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Global Housing Markets

Global Housing Markets
  • Author : Ashok Bardhan,Robert H. Edelstein,Cynthia A. Kroll
  • Publisher :Unknown
  • Release Date :2011-10-27
  • Total pages :576
  • ISBN : 9781118144237
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Summary : A global look at the reasons behind the recent economiccollapse, and the responses to it The speculative bubble in the housing market began to burst inthe United States in 2007, and has been followed by ruptures invirtually every asset market in almost every country in the world.Each country proposed a range of policy initiatives to deal withits crisis. Policies that focused upon stabilizing the housingmarket formed the cornerstone of many of these proposals. Thisinternationally focused book evaluates the genesis of the housingmarket bubble, the global viral contagion of the crisis, and thepolicy initiatives undertaken in some of the major economies of theworld to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals withthe housing sector in addition to the financial sector ofindividual economies. Countries in many parts of the world wereplayers in either the financial bubble or the housing bubble, orboth, but the degree of impact, outcome, and responses variedwidely. This is an appropriate time to pull together the lessonsfrom these various experiences. Reveals the housing crisis in the United States as the core ofthe meltdown Describes the evolution of housing markets and policies in therun-up to the crisis, their impacts, and the responses in Europeanand Asian countries Compares experiences and linkages across countries and pointsto policy implications and research lessons drawn from theseexperiences Filled with the insights of well-known contributors with strongcontacts in practice and academia, this timely guide discusses thehistory and evolution of the recent crisis as local to eachcontributor's part of the world, and examines its distinctive andcommon features with that of the U.S., the trajectory of itsevolution, and the similarities and differences in policyresponse.

Global Housing Markets

Global Housing Markets
  • Author : Ashok Bardhan,Robert Edelstein,Cynthia Kroll
  • Publisher :Unknown
  • Release Date :2011-11-22
  • Total pages :564
  • ISBN : 9780470647141
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Summary : A global look at the reasons behind the recent economiccollapse, and the responses to it The speculative bubble in the housing market began to burst inthe United States in 2007, and has been followed by ruptures invirtually every asset market in almost every country in the world.Each country proposed a range of policy initiatives to deal withits crisis. Policies that focused upon stabilizing the housingmarket formed the cornerstone of many of these proposals. Thisinternationally focused book evaluates the genesis of the housingmarket bubble, the global viral contagion of the crisis, and thepolicy initiatives undertaken in some of the major economies of theworld to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals withthe housing sector in addition to the financial sector ofindividual economies. Countries in many parts of the world wereplayers in either the financial bubble or the housing bubble, orboth, but the degree of impact, outcome, and responses variedwidely. This is an appropriate time to pull together the lessonsfrom these various experiences. Reveals the housing crisis in the United States as the core ofthe meltdown Describes the evolution of housing markets and policies in therun-up to the crisis, their impacts, and the responses in Europeanand Asian countries Compares experiences and linkages across countries and pointsto policy implications and research lessons drawn from theseexperiences Filled with the insights of well-known contributors with strongcontacts in practice and academia, this timely guide discusses thehistory and evolution of the recent crisis as local to eachcontributor's part of the world, and examines its distinctive andcommon features with that of the U.S., the trajectory of itsevolution, and the similarities and differences in policyresponse.

