共有产权:经济适用房制度创新研究

经济适用房制度受到了社会各界包括人大代表、政协委员、专家学者和主流媒体的广泛批评,有的甚至提出停止经济适用房制度的建议。我们研究认为,实践表明,经济适用房建设功效显著,深受群众欢迎,应予坚持;同时又存在缺陷,急需创新,予以完善。我们提出了具体的创新思路,即建立"政府与受助个人按份共有产权的经济适用房制度"。推行这一制度,既可以避免社会住房保障资源的严重流失(这一流失在全国每年至少在1000亿元以上,在江苏每年至少在100亿元以上),又可以加快适用房为主体的社会住房保障体系的建立,促进和谐社会建设。     

经济适用房与商品房要协调发展

现阶段,我国经济适用房与商品房是采取并存分离的政策。我国新的住房供应体系是对不同收入的家庭实行不同的住房供应政策:最低收入家庭租赁政府或单位提供的廉租住房;中低收入家庭购买经济适用房;高收入家庭购买或租赁市场价商品住房。我国城镇大多数家庭为中低收入家庭,这就决定了今后一段时间大多数城市住房的主体是经济适用房。从我国近几年安居房到经济适用住房的发展情况看,对解决居民住房困难起到了不可低估     

经济适用房政策实施的博弈分析

经济适用房是我国住房保障制度的重要组成部分,正引起社会的广泛关注.文章以博弈论为基础,通过企业与企业以及政府与企业间的博弈关系,分析了经济适用房的合理开发量及其管理中制约因素,并提出了经济适用房政策实施的几点建议.     

经济适用房产权界定与价格

随着全国各地商品房价格的飞涨,满足中低收入家庭住房的经济适用房再一次得到广泛关注。尽管经济适用房政策起始于1998年,但在实施过程中备受争议,出现了户型面积过大、购房对象界定不严、选址过于偏僻等问题。如何将经济适用房政策顺利实施,让真正需要住房的中低收入家庭拥有满意的住房,这是各地政府在推出经济适用房时必须谨慎思考的问题。     

经济适用房“共有产权制度”的制度缺陷分析

为解决我国现有经济适用房制度中存在的缺陷,有专家提出了建立“政府与个人共有产权房制度”的设想,引起广泛关注。本文通过对共有产权的分析,认为这一设想很有新意,但在具体实施中存在诸多缺陷,在市场化住宅中的共有产权国有份额与社会保障功能关系不大,并且是一项成本极高的制度安排,而作为经营城市中的措施之一,则是一项可以考虑的创新。     

经济适用房空间失配与福利损失问题研究*

有别于空间失配与就业影响的研究主线,借助于AMM模型和空间失配假设,从经济适用房的空间失配与住房福利损失的视角作为切入点,研究了经济适用房选址与住房福利损失之间的关系,提出了经济适用房合理选址的措施建议。     

外国政府如何替低收入者置业

英国:允许购买“部分产权”,让众多家庭圆了买房梦今年5月末,英国财政大臣布朗宣布,政府将推行一项新的“部分产权”购房计划,购房人可以先购买50%的产权,其余部分由政府、银行或抵押银行分担,并以低于市场的价格租给房主。这样,首次购房者只须凑足一半市价的钱,就可以购房了。     

保障性住房需要什么样的制度

经济适用房本意在于政府拿出部分财政收入来补贴中低收入者住房,但是制度设计的缺陷让它很容易沦为特权房,与现实的高房价形成的强烈反差也让太多具有抢夺能力的人趋之若鹜,中低收入人群仍然买不起或买不到,使其不能体现社会公平与效率。近期各地有关经济适用房的负面新闻频出,武汉的六连号事件、随州经适房"十连号事件"、郑州经适房用地建别墅、石家庄经济适用房遭弃购以及北京经适房租售成风等乱象,于是有些业内人士便站出来大声呼吁取消经济适用房。那么经济适用房能否废除?本期特别策划汇集问题,找出问题,分析我们需要什么样的保障性住房制度?希望通过本期特别策划主题,能够为下一步保障房制度建设提供可参考建议。     

