Assessing High House Prices
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Assessing High House Prices
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Author : Charles P. Himmelberg
language : en
Publisher:
Release Date : 2005
Assessing High House Prices written by Charles P. Himmelberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Housing categories.
"We construct measures of the annual cost of single-family housing for 46 metropolitan areas in the United States over the last 25 years and compare them with local rents and incomes as a way of judging the level of housing prices. Conventional metrics like the growth rate of house prices, the price-to-rent ratio, and the price-to-income ratio can be misleading because they fail to account both for the time series pattern of real long-term interest rates and predictable differences in the long-run growth rates of house prices across local markets. These factors are especially important in recent years because house prices are theoretically more sensitive to interest rates when rates are already low, and more sensitive still in those cities where the long-run rate of house price growth is high. During the 1980s, our measures show that houses looked most overvalued in many of the same cities that subsequently experienced the largest house price declines. We find that from the trough of 1995 to 2004, the cost of owning rose somewhat relative to the cost of renting, but not, in most cities, to levels that made houses look overvalued"--National Bureau of Economic Research web site.
Assessing House Prices With Prudential And Valuation Measures
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Author : Michal Andrle
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-18
Assessing House Prices With Prudential And Valuation Measures written by Michal Andrle and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-18 with Business & Economics categories.
In this paper we provide tools for assessing the house prices and housing valuation. We develop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach. The borrowing capacity of households, together with their down payment, implies how much housing they can attain. In the intrinsic value approach, property value is viewed as a discounted present value of adjusted net rental income. Our approach does not involve a complex econometric model and only widely available data are used. The proposed indicators can guide households, financial markets and macroprudential authorities in their understanding of house prices development. To illustrate the concepts, we analyze the housing prices in the Czech Republic and assess the degree of market over-and undervaluation.
Fundamental Drivers Of House Prices In Advanced Economies
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Author : Ms.Nan Geng
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-18
Fundamental Drivers Of House Prices In Advanced Economies written by Ms.Nan Geng and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-18 with Business & Economics categories.
House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Odds Of Falling Home Prices
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Author : Elizabeth Fretty
language : en
Publisher: Elizabeth Fretty
Release Date : 2023-06-23
Odds Of Falling Home Prices written by Elizabeth Fretty and has been published by Elizabeth Fretty this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-23 with Business & Economics categories.
Home listing prices continue to be high. Mortgage interest rates are high; the last time they were this high was in the early 2000s. But the cost of borrowing is likely to go up over the next year, which will make the decision much harder for people who may need to buy in that time. The majority of us will continue investing in the markets and accumulating money for a down payment until the housing market stabilizes. Q.ai eliminates uncertainty from investment. Here’s How Strange the Housing Market Is Getting Right Now. In other words, rising mortgage rates are bad news for the housing market, and the US just saw one of the sharpest hikes ever. Home buyers are now dealing with severe price shock as affordability indicators are deteriorating at their highest rate ever. In fact, a number of market milestones have been reached recently, with mortgage spreads and benchmark interest rates reaching levels that haven’t been seen in decades while the number of new sales is declining at a rate that is faster than even during the period following the global
House Price Methodology
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Author : Marko Hannonen
language : en
Publisher: Suomen E-painos Oy
Release Date :
House Price Methodology written by Marko Hannonen and has been published by Suomen E-painos Oy this book supported file pdf, txt, epub, kindle and other format this book has been release on with Mathematics categories.
This booklet discusses some major methodological issues relating to the construction of house price models on a macro level. There is no single method that always produces the optimal results; the choice of a particular approach, method, theory, model and technique is context-dependent. This is especially true in housing markets, where a multitude of different submarkets exist. The methodology chosen should be based on sound theory, from which the basic concepts of analysis can be derived. This booklet discusses the use of potential models, which can be constructed using a general field theory, and which act as a theoretical foundation for further analysis. If we use potential models for house price analysis we can discover additional features from the data set that other approaches would simply miss. This e-book presents a pragmatic overview of key methodological concerns with the emphasis on the use of potential models. Theoretical methodological questions are left unanswered, and are not even presented in this text, since they have little relevancy to real-world modelling questions.
Australia
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Author : International Monetary Fund. Asia and Pacific Dept,
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-15
Australia written by International Monetary Fund. Asia and Pacific Dept, and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-15 with Business & Economics categories.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Hot Property
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Author : Rob Nijskens
language : en
Publisher: Springer
Release Date : 2019-06-14
Hot Property written by Rob Nijskens and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-14 with Business & Economics categories.
This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
The Measurement Of House Prices
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Author : Gregory Thwaites
language : en
Publisher:
Release Date : 2005
The Measurement Of House Prices written by Gregory Thwaites and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
House prices are an important consideration in assessing macroeconomic developments in the United Kingdom. But the special characteristics of housing - heterogeneity, infrequent sale and negotiated prices - give rise to important issues that complicate their measurement. There are several valid concepts of house prices - such as the average transaction price, the price of a typical house and the housing stock deflator - each of which is useful for a different purpose. Users must therefore be careful to match the measure they use with the concept of house prices they are interested in. Furthermore, all the available measures are volatile, so high-frequency changes in house price inflation should not be expected to persist.
Foreign Demand And Local House Prices Evidence From The Us
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Author : Mr.Damien Puy
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-28
Foreign Demand And Local House Prices Evidence From The Us written by Mr.Damien Puy and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-28 with Business & Economics categories.
We test whether foreign demand matters for local house prices in the US using an identification strategy based on the existence of “home bias abroad” in international real estate markets. Following an extreme political crisis event abroad, a proxy for a strong and exogenous shift in foreign demand, we show that house prices rise disproportionately more in neighbourhoods with a high concentration of population originating from the crisis country. This effect is strong, persistent, and robust to the exclusion of major cities. We also show that areas that were already expensive in the late 1990s have experienced the strongest foreign demand shocks and the biggest drop in affordability between 2000 and 2017. Our findings suggest a non-trivial causal effect of foreign demand shocks on local house prices over the last 20 years, especially in neighbourhoods that were already rather unaffordable for the median household.
House Prices And The Macroeconomy
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Author : Charles Goodhart
language : en
Publisher: OUP Oxford
Release Date : 2006-12-21
House Prices And The Macroeconomy written by Charles Goodhart and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12-21 with Business & Economics categories.
House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.