Global Housing Markets

Global Housing Markets
  • Author : Ashok Bardhan,Robert H. Edelstein,Cynthia A. Kroll
  • Publisher :Unknown
  • Release Date :2011-10-13
  • Total pages :576
  • ISBN : 9781118144213
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Summary : A global look at the reasons behind the recent economiccollapse, and the responses to it The speculative bubble in the housing market began to burst inthe United States in 2007, and has been followed by ruptures invirtually every asset market in almost every country in the world.Each country proposed a range of policy initiatives to deal withits crisis. Policies that focused upon stabilizing the housingmarket formed the cornerstone of many of these proposals. Thisinternationally focused book evaluates the genesis of the housingmarket bubble, the global viral contagion of the crisis, and thepolicy initiatives undertaken in some of the major economies of theworld to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals withthe housing sector in addition to the financial sector ofindividual economies. Countries in many parts of the world wereplayers in either the financial bubble or the housing bubble, orboth, but the degree of impact, outcome, and responses variedwidely. This is an appropriate time to pull together the lessonsfrom these various experiences. Reveals the housing crisis in the United States as the core ofthe meltdown Describes the evolution of housing markets and policies in therun-up to the crisis, their impacts, and the responses in Europeanand Asian countries Compares experiences and linkages across countries and pointsto policy implications and research lessons drawn from theseexperiences Filled with the insights of well-known contributors with strongcontacts in practice and academia, this timely guide discusses thehistory and evolution of the recent crisis as local to eachcontributor's part of the world, and examines its distinctive andcommon features with that of the U.S., the trajectory of itsevolution, and the similarities and differences in policyresponse.

International Housing Market Experience and Implications for China

International Housing Market Experience and Implications for China
  • Author : Rebecca L. H. Chiu,Zhi Liu,Bertrand Renaud
  • Publisher :Unknown
  • Release Date :2019-03-18
  • Total pages :404
  • ISBN : 9780429796159
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Summary : Recent rapid housing market expansion in China is presenting new challenges for policy makers, planners, business people, and citizens. Now that housing in middle-income China is driven by consumer choices and is no longer dominated by state policy decisions, housing policy issues in Chinese cities are becoming increasingly similar to those encountered in other global housing markets. With soaring prices and imbalances in housing supply favoring high income groups and housing demand driven by rising inequality in household incomes, many middle and lower-income households face worsening choices in terms of the quality and location of their housing as well as greater financial difficulties, which together can have negative implications for standards of public health. This book examines the impact of these changes on the general population, as well as on aspiring homeowners and developers. The contributors look at the effect on the widening of wealth gaps, slower economic growth, and threats to political and social stability. Though focusing on China, the editors also present discussions of specific policy design challenges encountered in Australia, Japan, Korea, the Netherlands, the Nordic countries, Singapore, Taiwan, the UK, and the US. This book would be of interest to housing policy makers, as well as academics who are studying the social and political effects of the Chinese housing market.

Housing Markets and the Global Financial Crisis

Housing Markets and the Global Financial Crisis
  • Author : Ray Forrest,Ngai Ming Yip
  • Publisher :Unknown
  • Release Date :2011-01-01
  • Total pages :260
  • ISBN : 9781849805841
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Summary : The impacts of the so-called global crisis are, in fact, highly uneven for both households and institutions. This unique book investigates why this is the case, whilst emphasizing the consequences. It encompasses the experiences of all the major economies, including: Australia, China, Hong Kong, Hungary, Iceland, Ireland, Japan, New Zealand, the Netherlands, South Korea, the USA, the UK and Vietnam, highlighting and comparing a wide range of housing systems and crisis impacts. Housing Markets and the Global Financial Crisis will strongly appeal to academics and postgraduate students in social policy, urban studies, public policy, economics, sociology and human geography. In addition, anyone with a general interest in globalization, neoliberalism and the changing nature of contemporary capitalist societies, as well as those with particular interests in housing markets and housing policy, will find this book enriching and enlightening.

