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Residential Mobility Decisions in Japan: Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan System

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  • Miki Seko
  • Kazuto Sumita
  • Michio Naoi

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  • Miki Seko & Kazuto Sumita & Michio Naoi, 2012. "Residential Mobility Decisions in Japan: Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan System," The Journal of Real Estate Finance and Economics, Springer, vol. 45(1), pages 63-87, June.
    • Handle: RePEc:kap:jrefec:v:45:y:2012:i:1:p:63-87
    DOI: 10.1007/s11146-011-9322-3
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    References listed on IDEAS

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    1. Chan, Sewin, 2001. "Spatial Lock-in: Do Falling House Prices Constrain Residential Mobility?," Journal of Urban Economics, Elsevier, vol. 49(3), pages 567-586, May.
    2. Genesove, David & Mayer, Christopher J, 1997. "Equity and Time to Sale in the Real Estate Market," American Economic Review, American Economic Association, vol. 87(3), pages 255-269, June.
    3. Hsiao,Cheng & Pesaran,M. Hashem & Lahiri,Kajal & Lee,Lung Fei (ed.), 1999. "Analysis of Panels and Limited Dependent Variable Models," Cambridge Books, Cambridge University Press, number 9780521631693.
    4. David Genesove & Christopher Mayer, 2001. "Loss Aversion and Seller Behavior: Evidence from the Housing Market," The Quarterly Journal of Economics, Oxford University Press, vol. 116(4), pages 1233-1260.
    5. François Ortalo-Magné & Sven Rady, 2006. "Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraints ," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 73(2), pages 459-485.
    6. Anna M. Hardman & Yannis M. Ioannides, 1999. "Residential Mobility and the Housing Market in a Two‐sector Neoclassical Growth Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 101(2), pages 315-335, June.
    7. Angel, Schlomo, 2000. "Housing Policy Matters: A Global Analysis," OUP Catalogue, Oxford University Press, number 9780195137156, Decembrie.
    8. Peter Englund & Yannis M. Ioannides, 1993. "The Dynamics of Housing Prices: An International Perspective," International Economic Association Series, in: Dieter Bös (ed.), Economics in a Changing World, chapter 10, pages 175-197, Palgrave Macmillan.
    9. Yongheng Deng & John M. Quigley & Robert Van Order, 2000. "Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options," Econometrica, Econometric Society, vol. 68(2), pages 275-308, March.
    10. Lee, Nai Jia & Ong, Seow Eng, 2005. "Upward mobility, house price volatility, and housing equity," Journal of Housing Economics, Elsevier, vol. 14(2), pages 127-146, June.
    11. Seko, Miki & Sumita, Kazuto, 2007. "Effects of government policies on residential mobility in Japan: Income tax deduction system and the Rental Act," Journal of Housing Economics, Elsevier, vol. 16(2), pages 167-188, June.
    12. Rosenthal, Stuart S. & Strange, William C., 2008. "Mortgages and the Housing Crash: A Symposium," Journal of Urban Economics, Elsevier, vol. 64(2), pages 197-197, September.
    13. Cameron,A. Colin & Trivedi,Pravin K., 2005. "Microeconometrics," Cambridge Books, Cambridge University Press, number 9780521848053.
    14. Green, Richard & Sanders, Anthony B. & Wachter, Susan, 2008. "Special issue on subprime mortgage lending," Journal of Housing Economics, Elsevier, vol. 17(4), pages 253-253, December.
    15. Leung, Charles, 2004. "Macroeconomics and housing: a review of the literature," Journal of Housing Economics, Elsevier, vol. 13(4), pages 249-267, December.
    16. W. Paul Strassmann, 1991. "Housing Market Interventions and Mobility: An International Comparison," Urban Studies, Urban Studies Journal Limited, vol. 28(5), pages 759-771, October.
    17. Hardman, Anna M & Ioannides, Yannis M, 1999. " Residential Mobility and the Housing Market in a Two-Sector Neoclassical Growth Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 101(2), pages 315-335, June.
    18. Chan, Sewin, 1996. "Residential mobility and mortgages," Regional Science and Urban Economics, Elsevier, vol. 26(3-4), pages 287-311, June.
    19. Ferreira, Fernando & Gyourko, Joseph & Tracy, Joseph, 2010. "Housing busts and household mobility," Journal of Urban Economics, Elsevier, vol. 68(1), pages 34-45, July.
    20. Henley, Andrew, 1998. "Residential Mobility, Housing Equity and the Labour Market," Economic Journal, Royal Economic Society, vol. 108(447), pages 414-427, March.
    21. Gary Chamberlain, 1980. "Analysis of Covariance with Qualitative Data," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 47(1), pages 225-238.
    22. Jeremy C. Stein, 1995. "Prices and Trading Volume in the Housing Market: A Model with Down-Payment Effects," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(2), pages 379-406.
    23. Engelhardt, Gary V., 2003. "Nominal loss aversion, housing equity constraints, and household mobility: evidence from the United States," Journal of Urban Economics, Elsevier, vol. 53(1), pages 171-195, January.
    24. Mark Andrew, 2004. "A Permanent Change in the Route to Owner Occupation?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(1), pages 24-48, February.
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    Citations

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    Cited by:

    1. Masatomo Suzuki & Yasushi Asami, 2019. "Shrinking metropolitan area: Costly homeownership and slow spatial shrinkage," Urban Studies, Urban Studies Journal Limited, vol. 56(6), pages 1113-1128, May.
    2. Jun Nagayasu, 2021. "Life Cycles and Gender in Residential Mobility Decisions," The Journal of Real Estate Finance and Economics, Springer, vol. 62(3), pages 370-401, April.
    3. Reed, Robert R. & LaRue, Amanda & Ume, Ejindu S., 2018. "Mortgage recourse provisions and housing prices," Regional Science and Urban Economics, Elsevier, vol. 73(C), pages 99-111.
    4. Siu Kei Wong & Kuang Kuang Deng & Ka Shing Cheung, 2024. "Starter Home Premium and Housing Affordability," The Journal of Real Estate Finance and Economics, Springer, vol. 68(1), pages 52-73, January.
    5. Bloze, Gintautas & Skak, Morten, 2016. "Housing equity, residential mobility and commuting," Journal of Urban Economics, Elsevier, vol. 96(C), pages 156-165.

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    More about this item

    Keywords

    Residential mobility; Housing equity constraint; Conditional fixed effects logit model; Loan-to-value ratio; Debt-to-income ratio; Negative equity; Japan; Recourse loan; R21; C51; G21;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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