Housing policy in Australia, at both the national and State level, is heavily reliant on the private rental sector to provide housing for low-income consumers. At the same time, there is evidence of significant market failure in the rental sector concerning access to and the supply of lower cost housing. Under a structures of housing provision framework, the institutional and structural process...

In the last three decades, the People's Republic of China (PRC) has managed to replace its welfare-based urban housing system with a market-based housing provision scheme. With such significant housing policy changes, the PRC has successfully expanded urban home ownership and impressively increased per capita housing consumption. The housing market has become one of the major pillar industries ...

The housing and business cycles are clearly tied together and this has been documented in the recent literature. Our analysis of the housing and labor markets is based on a DMP model for interdependent housing and labor markets that gives rise naturally to vacancy rates in housing and labor markets. We estimate the model using data at the MSA level on housing vacancies from the US Census Bureau...

The Korean real estate market is currently experiencing a slowdown due to the global economic crisis which has resulted from subprime mortgage lending practices. In response, the Korean government has enforced various policies, based on intend to deregulate real estate speculation, such as increasing the Loan to value ratio (LTV) in order to stimulate housing supply, demand and accompanying hou...

We develop and calibrate a two-sector, search-matching model of the labor market augmented to incorporate a housing market and a frictional goods market. The labor market is divided into a construction sector and a non-housing sector, and there is perfect mobility of unemployed workers across sectors. In the frictional goods market households, who lack commitment, …nance random consumption oppo...

While sustainability has been under heated debate in the past 20 years, practical issues such as housing sustainability have been overlooked. This research introduces a two-tier analytical framework based on the environmental, economic and social dimensions of housing sustainability. This provides a market-oriented understanding on the issue of housing sustainability. The findings suggest that ...

[naeini1]  housing is the third top factor in human life, after food and clothing in all communities. many variables are involved in determining housing prices and it is impossible to ignore housing feedback. one of the powerful tools to determine the impact of policies in this field is using system dynamics approach. according to this approach, the cause-and- effect diagram of factors affectin...

We investigate a household’s asset allocation, housing, and mortgage decisions in a calibrated life-cycle model with costly stock market entry and participation and a risky housing market featuring housing adjustment costs, mortgage collateral borrowing requirement, refinancing charge, and default penalty. Our analysis demonstrates that a household’s liquid wealth is the most important determin...

In the United States, 15 percent of households change residence in a given year. This result is based on data from the Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market—renter-occupied properties and owner-occupied properties. The gross flows between these two segments are four times larger than the net flows. From a secular perspective, hou...