Urban Planning and the Housing Market

Urban Planning and the Housing Market
  • Author : Nicole Gurran,Glen Bramley
  • Publisher :Unknown
  • Release Date :2017-05-31
  • Total pages :435
  • ISBN : 9781137464033
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Summary : This book re-examines the role of urban policy and planning in relation to the housing market in an era of global uncertainty and change. The relationship between planning and the housing market is a contested problem across research, policy, and practice. Problems with housing supply and affordability in many nations have been linked to planning system constraints, while the global financial crisis has raised new questions about the role of urban planning regulation and processes in responding to housing market trends. With reference to international cases from the United Kingdom, the United States, Ireland, Hong Kong and Australia, the book examines how different systems of urban planning and governance address complex and dynamic housing market trends. It also offers practical guidance on how urban planning can support an efficient supply of appropriate and affordable homes in preferred locations. A detailed study, which explains and decodes the workings of the planning system and housing market, this book will be of particular interest to scholars of human geography and urban planning, as well as housing policy makers and practitioners. To view Nicole Gurran’s related TEDx talk please visit: Housing Crisis? How about housing solutions. TEDx Sydney 2018 (http://bit.ly/2psfpMw)

Hot Property

Hot Property
  • Author : Rob Nijskens,Melanie Lohuis,Paul Hilbers,Willem Heeringa
  • Publisher :Unknown
  • Release Date :2019-01-01
  • Total pages :221
  • ISBN : 9783030116743
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Summary : This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general. This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.

Real Estate and Globalisation

Real Estate and Globalisation
  • Author : Richard Barkham
  • Publisher :Unknown
  • Release Date :2012-02-15
  • Total pages :336
  • ISBN : 9781118351666
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Summary : 2000 to 2010 was a remarkable decade for real estate. It startedwith the dot.com bubble and ended with the putative recovery fromthe Great Financial Crisis. The period in-between featured theworld's first coordinated real estate boom and slump. This book isbased on a series of briefings on the relationship between macroeconomic events and real estate markets in the era of globalisationthat covered the period. Collectively they offer unique insights,new ideas and practical approaches to real estate economics,grounded in the day-to-day realities of investment, development andfund management operations in a leading international propertycompany. All the briefings are based on research conducted by asophisticated in-house research team with expertise inmacroeconomics, urban economics, financial economics andeconometrics, led by a well- known specialist in the field. Thetopics highlight the relationship between real estate markets andglobal economic and political events – an area not wellcovered by academic journals. A compelling introduction considers the dramatic boom and slumpin real estate values that led up to the Great Financial Crisis.The briefings are then presented, grouped into broad themes: macroeconomics and real estate; GDP, recessions and inflation; REITs;construction; Asia; retail, offices and housing markets; theformation of investment yields. A final chapter considers themedium-term future for real estate in the context of the ongoingfinancial crisis. Topics span the key sectors of office, retail and residentialreal estate in over 40 countries, with a focus on private sectorinvestment, development and management. The perspective is longterm, reflecting Grosvenor's unique position in real estate as aprivately owned group. The author provides a commentary on each topic, giving contextto the research and the implications for strategy, drawing out twounifying themes: the effect of globalisation; and the importance ofmacro economics and geo-politics in real estate research. Together, the briefings offer a penetrating analysis of realestate markets in the era of globalisation and financial crises.The era of crises is far from over, and Real Estate andGlobalisation provides invaluable insights for propertyprofessionals worldwide – developers, occupiers, investmentanalysts and planners – on the nature of the processes thatcreate such intense property market volatility. The book is also aunique source of guidance on practical property research for finalyear undergraduates and postgraduates on property courses, as wellin geography, planning, architecture, and construction.

Emergent Phenomena in Housing Markets

Emergent Phenomena in Housing Markets
  • Author : Lidia Diappi
  • Publisher :Unknown
  • Release Date :2012-08-04
  • Total pages :186
  • ISBN : 9783790828641
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Summary : The housing market, like every market, is the product of thousands of interacting buyers and sellers driven by different interests. But unlike other markets, the housing market is able to profoundly transform the socioeconomic structure and the image of a city. Very often, changes in urban space are the result of the imperceptible operation of a multitude of micro-transformations which act with such great energy and decisiveness that they can transform the ‘DNA’ of entire urban neighborhoods. These qualitative novelties, unpredictable and non-deducible on the basis of the previous properties, are defined emergences. Namely emergence means a ‘pattern formation’ characterized by a self-organizing process driven by non-linear dynamics. This book explores housing market emergence in light of three different phenomena: search for housing, social polarization, and gentrification. The book is divided into two parts. The first part presents contributions on modelling emergence of different phenomena, formalised in multi-agent systems. The second part gathers empirical research and analyses aimed at supporting the findings of the models.

