Spatial Effects and House Price Dynamics in the USA. PDF Download
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Author: Jeffrey Cohen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Jeffrey Cohen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Geoffrey Meen
Publisher: Springer Science & Business Media
ISBN: 1461516730
Category : Business & Economics
Languages : en
Pages : 279
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Book Description
Spatial fixity is one of the characteristics that distinguishes housing from most other goods and services in the economy. In general, housing cannot be moved from one part of the country to another in response to shortages or excesses in particular areas. The modelling of housing markets and the interlinkages between markets at different spatial levels - international, national, regional and urban - are the main themes of this book. A second major theme is disaggregation, not only in terms of space, but also between households. The book argues that aggregate time-series models of housing markets of the type widely used in Britain and also in other countries in the past have become less relevant in a world of increasing income dispersion. Typically, aggregate relationships will break down, except under special conditions. We can no longer assume that traditional location or tenure patterns, for example, will continue in the future. The book has four main components. First, it discusses trends in housing markets both internationally and within nations. Second, the book develops theoretical housing models at each spatial scale, starting with national models, moving down to the regional level and, then, to urban models. Third, the book provides empirical estimates of the models and, finally, the models are used for policy analysis. Analysis ranges over a wide variety of topics, including explanations for differing international house price trends, the causes of housing cycles, the role of credit markets, regional housing market interactions and the role of housing in urban/suburban population drift.
Author: Scott Orford
Publisher: Routledge
ISBN: 1351876147
Category : Science
Languages : en
Pages : 232
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Book Description
This book critically assesses the hedonic pricing technique as a method of imputing monetary values for the implicit attributes of housing. The hedonic technique is widely used, particularly in the US, but increasingly in Europe and Asia and has proved to yield important results and influence cost-benefit analysis. Scott Orford breaks new ground in this volume by exploring hedonic house price models within a geographical rather than purely economic context. He reevaluates the microeconomic theory of housing markets and concludes that only by treating housing market dynamics as inherently spatial can empirical results conform to the theory that underpins them. He also makes conclusions with respect to locational externalities, which have important implications as to how the built environment is valued.
Author: Weiran Huang
Publisher:
ISBN:
Category :
Languages : en
Pages : 198
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Author: Katharina Pijnenburg
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: National Research Council
Publisher: National Academies Press
ISBN: 0309088747
Category : Transportation
Languages : en
Pages : 142
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Book Description
The report describes potential applications of geographic information systems (GIS) and spatial analysis by HUD's Office of Policy Development and Research for understanding housing needs, addressing broader issues of urban poverty and community development, and improving access to information and services by the many users of HUD's data. It offers a vision of HUD as an important player in providing urban data to federal initiatives towards a spatial data infrastructure for the nation.
Author: Aleksandros Anas
Publisher:
ISBN:
Category :
Languages : en
Pages : 326
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Book Description
Author: J. Christopher Bitter
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 139
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Author: Denise DiPasquale
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 48
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Author: Alan E. Gelfand
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
It is well established that house prices are dynamic. It is also axiomatic that location influences such selling prices, motivating our objective of incorporating spatial information in explaining the evolution of house prices over time. In this paper, we propose a rich class of spatio-temporal models under which each property is point referenced and its associated selling price modeled through a collection of temporally indexed spatial processes. Such modeling includes and extends all house price index models currently in the literature, and furthermore permits distinction between the effects of time and the effects of location.We study single family residential sales in two distinct submarkets of a metropolitan area and further categorize the data into single-transaction and multiple-transaction observations. We find the spatial component is very important in explaining house price. Moreover, the relative homogeneity of homes within the submarket and the frequency with which homes sell affects the pattern of variation across space and time. Differences between single sale and repeat sale data are evident. The methodology is applicable to more general capital asset pricing when location is anticipated to be influential.
