From Housing Cycles to Financial Crises

Sock-Yong Phang

Chapter 9 in Housing Finance Systems, 2013, pp 111-124 from Palgrave Macmillan

Abstract: Abstract Housing markets have always been cyclical with regular booms and busts. Similar to other assets, housing asset prices should equal the discounted stream of expected future housing returns in the long run. To the extent that actual and expected rents and components of the discount factor (in particular interest rates and capital gains) are affected by macroeconomic shocks, policy and sentiments, these shocks are reflected in house price changes.

Keywords: Real Estate; House Price; Housing Market; Mortgage Loan; Housing Supply (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-01403-0_9

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DOI: 10.1057/9781137014030_9

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