MARKET INDUCED AND GOVERNMENT MANDATED ENERGY CONSERVATION IN THE HOUSING MARKET: Econometric Evidence from the U.S.

This paper integrates and compares me results of two large-scale econometric analyses of the effects of residential energy prices upon the U.S. housing market. A simple model of energy consumption in the housing market is developed, and the results of these studies are compared with the common model. The two studies, using very different bodies of data and very different econometric techniques, yield very similar implications in terms of household expenditures and patterns of consumption. In particular, both studies confirm the importance of "natural conservation" in the housing market. Higher energy prices lead to substantially lower consumption of residential energy, even in the absence of regulation. In particular, it is estimated that a doubling of energy prices leads to a reduction of residential energy consumption of about twenty-five percent.     

THE HOUSING MARKET IN 1993

What hope is there of a recovery in the housing market in the rest of 1993? Jonathan Morris, of economic consultant Lombard Street Research, analyses the influences that will affect the housing market.     

THE HOUSING MARKET AND THE RECOVERY

In the run up to the key Christmas period the talk is again of renewed weakness in consumer spending. Last month saw the volume of retail sales rise by only 0.1 per cent, and the annual rate of growth has now slowed to a shade over 3 per cent, down from its peak of 4.4 per cent back in July this summer. This weakness in consumer demand is also clearly being reflected in retail prices; with retailers discounting their prices to boost sales, headline inflation fell to 1.4per cent in October, while the underlying rate dropped to its lowest level for 25 years. This forecast release looks at the wider determinants of consumer spending, especially developments in the housing market. We argue that the slowdown in high street sales is a forbear of sluggish growth to come and that lower interest rates, if they materialise, are unlikely to have much of an impact. While consumer spending has been the driving force out of recession, for the recovery to be sustained, requires that exports and investment spending now take up the running.     

THE SIZE OF HOUSING SUBSIDIES IN CHINA*

Inexhaustible, strong demand for housing, which is generated from the current low rents and the work-unit-distribution housing system, has caused permanent housing shortages in China's urban sector. It is also one of the main sources of China's cost-push inflation. The transition from public to private saving, which is included in current housing reform, is the only way to solve the housing problems facing the country. Calculation of the size of housing subsidies is the very foundation of any housing reform program. Based on my estimates, the annual housing subsidy per woker expanded 8.6 limes during the period from 1978 to 1988, increasing at an anual rate of 24.1%. Total housing subsidies expanded 12.4 times, rising at an annual rate of 28.6%. Relative to GNP, the housing subsidies grew from 1.3% to 4.2% during the period. The rapid expansion of housing subsidies has several significant policy implications for China's economy. These include the need for reappraising real worker income identifying the enlarged portion of revenue in kind, and recalculating housing consumption.     

HOUSING DEMAND IN A TRANSITIONAL MARKET: MOSCOW

Before Russia began its transition toward the market, its housing sector was perhaps the most controlled in the world. This paper employs data from a 1994 survey of Moscow households to estimate housing demand functions to evaluate whether behavior is consistent with market principles. Statistically significant, robust income elasticities are found for families who have engaged in recent market housing transfers. Insignificant results are found for those renting state-owned units. Families who have engaged in market housing transfers are smaller, younger and wealthier than other families in Moscow and end up living in less crowded conditions than state renters. The use of per capita living space as a proxy for market value, as has been done in previous studies of housing in Russia and the Soviet Union, is also evaluated.     

THE INFLUENCE OF THE GREAT HANSHIN-AWAJI EARTHQUAKE ON THE LOCAL HOUSING MARKET

The Great Hanshin-Awaji Earthquake destroyed a huge number of houses and caused housing problems in the disaster area. This paper investigates the influence of the earthquake on the related housing market, mainly in terms of changes in house prices and housing rents, and analyzes the machanism of the changes. Empirical results by Hedonic analyses indicate the influences are different between house prices and housing rents and also between the disaster district and the surrounding area. Those differences are explained by the factors of the earthquake that would affect the housing market, such as decrease in income, diversity of damage among the districts and others.     

A REVIEW OF THE KOREAN HOUSING MARKET AND RELATED POLICIES

Essentially an update of Renaud (1989). K.Y. Kim (1991), and K.H. Kim (1993), this paper introduces the Korean housing market and policies, but from a distinct perspective. Housing conditions in Korea have dramatically improved both in terms of quantity and quality over the past 35 years. The market has mainly accommodated buyers of new houses, while ignoring or even sacrificing needs of low income households. This is the result of government control of the market mostly by regulations on new for-sale houses rather than by budgetary or financial resources. Both the weakness and strength of this housing supply system were clearly revealed by the price hikes in the late 1980s and by the mass production of houses, which finally stabilized the market As for major current policy problems, the suggestions put forth in this paper emphasize fewer regulations and more involvement of the private sector.     

新城市地产参展广州房博会

9月18—20日,2009年广州房地产交易博览会暨城市规划建设及住房安居展在琶洲会展中心举行。广州新城市地产、保利、富力、雅居乐等数十家有实力的本地开发商参展,成为最多房地产企业参展的房博会。     

风云变幻 挺立潮头——记广州中海地产15年

经历近15年的洗练，广州中海地产愈是危机时刻，愈是执著坚守，并以前瞻眼光制订了正确的发展战略，08年的中国地产北风劲吹，广州中海旗下的楼盘仍然获得热烈追捧，这有赖于广州中海发展战略的前瞻性，也有赖于广州中海精品策略的炉火纯青，还有赖于客户对广州中海品牌和产品的高度认同。