Housing Cooperatives in Sweden: The Effects of Financial Deregulation |
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Authors: | Turner Bengt |
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Institution: | (1) Institute for Housing Research, Uppsala University, Box 785, 801 29 Ga¨vle, Sweden |
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Abstract: | The article focuses on transaction prices for recent movers in cooperative dwellings during the period 1980–1993. Prices increased by 80% in real terms up to 1990, then fell by 35% between 1990 and 1993. A hedonic analysis is used to analyze the impact of changmg macroeconomics and financial deregulation. The financial deregulation, which took place in 1985, seems to have caused increased loan-to-value ratios on the cooperative housing market. Using 1983 as a point of reference, a Tobit analysis reveals that the average LTV ratio in 1990 was 290% higher that year. After 1990 the LTV ratio fell by 45% due to credit constraints. |
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Keywords: | housing finance deregulation house prices cooperatives loan-to-value |
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