Structural Breaks: A Shift of Roles in the Relationship between Real Estate and Regional Industry

Changha Jin, Owen Tidwell and Philip Seagraves

Journal of Housing Research, 2018, vol. 27, issue 2, 129-158

Abstract: We conduct an analysis of connectivity between regional housing markets and regional industry by examining 10 consolidated metropolitan statistical areas (CMSAs) in the Case-Shiller Index and stock portfolios representing the economic base for each region. We test for cointegrating relationships between real estate markets and industry performance and find that, prior to the recent real estate market collapse, prices in the housing market are dependent on industry performance; post-collapse, however, this relationship changes. Our results suggest that the recent financial crisis was so severe that it resulted in a structural break in the causal relationship between regional industry performance and real estate markets.

Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/10835547.2018.12092146 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:129-158

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rjrh20

DOI: 10.1080/10835547.2018.12092146

Access Statistics for this article

Journal of Housing Research is currently edited by Kimberly Goodwin

More articles in Journal of Housing Research from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().