New Zealand:
On other countries:
Working papers and conferences:
Posted by at 5:00 AM
Labels: Global Housing Watch
Subscribe to: Posts