The Global House Price Boom and its Unwinding: An Analysis and a Commentary

Kim, Kyung-Hwan; Renaud, Bertrand

doi:10.1080/02673030802550128

Cited by 75 publications

(40 citation statements)

References 23 publications

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“…The subprime crisis in the USA took hold in the spring 2007 and prices began to fall. From the middle of that year, liquidity in the capital markets tightened and the financial crisis spread across the globe, nourished in many countries by a huge expansion in credit and high-risk developments in the financial system (Kim & Renaud 2009). This sudden decline in housing markets contributed to the financial crisis, which then fed back into housing markets, as had happened in earlier recessions in the USA (Leamer 2007).…”

Section: House Price Movementsmentioning

confidence: 99%

Responding to the Housing and Financial Crises: Mortgage Lending, Mortgage Products and Government Policies

Scanlon

Lunde

Whitehead

2011

International Journal of Housing Policy

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The long period of house price growth in markets across the world ended with the US and global financial crisis of 2007/08. The crisis and the consequent recession had profound effects on mortgage market actors -including households, institutions and governments -in most advanced economies, whether or not they participated in this rapid house price growth. Many of the trends observed during the boom, especially the innovations in financial instruments, were reversed. This paper presents evidence on how mortgage markets and stakeholders responded in the initial period after the crash. In particular it reports on a 2009 survey of housing experts from 16 industrialised countries, which concentrated on how each country's mortgage system responded to the crisis and how governments addressed the problems of borrowers.

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Section: House Price Movementsmentioning

confidence: 99%

Responding to the Housing and Financial Crises: Mortgage Lending, Mortgage Products and Government Policies

Scanlon

Lunde

Whitehead

2011

International Journal of Housing Policy

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“…Aalbers, 2009;Peck et al, 2009) and the impacts of the housing and financial crisis on national economies (e.g. Kim and Renaud, 2009;Scanlon et al, 2011), there is currently a dearth of literature examining the actual impacts of the recession on household spaces or the everyday lived experience within the economic crisis. In this paper we address this significant gap by exploring rural household vulnerability within the context of the global financial crisis and the roll-out of austerity policy measures.…”

Section: Introductionmentioning

confidence: 99%

Household vulnerability in rural areas: Results of an index applied during a housing crash, economic crisis and under austerity conditions

Murphy

Scott

2014

Geoforum

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Publication informationGeoforum, 51 : 75-86 Publisher ElsevierItem record/more information http://hdl.handle.net/10197/5026 Publisher's statement þÿ T h i s i s t h e a u t h o r s v e r s i o n o f a w o r k t h a t w a s a c c e p t e d f o r p u b l i c a t i o n i n G e o f o r u m .Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Geoforum (Volume 51, þÿ J a n u a r y 2 0 1 4 , P a g e s 7 Abstract. The emergence of the economic crisis in 2007/08 has increasingly exposed rural localities to exogenous shocks and ruptures within the globalised economy. Rather than focusing on economic growth alone, many commentators have begun examining how regions and localities can cope with economic crises by enhancing place resilience and reducing the vulnerability of places to global economic uncertainty. However, scant attention has been given to assessing economic vulnerability at the household scale. This paper attempts to marry and relate the global processes at work in both the literature on financialisation and vulnerability to facilitate understanding of and provide a framework for financialisation research at the household scale. In this context, we develop and apply a Household Vulnerability Index (HVI) to rural areas. Drawing on survey data, the index utilises both objective indicators (e.g. household income) and subjective indicators (e.g. household perceptions of future job insecurity) to provide a nuanced account of living conditions and life satisfaction among rural households in Ireland following a housing crash, economic recession and the widespread adoption of austerity measures across public policy. By adopting a vulnerability approach (rather than providing a 'snapshot'), the HVI enables an assessment of not only current conditions for households, but also the probability of continued declining living standards and the exposure of households to further exogenous shocks. This provides a useful tool in assessing the potential impact of a range of public policies at the household level. In the case of Ireland, a link emerged between increased household vulnerability and rural localities that experienced an oversupply of houses during the recent speculative housing bubble, suggesting that the failure to effectively regulate development and finance has increased household exposure to financial risk.

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“…This resulted in high levels of indebtedness of households and firms (Debelle, 2004, Iacoviello andMinetti, 2008). In the case of households, one of the effects of financial liberalisation was an increase in finance flows towards housing and real estate markets, creating the first synchronised global housing cycle (Taylor, 2007, Kim andRenaud, 2009). Indeed, a wealth of recent literature (Mishkin, 2007, Muellbauer, 2008, Iacoviello, 2005 indicates that increases in mortgage credit resulting from monetary policy fuelled housing demand and increased house prices (Bernanke, 2010).…”

Section: -Literaturementioning

confidence: 99%

The Sources of House Price Change: Identifying Liquidity Shocks to the Housing Market

Paz¹,

White²

2013

Proceedings of the 20th Annual European Real Estate Society Conference - Vienna, Austria

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The Global House Price Boom and its Unwinding: An Analysis and a Commentary

Cited by 75 publications

References 23 publications

Responding to the Housing and Financial Crises: Mortgage Lending, Mortgage Products and Government Policies

Responding to the Housing and Financial Crises: Mortgage Lending, Mortgage Products and Government Policies

Household vulnerability in rural areas: Results of an index applied during a housing crash, economic crisis and under austerity conditions

The Sources of House Price Change: Identifying Liquidity Shocks to the Housing Market

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