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House Price - Understanding House-Price Dyn amics CU Huan...

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Understanding House-Price Dyn amics CU Huan Long Jiuju Qi Bobir Zhiyi Liu Ming Gu
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U.S.A
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Korea
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Uzbekistan
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Content
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60% 1.5 % Housing supply Demand for housing expectations
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Demographi c change and mortgage loan market
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Most 3 volatile movements Little change Dispersion of wages across regions Pacifi c New England Middle Atlantic
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Price–to–rate ration
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Studies on House-Price Dynami cs What factors do you think would affect the house-price? Three factors: Demand Supply Expectation
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Affect from supply and demand sides Ø Supply Inflexible nature of housing supply Land-use restrictio ns Ø Demand Demography chan ges More volatile incom e Individual wages
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Affect from Expectation
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How does bubble form? Bubble
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Effect of Housing Bubble
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Measure on Housing Bubble Government and Central Bank E.g. In 2008, U.S government allocated ov er $900 billion to rescue housing bubble,
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Inflation on House-Price On average, inflation accounts for more than half of the total variation in house prices across countries.
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Inflation on House-Price Explanatio n
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The User-Cost Theory How User Costs ar e Determined?
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