住房保障体系的建立不能依赖市场

3月18日上午,国务院总理温家宝在答记者问时进一步提出,我们准备建立四个体系,其中一个就是"以廉租房和经济适用房为主的城市住房保障体系"。透过政府工作报告和温总理答记者问时的发言,不难看出我国住房保障体系与以往相比发生了一些变化。     

存在利益大于政策废除 完善机制解决问题根本 运用SOWT法分析企业集资建房的政策存废

住房难一直是全社会都关注的焦点问题。解决住房难问题也一直是各级政府的工作重点。虽然政府出台多项政策与措施,大力推进经济适用房、廉租房等保障性住房建设,但由于适用范围过小,条件限制过多,只有很小部分困难和低收入群体能够受益。     

House Search Duration in Hot and Cold Residential Markets

This study analyzes the determinants of house search duration of consumption‐driven buyers and individual investors in different housing market environments. We use data from surveys of recent house‐buyers in “hot” and “cold” housing markets in the 2000s housing bubble in California characterized by rising and declining residential house prices, respectively. The average house price and the surveyed geographical area are the same for both periods. Expected house ownership horizon is shown to be an important determinant of the realized search duration in addition to commonly considered housing and buyer characteristics. We find a statistically significant positive effect of it on the time until purchase in both housing price environments for consumption‐driven buyers. We also find that consumption‐driven house purchases were highly pronounced in coastal areas in the hot market and inland areas in the cold market. In contrast, long‐horizon investment activity leads that of consumption activity in those areas. Short‐horizon investors, on the other hand, concentrated their house search activity in inland areas in both housing market environments.     

The Accuracy of Owner-Provided House Values: The 1978–1991 American Housing Survey

The American Housing Survey (AHS) includes the owner's valuation of the house as a measure of the house's value. If owner-stated values are accurate, the AHS (as well as other survey instruments) can be used by researchers studying a variety of topics. In this study we use the metropolitan version of the AHS for three cities over fourteen years to compare owners' valuations with sales prices of houses that sold in the twelve months prior to an interview. We find that, on average, recent buyers report house values that are 8.4% higher than the stated sales prices. Further analysis indicates that these recent buyers, when compared with owners with longer tenure, overvalue their houses by 3.3%, on average. Thus, we find that the average owner overvalues his house by 5.1%. Also, differences between sales prices and owners' valuations are not related to particular characteristics of the house, occupants (other than length of tenure), or neighborhood. Thus, the use of the owners' valuations will result in accurate estimates of house price indexes and will provide reliable estimates of the prices of house and neighborhood characteristics.     

The Housing Market and Real Estate Brokers

The major development in this paper concerns the failure, in earlier studies, to consider interaction between alternative methods of arranging sales in the housing market. A seller may market a house by direct negotiations with buyers, without the intermediation of real estate brokers, or by listing the house with a broker. A rational seller would choose the option which offers the higher expected return on the house. In a sequence of models we argue that the seller's option of a method of sale induces competitive pressure in the choice of the commission rate by the broker. We also consider the split rate in a multiple listing system, ease of entry of brokers and the cartel hypothesis as applied to brokers. We conclude that the competitive pressure of direct negotiations between sellers and buyers, relative free entry of brokers and the inappropri-ateness of the cartel hypothesis cast serious doubt about a general consensus of opinion that the brokerage system is characterized by price fixing, excessive commissions and excessive marketing costs.     

Assessing the Market Value of Real Estate Property with a Geographically Weighted Stochastic Frontier Model

In this study we consider the problem of sellers, buyers and real estate appraisers in determining the price for a house, taking into account the characteristics of the house and its location as well as the goals of these three different parties. The appraiser's job is to determine the fair market value of the house, while the buyer and seller want to find, respectively, the lowest and highest feasible price for it. We combine recent developments in geography and econometrics to develop an approach that determines local estimates of property values from the perspectives of the buyer, seller and appraiser, taking into account the characteristics of the house as well as its location. We illustrate our approach analyzing closing prices in one residential real estate market.     

