Discussion of Home-buyers, Housing and the Macroeconomy
نویسنده
چکیده
We have learned from other contributions to this conference that it can be diffi cult to pin down whether a particular rise in asset prices constitutes a bubble, especially at the time it is happening. It may be easier ex post – the defi nition that says that you know youʼve had an asset bubble when the price has just fallen by 40 per cent. Despite these uncertainties, I think it makes sense to step back and ask the broader question as to whether certain markets can be classifi ed as bubble-prone. A reasonably clear defi nition of a bubble-prone market would be one with two characteristics – where the price dynamics are driven to a signifi cant degree by extrapolative expectations, and where this on occasions generates sustained departures of prices from their long-run determinants.
منابع مشابه
Quality Improvement Practices of Award-Winning Residential Builders and Housing Developers
New home buyers in United States are becoming more discriminating in their home buying decision. They are demanding quality construction at reasonable prices. The current state of construction market also gives construction buyers more ammunition to be more discriminate when they choose to purchase homes. To be competitive and remain in business, housing contractors and developers must meet th...
متن کاملامکانسنجی روشهای صنعتیسازی ساختمان در تولید مسکن اسلامی
Islam has perfectly organized all notions involved in human excellence through its material and spiritual guidance; settlement and housing are no exception. Therefore, real Islamic housing can be of concern to architecture researchers in Islamic Republic of Iran. On the other hand, the severe shortage of residential units, low quality of construction, short life span of buildings and low financ...
متن کاملAre Home Buyers Myopic? Evidence From Housing Sales
This paper explores whether home buyers are myopic about future energy costs. I exploit variation in energy costs in the form of fuel price changes in Massachusetts where there is significant overlap in the geographic and age distributions of oil-heated homes and gas-heated homes. I find that relative fuel price shifts cause relative changes in housing transaction prices that are consistent wit...
متن کاملThe Manufactured Home as an Affordable Housing Option
Mobile homes are often perceived as a cheap housing alternative of last resort. This paper reviews the history of the mobile home from its trailer house beginnings to its present manufactured home status. Manufactured homes (HUD Code mobile homes) located in manufactured home land lease parks are an affordable and preferred housing choice of many housing consumers. Furthermore, manufactured hou...
متن کاملModeling the U.S. housing bubble: an econometric analysis
The US economy experienced excessive demand for housing for over a decade, causing a housing boom. Consumers went on a spending spree driven by higher and higher, real and perceived home equity values, as well as equity market increases. In the US market, “bigger is better” or “as much as one can afford” became the mentality of home buyers. In addition, consumers were driven to buy houses now t...
متن کامل