When the Bubble Bursts

When the Bubble Bursts
  • Author : Hilliard MacBeth
  • Publisher :Unknown
  • Release Date :2018-06-23
  • Total pages :272
  • ISBN : 9781459742055
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Summary : A newly updated edition for the fast-changing real estate market in Canada! Over the last two decades Canadians have become convinced that real estate is the “safe haven” investment. This widely held belief and obsession with real estate led millions of Canadians to take on massive amounts of debt — tripling their collective financial burden — ensuring that Canada is one of the most indebted nations on the planet. Drawing on dozens of interviews and even more conversations with individual Canadians and couples, this second edition also tackles the economic conditions and regulatory rules that allowed such a dangerous situation to develop in Canada, formerly a nation of conservative and prudent citizens. Hilliard MacBeth argues that Canada is in the midst of an unprecedented real estate bubble and that there will soon be a crash in house prices, triggering a financial crisis. Individual Canadians and families can still take action to protect themselves from the fallout of the bubble bursting — if they act quickly.

Broken Cities

Broken Cities
  • Author : Deborah Potts
  • Publisher :Unknown
  • Release Date :2020-04-15
  • Total pages :256
  • ISBN : 9781786990570
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Summary : From Britain’s ‘Generation Rent’ to Hong Kong’s notorious ‘cage homes’, societies around the world are facing a housing crisis of unprecedented proportions. The social consequences have been profound, with a lack of affordable housing resulting in overcrowding, homelessness, broken families and, in many countries, a sharp decline in fertility. In Broken Cities, Deborah Potts offers a provocative new perspective on the global housing crisis arguing that the problem lies mainly with demand rather than supply. Potts shows how market-set rates of pay and incomes for vast numbers of households in the world’s largest cities in the global South and North are simply too low to rent or buy any housing that is legal, planned and decent. As the influence of free market economics has increased, the situation has worsened. Potts argues that the crisis needs radical solutions. With the world becoming increasingly urbanized, this book provides a timely and urgent account of one of the most pressing social challenges of the 21st century. Exploring the effects of the housing crisis across the global North and South, Broken Cities is a warning of the greater crises to come if these issues are not addressed.

Global House Price Fluctuations

Global House Price Fluctuations
  • Author : Mr. Hideaki Hirata,Mr. M. Ayhan Kose,Mr. Christopher Otrok,Mr. Marco Terrones
  • Publisher :Unknown
  • Release Date :2013-02-06
  • Total pages :47
  • ISBN : 9781475591606
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Summary : We examine the properties of house price fluctuations across 18 advanced economies over the past 40 years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To address these questions, we first estimate the global components in house prices and various macroeconomic and financial variables. We then evaluate the roles played by a variety of global shocks, including shocks to interest rates, monetary policy, productivity, credit, and uncertainty, in explaining house price fluctuations using a wide range of FAVAR models. We find that house prices are synchronized across countries, and the degree of synchronization has increased over time. Global interest rate shocks tend to have a significant negative effect on global house prices whereas global monetary policy shocks per se do not appear to have a sizeable impact. Interestingly, uncertainty shocks seem to be important in explaining fluctuations in global house prices.

