Housing Demand During the Boom : The Role of Expectations and Credit Constraints

@inproceedings{Landvoigt2010HousingDD,
  title={Housing Demand During the Boom : The Role of Expectations and Credit Constraints},
  author={Tim Landvoigt},
  year={2010}
}
  • Tim Landvoigt
  • Published 2010
Optimism about future house price appreciation and loose credit constraints are commonly considered drivers of the recent housing boom. This paper infers both mean and variance of short-run expectations of future house price growth and minimum down payment requirements from observed household choices. The expectations and credit constraints are implied by a life-cycle portfolio choice model that encompasses home ownership, housing demand, and financing choices. I estimate the parameters of this… CONTINUE READING
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