Housing-market disequilibrium: an examination of housing-market price and stock dynamics 1967–1998

Riddel, Mary

doi:10.1016/j.jhe.2004.04.002

Cited by 57 publications

(76 citation statements)

References 12 publications

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“…Here, we correct for possible demand for space effects by including GDP. The effect found of GDP on residential real estate development activity was positive, and in line with earlier literature (see Riddel 2004;Wigren and Wilhelmsson 2007). We are particularly interested in the parameter for commercial real estate, C c jt , as this summarizes the relationship between commercial and residential real estate developments.…”

Section: Estimation Resultssupporting

confidence: 84%

On real estate development activity: the relationship between commercial and residential real estate markets

Schoenmaker

Vlist

2015

Lett Spat Resour Sci

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Real estate development and the construction of commercial and residential buildings largely determine the future spatial distribution of job and residential locations, thereby giving public planners an instrument with which they can steer urbanization. This paper measures whether the real estate development and urban management planning process, in terms of construction permits, enables a relationship between commercial and residential real estate developments and thus between future job and residential locations. We use data on construction permits for the Netherlands over 1990-2012. Our conclusion is that the real estate development and urban planning process, in terms of construction permits, allows a complementary effect between commercial and residential real estate developments. A one per cent increase in commercial real estate development permits leads to a 0.35 per cent increase in residential real estate development permits. Finally, the data reveal differences across regions suggesting that different local factors are at work.

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Section: Estimation Resultssupporting

confidence: 84%

On real estate development activity: the relationship between commercial and residential real estate markets

Schoenmaker

Vlist

2015

Lett Spat Resour Sci

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“…Empirical evidence about the demand elasticity is scant and, partly due to the variety of existing house price measures, varies considerably across housing markets (Hanushek and Quigley 1980, Mayo 1981, Hendershott et al 2002, Riddel 2004. Overall, demand elasticities seem to be well below one, and thus ) .8 0 , 2 .…”

Section: Parameter Calibrationmentioning

confidence: 99%

Heterogeneous Expectations, Boom-Bust Housing Cycles, and Supply Conditions: A Nonlinear Dynamics Approach

Dieci

Westerhoff

2015

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractWe combine a standard stock-flow housing market model, incorporating explicit relationships between house prices, the housing stock, and the rent level, with a parsimonious expectation formation scheme of housing market investors, reflecting an evolving mix of extrapolative and regressive expectation rules. The model results in a two-dimensional discrete-time nonlinear dynamical system. Based on realistic parameters, the model is able to generate endogenous boom-bust housing market dynamics with lasting periods of overvaluation and overbuilding. We thus exploit our model to investigate how real forces, in particular supply conditions, interact with expectations-driven housing market fluctuations.

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Section: Literature Reviewmentioning

confidence: 99%

“…Riddel (2004) developed a disequilibrium housing market model that separates disequilibrium generated by supply-side disturbances from those arising from demand disturbances. This study suggested that income and price were equally important in determining long-run housing demand and rents, although less influential than income or price, still affected the choice to own a home [6]. Chen et al (2011) analyzed the changes over time in housing price in each Chinese province and examined empirically the determinants of urban house price at national and regional levels using time-series and cross-sectional data.…”

Section: Literature Reviewmentioning

confidence: 99%

Analysis of the Dynamic Relationship between Fluctuations in the Korean Housing Market and the Occurrence of Unsold New Housing Stocks

Lee

Kim

2017

Sustainability

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Abstract:In this paper, we intend to identify the characteristics of occurrence of unsold new housing stocks and draw the implications for the housing business strategy that can effectively cope with the market risk under the Korean housing market. As a result of the analysis, most of the theoretical causality of occurrence of unsold new housing stocks under the three-dimensional Korean housing market was found to correspond to the empirical analysis result. In addition, the chonsei market that produces the characteristic movement of Korean housing market had a significant relation with occurrence of unsold new housing stocks. Because of these results, it is thought that the proposed housing business strategy can effectively cope with the housing market risk. It is thought that we need to additionally examine the financial validity of the proposed housing business model by calculating the cash flow and grope for policy support measures to materialize it on the basis of the analysis result of this paper.

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Housing-market disequilibrium: an examination of housing-market price and stock dynamics 1967–1998

Cited by 57 publications

References 12 publications

On real estate development activity: the relationship between commercial and residential real estate markets

On real estate development activity: the relationship between commercial and residential real estate markets

Heterogeneous Expectations, Boom-Bust Housing Cycles, and Supply Conditions: A Nonlinear Dynamics Approach

Analysis of the Dynamic Relationship between Fluctuations in the Korean Housing Market and the Occurrence of Unsold New Housing Stocks

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