Housing reform has been a key component in China's economic revitalization program initiated by the late paramount leader Deng Xiaoping since 1978. By reforming the welfare housing system, the Chinese government aims at the removal of a burden (i.e., welfare housing) from state finance. At the same time, housing reform will stimulate changes in consumption, investment, and related industrial se...

We study sources and consequences of uctuations in the U.S. housing market. Slow technological progress in the housing sector explains the upward trend in real housing prices of the last 40 years. Over the business cycle, housing demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices. Monetary factors explain less than 20 percent...

Just like any other economic field, housing market has two basic foundations which are demand and supply. Its obvious that disequilibrum between these foundations, will drasticaly affect the housing affordability and can also lead to wide slump in many markets. That’s why, policy makers usually intend to stimulat the supply by means of providing low intrest loans, low priced land, etc. In this ...

Unsold new housing stocks may be closely related to housing market fluctuation, especially the difference between housing supply and demand, which is influenced by macroeconomic conditions. These factors simultaneously influence developers’ investment decisions and, thus, housing supply over time. However, previous research on the housing market has focused on explaining the statistical relatio...

An unusually rich source of data on housing prices in Stockholm is used to analyze the investment implications of housing choices. This empirical analysis derives market-wide price and return series for housing investment during a 13-year period, and it also provides estimates of the individual-speci®c, idiosyncratic, variation in housing returns. Because the idiosyncratic component follows an ...

â housing as the smallest element of the habitats is one of the most important urban usage and one of the major development indices of a country. the purpose of this paper is investigation of housing situation of income groups and estimation of low income groups housing using statistical techniques in housing programming. this paper attempts to investigate the housing situation of income group ...

This article investigates the portfolio choices of homeowners, taking into account the investment constraint introduced by Henderson and Ioannides (1983). This constraint requires housing investment by homeowners to be at least as large as housing consumption. It is shown that when the constraint is binding, the homeowner's optimal portfolio is ineffcient in a mean-variance sense. Thus, portfol...