Is Selection Bias Inherent in Housing Transactions? An Equilibrium Approach

We develop an equilibrium model for residential housing transactions in an economy with houses that differ in their quality and households that differ in their planned holding horizon. We show that, in equilibrium, a clientele effect persists, with long‐horizon buyers overwhelmingly choosing higher quality properties and short‐horizon buyers settling for lower quality properties. This clientele effect creates a sample selection bias: the properties that are on the market are predominantly of lower quality. Since these are the preferred choice of short‐horizon buyers, they demonstrate a faster turnover. Both the clientele effect and the selection bias are more pronounced with an increase in the variance of house quality and in the variance of the planned holding horizon. Our theoretical model supports empirical evidence on the existence of such bias in home price indices and explains it by the differences in ex ante holding horizons.     

Deed Types, House Prices and Mortgage Interest Rates

When houses are sold they come with a deed attached that spells out the legal guarantees on good title. Some deeds give clues about the characteristics of the seller or the house. Using a 37,043-observation house price hedonic with a Bayesian spatial error model, we find the type of deed attached to a housing sale can have a dramatic correlation with the sale price. Ten deed types command a discount, and one commands a premium relative to warranty deeds. Mortgage rates for sheriff's deeds and foreclosure deeds are lower than for warranty deeds, indicating more sophisticated buyers.     

Real Estate Valuation Under Rent Control: The Case of Santa Monica

This is a study on the impact of rent control in the city of Santa Monica on rents and apartment house values. Findings include that rent control has significantly lowered rents for tenants, lowered the real values of apartment buildings and that the gross rent multipliers of buildings sold subsequent to the passage of rent control failed to decline. This last finding is a result of, according to the author, optimism on the part of buyers that the controls will be modified or eliminated in the future.     

Creative Financing and House Prices: A Theoretical Inquiry into the Capitalization Issue

Since buyers offer a premium for access to creative financing (CF), creatively-financed houses will sell for more than otherwise identical houses purchased with standard financing. A commonly suggested method for adjusting house values to eliminate the effects of CF is the "cash equivalence" method, where the CF premium is assumed to equal the present value of savings from CF. This paper shows that in a world with active housing speculators, the cash equivalence approach gives the right answer: In an "arbitrage" equilibrium, house values must differ by exactly the present value of CF savings. Further analysis shows that when capital markets are perfect, each consumer is indifferent between CF and standard financing when arbitrage equilibrium obtains. Without perfect capital markets, however, consumers will strictly prefer one financing mode or the other.     

Clientele Effects on the Demand For Housing Price Appreciation

If house buyers are segmented by income, one might expect to observe buyers in such markets valuing the benefits of expected capital gain differently. Presumably, individuals experiencing higher marginal tax rates should be inclined to pay relatively more for anticipated capital gain since the opportunities of sheltering such income from taxation are greater. This paper attempts to identify a proxy for expected capital gain by using the hedonic price methodology to predict a recent price series for each housing unit in a sample of sales. That proxy is then used to determine an individual buyer's marginal willingness to pay for anticipated price appreciation. The results indicate that one cannot reject the joint hypothesis that homebuyers naively extrapolate from prior implied price performance to establish future price expectations and the variation in willingness to pay for that expectation may be a function of the buyer's income. This suggests the existence in housing markets of a phenomenon termed the clientele effect. This effect has been the subject of considerable examination in the finance literature.     

The Affordability of New Homes

There has been much recent public discussion about the rising price of new homes, and concern that an increasing number of families are priced out of the new home market. This paper argues that new homes are no more expensive, relative to income, than they have historically been, although the large volume of subsidized new home production during the early 1970s has tended to distort the recent trends. The main problem for new home buyers is the increase in mortgage interest rates generated by inflation in the past decade. However, current homeowners have also benefited from inflation and may be better able to afford a new house as a result. This paper also presents data on recent new home buyers, showing that a large number of families are buying new homes supposedly beyond their means, and that the typical buyer has a much lower income than has been thought feasible by many housing market analysts.