Why Housing?

Levitin, Adam J.; Wächter, Susan M.

doi:10.1080/10511482.2012.749936

Cited by 30 publications

(11 citation statements)

References 30 publications

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“…In most industrialized countries, the past decades have demonstrated a crucial role of national house price cycles in transmitting shocks to the real economy (Ferreira et al, 2010;Levitin and Wachter, 2013). However, there are large discrepancies in house price dynamics also within a particular country, and national house price cycles are often driven by developments in certain regional markets (Glaeser et al, 2008;Capozza et al, 2004;Malpezzi and Wachter, 2005).…”

Section: Introductionmentioning

confidence: 99%

Supply restrictions, subprime lending and regional US house prices

Anundsen¹,

Heebøll²

2016

Journal of Housing Economics

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Section: Introductionmentioning

confidence: 99%

Supply restrictions, subprime lending and regional US house prices

Anundsen¹,

Heebøll²

2016

Journal of Housing Economics

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“…Frame, Wall, and White (2013), Glaeser and Gyourko (2008), and Levitin and Wachter (2013) survey the U.S. housing finance policy. Passmore, Sparks, and Ingpen (2002) and McKenzie (2002) have estimated the average implicit subsidy from the GSEs.…”

Section: Related Literaturementioning

confidence: 99%

Distributional Implications of Government Guarantees in Mortgage Markets

Gete

Zecchetto²

2017

The Review of Financial Studies

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We analyze the removal of the credit-risk guarantees provided by the governmentsponsored enterprises (GSEs) in a model with agents heterogeneous in income and house price risk. We find that wealth inequality increases, driven by higher mortgage spreads and housing rents. Housing holdings become more concentrated. Foreclosures fall. The removal benefits high-income households, while hurting low-and mid-income households (renters and highly leveraged mortgagors with conforming loans). GSE reform requires compensating transfers, sufficiently high elasticity of rental supply, or linking GSE reform with the elimination of the mortgage interest deduction. (JEL E51, H81, G21, R2) * We thank

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“…Equilibrium is eventually achieved as the curve gradually acquires more flexibility and adjustment takes place (Meen, 2002, Topel & Rosen, 1988, Quigley, 1997, De Leeuw & Ekanem, 1971, Olsen, 1987, Hanushek & Quigley, 1979, Blackley, 1999, Glaeser et al, 2005. Levitin and Wachter (2013) suggest that housing is unusually susceptible to booms and busts because credit conditions affect demand. Homeownership requires borrowing making the housing market dependent on the credit system.…”

Section: -Literaturementioning

confidence: 99%

The sources of house price change: identifying liquidity shocks to the housing market

Paz

White

2016

JERER

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show abstract

Why Housing?

Cited by 30 publications

References 30 publications

Supply restrictions, subprime lending and regional US house prices

Supply restrictions, subprime lending and regional US house prices

Distributional Implications of Government Guarantees in Mortgage Markets

The sources of house price change: identifying liquidity shocks to the housing market

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