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The Housing Market(s) of San Diego

Monika Piazzesi, Martin Schneider () and Tim Landvoigt
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Monika Piazzesi: Stanford
Tim Landvoigt: Stanford

No 1309, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: We study a quantitative asset pricing model with a continuum of house types. Equilibrium house prices match the inventory of available houses and housing demand from households that differ by age, income, wealth, and access to credit markets. The shape of the house price function reflects households' preferences across segments of the housing market in a nonlinear way. This is in contrast to the standard model with homogenous housing capital where Euler equations of all households help determine the per-unit price of housing capital. To implement the model quantitatively, we measure the inventory of houses and the distribution of household characteristics using micro data on the San Diego Metro Area during the recent boom-bust episode. We show that easier access to credit for poor agents played an important role in driving up house prices for low quality housing, but did not matter much for the overall price level.

Date: 2010
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