Econometric Analyses of International Housing Markets

Econometric Analyses of International Housing Markets
  • Author : Rita Yi Man Li,Kwong Wing Chau
  • Publisher :Unknown
  • Release Date :2016-03-31
  • Total pages :198
  • ISBN : 9781317587927
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Summary : This book explores how econometric modelling can be used to provide valuable insight into international housing markets. Initially describing the role of econometrics modelling in real estate market research and how it has developed in recent years, the book goes on to compare and contrast the impact of various macroeconomic factors on developed and developing housing markets. Explaining the similarities and differences in the impact of financial crises on housing markets around the world, the author's econometric analysis of housing markets across the world provides a broad and nuanced perspective on the impact of both international financial markets and local macro economy on housing markets. With discussion of countries such as China, Germany, UK, US and South Africa, the lessons learned will be of interest to scholars of Real Estate economics around the world.

Microeconomic Models of Housing Markets

Microeconomic Models of Housing Markets
  • Author : Konrad Stahl
  • Publisher :Unknown
  • Release Date :2012-12-06
  • Total pages :200
  • ISBN : 9783642465314
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Summary : The present volume is an outgrowth of several years' interactions be tween U. S. American and W. -German economists interested in analyzing the structure and functioning of housing markets, and the impacts of govern mental policies on these markets. Such an interaction turns out to be fruitful in several respects. Unquestionably, German economists can learn a lot from the high level of sophistication exhibited in much of the American literature. However, this is not a one way road of learning and the adoption of concepts, for the following reason. Most of the analysis presented in that literature hinges on the use of the standard microeco nomics textbook tools. Now, even a casual observation of housing markets in European countries reveals that behavior and conduct in these markets do not follow the assumptions presumed in this mode of analysis, which calls into question the uncritical employment of that tool kit. This has important consequences for policy analysis and indeed, for some principal attitudes towards housing policy, and points sharply to the need for developing analytical concepts that take up more of the pecul iarities of housing market behavior and conduct. While such a develop ment may be particularly warranted in view of European housing markets, we maintain this to be the case in view of the American housing market as well.

Housing Finance Policy in Emerging Markets

Housing Finance Policy in Emerging Markets
  • Author : Loic Chiquier,Michael J. Lea
  • Publisher :Unknown
  • Release Date :2009
  • Total pages :491
  • ISBN : 9780821377512
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Summary : Housing finance markets have been changing dramatically in both emerging and developed economies. On the one hand, housing finance markets are expanding and represent a powerful engine for economic growth in many emerging economies. However, the unfolding sub-prime mortgage crisis highlights the risks and potential turbulence that this sector can introduce into the financial system when expanding without proper infrastructure and regulation. As housing finance keeps growing in emerging economies to match a rising demand for housing, new risk management approaches, business models, funding tools, and policy instruments can help. Yet many questions remain about the right balance between innovation and regulation, the extent of risks to the financial system, the appropriate role of the state to promote affordable housing, and the effects of the sub-prime crisis. This book provides a guide for policymakers dealing with housing finance in emerging markets. It highlights the prerequisites for an effective housing finance system; it lays out several policy alternatives and models of housing finance; and it explores the role of governments in expanding access to housing finance for lower-income households. There is no "best" model set out in this book. The aim is to provide a developmental roadmap that can be tailored and sequenced to each country's situation and timing.

Slums

Slums
  • Author : Eugenie L. Birch,Susan M. Wachter,Shahana Chattaraj
  • Publisher :Unknown
  • Release Date :2016-04-18
  • Total pages :241
  • ISBN : 9780812247947
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Summary : Slums: How Informal Real Estate Markets Work shows that unauthorized settlements in rapidly growing cities are not divorced from market forces; rather, they must be understood as complex environments where state policies and market actors play a role.

