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There is little credible evidence on whether price discrimination exists in the housing market. Using a large sample of single-family home sales from Florida where both the race of the seller and buyer are known, we present evidence using the traditional and Harding et al. [HRS, Harding, J.P., Rosenthal, S., Sirmans, D.F., 2003. Establishing bargaining power in the market for existing homes. The Review of Economics and Statistics 85, (1) 178–188] approaches to empirical estimation. Omitted variable bias is found to plague the traditional approach. Results from following the HRS approach indicate that price discrimination exists by whites and Hispanics against blacks and Asians. Price discrimination against blacks is restricted to non-majority black neighborhoods and is smaller in magnitude in neighborhoods containing younger and more educated homeowners. 相似文献
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《Economic Outlook》2013,37(4):49-50
The housing market has gained further momentum with activity accelerating and prices continuing to increase strongly on all measures in Q3. This trend is expected to continue, with the latest survey data from RICS reporting strong growth in new buyer enquiries and – to a lesser extent – in new instructions… 相似文献
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《Economic Outlook》2013,37(3):49-50
The recovery in the housing market has continued, with house prices picking up on all measures over the past few months. And there are encouraging signs of underlying strength, with the latest survey data from RICS reporting healthy growth in both new buyer enquiries and new instructions… 相似文献
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The recent housing market boom and bust in the United States illustrates that real estate returns are characterized by short-term positive serial correlation and long-term mean reversion to fundamental values. We develop an econometric model that includes these two components, but with weights that vary dynamically through time depending on recent forecasting performances. The smooth transition weighting mechanism can assign more weight to positive serial correlation in boom times, and more weight to reversal to fundamental values during downturns. We estimate the model with US national house price index data. In-sample, the switching mechanism significantly improves the fit of the model. In an out-of-sample forecasting assessment the model performs better than competing benchmark models. 相似文献
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Oscar Fisch 《Journal of urban economics》1977,4(4):428-447
This paper deals with the derivation of the rent values of the standing stock of the housing market with a continuous vintage approach, under malleable stock and homogeneous population assumptions, and under dynamic conditions: population and income growth, technological obsolesence, and a continuous upward shift and elasticity change in the supply function. The core of the model is a Volterra nonlinear integral equation of the second kind, and results are shown in relation to existence, uniqueness and stability. Finally, a spatial-dynamic model is specified by a Fredholm-Volterra nonlinear integral equation, framing the analysis of the housing filtering process with the Burgess-Hoyt concept of directional growth in urban development. 相似文献
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2008年以来,突然的市场转向使很多房地产企业措手不及,很多人把市场回暖的希望寄托在宏观经济周期和政府的救市政策上.但在经济下行周期就只有撤出房地产市场这一条路吗?房地产业没有了政府的政策救市,是不是只能坐以待毙?…… 相似文献
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Robert Schafer 《Journal of urban economics》1979,6(2):176-196
Recent studies suggest that price differentials between what whites and blacks pay for housing are largely a function of changes in supply and demand in the two submarkets. These studies, however, estimate models that assume a unified housing market. As a result, imputed prices of housing attributes cannot vary with location, and the analyses obscure important racial price differentials. Based on a more realistic and complex housing market theory, the model described in this paper indicates that housing prices are substantially higher in the ghetto and transition areas than in white areas, and that within the same area blacks must pay more than whites for equivalent housing. 相似文献
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We identify leading indicators of changes in the housing market and compare their performance in predicting turning points. Being able to predict turning points is of importance to the home building industry, homeowners, and makers of housing policy. Our leading indicators include the Wells Fargo/NAHB Housing Market Index, two of its forward looking components, and an index of consumer sentiment regarding purchasing a home. Our comparison tests include Granger causality and a Bayesian predictor of the probability of a turning point. We find that the measure of consumer sentiment performs relatively well compared to the HMI in predicting home permits, housing starts, and new home sales. 相似文献
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While public construction in Israel is of a magnitude sufficient to exert effective housing market countercyclical influence, it has often had the opposite effect. This phenomenon is viewed with particular concern, given that economywide recessions of past decades have been precipitated by significant downturns in the construction industry. This paper describes specification and estimation of a simultaneous-equation structural model of the Israeli housing market. Results of the analysis indicate the importance of disaggregation by public and private sectors as well as the significance of mortgage availability and price, substitution and income effects, disruptions caused by war and the like in an explanation of cyclical phenomenon. 相似文献
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2008年,中国房地产市场遭遇了十年来最大一次寒流.国家统计局数据显示,2008年1~12月,全国商品房销售面积6.2亿平方米,同比下降19.7%.其中,商品住宅销售面积下降20.3%.…… 相似文献
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2009年,国内住宅产品市场发展将大致向两端分化:一种是政府主导的保障性住房,另一种是开发商主导的个性化高端产品.这种变化主要取决于当前市场结构和开发模式的转变.…… 相似文献
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Lawrence D. Schall 《Journal of urban economics》1981,10(2):141-163
A system of gross substitutes, referred to here as a chain system, is analyzed and the results applied to the housing market. The stability conditions and comparative statics properties of the system are examined in detail. One of the results is that a specific numerical magnitude is of special importance to the system's stability and comparative statics behavior. Implications of the analysis for the housing market and for government policy are discussed. 相似文献