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- W3123244476 abstract "We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria which replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model helps us identify a powerful driver of the housing market: the ability of young households to afford the down payment on a starter home, and in particular their income. The model also highlights a channel whereby changes in income may yield housing price overshooting, with prices of trade-up homes displaying the most volatility, and a positive correlation between housing prices and transactions. This channel relies on the capital gains or losses on starter homes incurred by credit-constrained owners. We provide empirical support for our arguments with evidence from both the U.K. and the U.S." @default.
- W3123244476 created "2021-02-01" @default.
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- W3123244476 date "2005-01-01" @default.
- W3123244476 modified "2023-09-28" @default.
- W3123244476 title "Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraints (Revised Version)" @default.
- W3123244476 doi "https://doi.org/10.5282/ubm/epub.494" @default.
- W3123244476 hasPublicationYear "2005" @default.
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