A Primer on U.S. Housing Markets and Housing Policy

A Primer on U.S. Housing Markets and Housing Policy
  • Author : Richard K. Green,Richard Green,Stephen Malpezzi
  • Publisher :Unknown
  • Release Date :2003
  • Total pages :226
  • ISBN : 0877667020
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Summary : The first book that explains the economics of housing policy for a general audience. Planners, government officials, and public policy students will find that the economic perspective is a very powerful and useful way to examine these issues. The authors provide a broad review of the market for housing services in the U.S., including a conceptual framework, an overview of housing demand and supply, methods for measuring prices and quantities, and sources of basic data on markets. They cover housing programs and polices, and offer answers to policy questions that are of current interest. The book has been field-tested in graduate and undergraduate courses in urban and housing economics at the University of Wisconsin, the University of California--Berkeley, The University of Pennsylvania, and others. This book is also sure to be useful to policymakers, advocates, economists, and anyone interested in a clear picture of how housing markets function. Published in cooperation with the American Real Estate and Urban Economics Association (AREUEA).

Housing Markets in Europe

Housing Markets in Europe
  • Author : Olivier de Bandt,Thomas Knetsch,Juan Peñalosa,Francesco Zollino
  • Publisher :Unknown
  • Release Date :2010-10-14
  • Total pages :406
  • ISBN : 3642153402
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Summary : During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.

Private Real Estate Markets and Investments

Private Real Estate Markets and Investments
  • Author : H. Kent Baker,Peter Chinloy
  • Publisher :Unknown
  • Release Date :2014-08-07
  • Total pages :336
  • ISBN : 9780199388776
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Summary : This book provides an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues. Conventional investable real assets examined are retail spaces, apartments, offices, and industrial facilities owned by corporate entities. Alternative real estate assets are uniquely and extensively addressed. These include healthcare, both for facilities and the pricing to make it an investable asset; infrastructure contains roads, bridges, and public utilities; and resources are in land, agriculture, oil, and gas. The regulatory section includes appraisal and valuation, brokerage and transaction costs, sustainability, and green buildings. Readers should gain a greater appreciation of what is needed to be successful when investing in private real estate markets. The share of real estate in institutional portfolios has risen above a previous 5% target, as investors avoid the risks of low interest rates. The world's wealth is shifting to emerging markets where real estate is already a dominant asset class and public securities markets are limited. Institutions with long horizons avoid publicly traded markets because they want to capture any premium from illiquidity. Real estate involves local and cultural restrictions on land usage, sustainability and on the regulation of the illiquidity. For information about public real estate, read Public Real Estate Markets and Investments.

Hedonic Methods in Housing Markets

Hedonic Methods in Housing Markets
  • Author : Andrea Baranzini,José Ramirez,Caroline Schaerer,Philippe Thalmann
  • Publisher :Unknown
  • Release Date :2008-09-20
  • Total pages :278
  • ISBN : 9780387768151
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Summary : Cities are growing worldwide and their sprawl is increasingly challenged for its pressure on open spaces and environmental quality. Economic arguments can help to decide about the trade-off between preserving environmental quality and developing housing and business surfaces, provided the benefits of environmental quality are adequately quantified. To this end, this book focuses on the use and advancement of the “hedonic approach”, an economic valuation technique that analyses and quantifies the sources of rent and property price differentials. Starting from theoretical foundations, the hedonic approach is applied to the valuation of natural land use preservation and noise abatement measures, as well as to residential segregation and discrimination, extending the analysis to the role of the buyers and sellers' identity on housing market prices and to the issue of environmental justice.

The Housing Boom and Bust

The Housing Boom and Bust
  • Author : Thomas Sowell
  • Publisher :Unknown
  • Release Date :2010-02-23
  • Total pages :256
  • ISBN : 9780786747559
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Summary : Scary headlines and scarier statistics tell the story of a financial crisis on a scale not seen in decades—certainly not within the lifetime of most Americans. Moreover, this is a worldwide financial crisis. Financial institutions on both sides of the Atlantic have either collapsed or have been saved from collapse by government bailouts, as a result of buying securities based on American housing values that eroded or evaporated. Now completely revised in paperback, The Housing Boom and Bust is designed to unravel the tangled threads of that story. It also attempts to determine whether what is being done to deal with the problem is more likely to make things better or worse.