Dynamism Diminished: The Role of Housing Markets and Credit Conditions

2019 ◽  
Author(s):  
Steven J. Davis ◽  
John C. Haltiwanger
Keyword(s):  
Housing Markets

scholarly journals Conceptualising the Role of International Capital Flows for Housing Markets

2016 ◽  
Vol 51 (3) ◽  
pp. 146-154
Author(s):  
Michael Richter ◽  
Johannes-Gabriel Werner
Keyword(s):  
Capital Flows ◽  
Housing Markets ◽  
International Capital Flows ◽  
International Capital

scholarly journals The story of property: Meditations on gentrification, renaming, and possibility

2020 ◽  
Vol 52 (5) ◽  
pp. 837-855 ◽  
Author(s):  
Rachel Brahinsky
Keyword(s):  
San Francisco ◽  
Legal Status ◽  
Urban Landscape ◽  
San Francisco Bay Area ◽  
Housing Markets ◽  
Bay Area ◽  
Economic Forces ◽  
Global North ◽  
Urban Places

Property is a story. We assign land and resources legal status, and we narrate this as ownership and power. The interlocking loans, credit, and debt from which housing markets are compiled are built through narratives about value and its origins. The urban landscape, which is made by those markets, is produced through a confluence of human decisions, made with information about conditions and access. This information is based in stories—stories about what will sell, whether risk is viable, and what constitutes risk itself. These interlocking stories produce processes such as gentrification, one of the key contemporary challenges of booming cities in the Global North. Stories about the value of property, the primacy of growth, the role of race in valuation, and the urgency to invest in the urban landscape all shape gentrification. Meanwhile, stories from below have power too, offering important reframing. This paper examines two gentrifying neighborhoods in the San Francisco Bay Area, analyzes the role of narrative in framing urban change there, and identifies counter-narratives that offer tangible alternatives with the potential to drive decisions around urban development. In sum, this paper foregrounds the role of narrative and storytelling in defining the economic forces such as property that shape urban places.

scholarly journals When Do Citizens Respond Politically to the Local Economy? Evidence from Registry Data on Local Housing Markets

2019 ◽  
Vol 113 (2) ◽  
pp. 499-516 ◽  
Author(s):  
MARTIN VINÆS LARSEN ◽  
FREDERIK HJORTH ◽  
PETER THISTED DINESEN ◽  
KIM MANNEMAR SØNDERSKOV
Keyword(s):  
Housing Prices ◽  
Housing Markets ◽  
Economic Voting ◽  
Local Economy ◽  
Economic Conditions ◽  
Panel Survey ◽  
Detailed Data ◽  
Individual Level ◽  
Process Context

Recent studies of economic voting have focused on the role of the local economy, but with inconclusive results. We argue that while local economic conditions affect incumbent support on average, the importance of the local economy varies by citizens’ interactions with it. More recent and frequent encounters with aspects of the local economy make those aspects more salient and, in turn, feature more prominently in evaluations of the incumbent government. We label this process “context priming.” We provide evidence for these propositions by studying local housing markets. Linking granularly detailed data on housing prices from Danish public registries to both precinct-level election returns and an individual-level panel survey, we find that when individuals interact with the housing market, their support for the incumbent government is more responsive to changes in local housing prices. The study thus provides a framework for understanding when citizens respond politically to the local economy.

Does “clean” pay off? Housing markets and their perception of heating technology

2018 ◽  
Vol 36 (5) ◽  
pp. 575-596
Author(s):  
Jonas Hahn ◽  
Jens Hirsch ◽  
Sven Bienert
Keyword(s):  
Energy Consumption ◽  
Real Estate ◽  
Housing Markets ◽  
Low Energy ◽  
Price Premium ◽  
Environmental Friendliness ◽  
Content Type ◽  
Low Energy Consumption ◽  
Heating Technology

PurposeThe purpose of this paper is to investigate the role of distinct types of heating technology and their price impact in German residential real estate markets, considering a wide range of other housing market determinants. The authors aim to test and to verify specifically, whether the obsolescence of heating technology leads to a significant price discount and whether higher technological standards (and environmental friendliness) come with a price premium on the market.Design/methodology/approachThe authors create housing market models for rental and sales segments by constructing generalized additive models with explicit multi-layered spatial components. To elaborate a profound and contemporary answer using these models, the authors perform large-sample regression analyses based on more than 400,000 observations covering German residential properties in 2015.FindingsFirst and foremost, the heating system indeed shows significant explanatory importance for measuring housing rents and purchasing price. Second, the authors find that it makes a difference whether clean “green” technologies are implemented or whether “brown” systems with obsolete technology or fossil energy sources is on hand. Ultimately, the authors conclude that while low energy consumption indeed comes with a price premium, this needs to be interpreted together with the property’s heating type, as housing markets seem to outweigh the “green premium” by “brown discounts” if low energy consumption figures are powered by a certain type of heating technology system.Research limitations/implicationsAside of a possible omitted variable bias, the main research limitation is constituted by the integration of asking prices in the analysis, as actual transaction prices are not systematically transparent on national level in Germany. Limitations are discussed at the end of the paper.Practical implicationsThis work supports investors who face the challenge of making environmental- and energy-related decisions as well as appraisers who deliver financial fundamentals for such. Third, the paper supports both asset managers as well as investment strategists in argumentation pro-environmental investments beyond all ecological necessity.Social implicationsThis paper contributes to the current discussion on climate change and the eclectic role of real estate in this context. The authors deliver evidence on pricing effects as a measure of socioeconomic acceptance of progressive heating technology and environmental friendliness as an imperative of twenty-first century societies.Originality/valueThis is the first study on “green premiums” or “brown discounts” that includes heating technology as a potential and distinct driver of value and rents. It is a contemporary contribution and delivers original information on the quantitative impact of contemporary and anachronistic technology in heating to researchers as well as investors and appraisers.

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