Housing Markets in Europe and in the USA: What Are the Relevant Issues Today?

Peter Mooslechner and Karin Wagner

Chapter 2 in Housing Market Challenges in Europe and the United States, 2009, pp 15-39 from Palgrave Macmillan

Abstract: Abstract While housing markets and housing finance have undergone remarkable changes over the past decades, both in the USA and in Europe, housing continues to play an important role in the economy. In a significant number of recessions, the housing sector has preceded if not caused the economic downturn — a stylized fact — also underlined by the current financial turmoil and economic crisis. At the same time, there has been a significant increase in indebtedness of private households. In this chap-ter we take a closer look at some of the fundamental factors behind this trend of increasing mortgage growth. In particular, the chapter analyzes some of the recent changes observed in housing finance and studies key aspects of the economic relevance of housing markets in the present context.

Keywords: Monetary Policy; Central Bank; House Price; Asset Price; Housing Market (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-24698-0_2

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DOI: 10.1057/9780230246980_2

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