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Local Housing Markets (local + housing_market)

Distribution by Scientific Domains

Humanities and Social Sciences	60%
Business, Economics, Finance and Accounting	40%

Selected Abstracts

ECONOMIC FUNDAMENTALS IN LOCAL HOUSING MARKETS: EVIDENCE FROM U.S. METROPOLITAN REGIONS

JOURNAL OF REGIONAL SCIENCE, Issue 3 2006
Min Hwang
ABSTRACT This paper investigates the effects of national and regional economic conditions on outcomes in the single-family housing market: housing prices, vacancies, and residential construction activity. Our three-equation model confirms the importance of changes in regional economic conditions, income, and employment on local housing markets. The results also provide the first detailed evidence on the importance of vacancies in the owner-occupied housing market on housing prices and supplier activities. The results also document the importance of variations in materials, labor and capital costs, and regulation in affecting new supply. Simulation exercises, using standard impulse response models, document the lags in market responses to exogenous shocks and the variations arising from differences in local parameters. The results also suggest the importance of local regulation in affecting the pattern of market responses to regional income shocks. [source]

Local Housing Markets and Segregation in England

ECONOMIC OUTLOOK, Issue 1 2005
Article first published online: 2 FEB 200
In this article, Geoff Meen discusses patterns of economic segregation in England. Despite the emphasis that the government places on reducing segregation, patterns have, in fact, remained remarkably constant over, at least, the last twenty years. Dynamic changes in housing markets and migration over time help to explain these patterns, and evidence is presented on the extent to which house prices in certain local authorities have been under- or over-valued. The analysis also shows that, at the local level, housing markets exhibit non-linear behaviour, which hinders the effectiveness of housing policy in the most deprived areas and adds to economic segregation. [source]

The Long-Run Relationship between House Prices and Income: Evidence from Local Housing Markets

REAL ESTATE ECONOMICS, Issue 3 2006
Joshua Gallin
Many in the housing literature argue that house prices and income are cointegrated. I show that the data do not support this view. Standard tests using 27 years of national-level data do not find evidence of cointegration. However, standard tests for cointegration have low power, especially in small samples. I use panel-data tests for cointegration that are more powerful than their time-series counterparts to test for cointegration in a panel of 95 metro areas over 23 years. Using a bootstrap approach to allow for cross-correlations in city-level house-price shocks, I show that even these more powerful tests do not reject the hypothesis of no cointegration. Thus the error-correction specification for house prices and income commonly found in the literature may be inappropriate. [source]

Dynamics of ethnic residential segregation in Göteborg, Sweden, 1995,2000

POPULATION, SPACE AND PLACE (PREVIOUSLY:-INT JOURNAL OF POPULATION GEOGRAPHY), Issue 2 2008
Åsa Bråmå
Abstract Most explanatory frameworks within segregation research interpret patterns of ethnic residential segregation as the result of how members of different ethnic groups have moved (or not moved) within the city and to the city from the surrounding world. Yet, few attempts have been made to proceed beyond relatively static accounts based on descriptions and analysis of patterns of segregation, to address more directly the dynamics behind the patterns. In this article, a longitudinal, individual-based data-set is used in order to analyse the dynamics, in terms of migration and natural population change, that have reproduced and transformed patterns of segregation in Göteborg (Gothenburg), Sweden, between 1995 and 2000. The analysis deals with questions concerning changes in the degree of concentration and dispersal of different minority groups, and the role of the minority enclaves as ports of entry to the local housing market for different groups. The findings have relevance for wider theoretical issues related to the interpretation and explanation of ethnic residential segregation. Copyright © 2008 John Wiley & Sons, Ltd. [source]