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The Dynamics of Housing Prices: An International Perspective

In: Economics in a Changing World

Author

Listed:
  • Peter Englund

    (University of Uppsala)

  • Yannis M. Ioannides

    (University and Nber)

Abstract

Housing prices increased dramatically in many countries during the 1980s. Those increases accentuated differences across countries in the levels of housing prices. They have also attracted attention to the dynamics of housing prices more generally. In the USA the phenomenal price increases, some of which have been attributed to ‘bubbles’.1 in some regions and states during the mid- to late 1980s, have given way to price declines. The bubbles seem to have been burst throughout the USA from the North-Eastern states to the South and to California. Yet, as Poterba notes (Poterba, 1991, p. 178), housing prices do not appear to have declined as much as one would have expected if price increases were indeed due to bubbles and related phenomena.

Suggested Citation

  • 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.
    • Handle: RePEc:pal:intecp:978-1-349-22988-8_10
    DOI: 10.1007/978-1-349-22988-8_10
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    Cited by:

    1. 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.
    2. Englund, Peter & Ioannides, Yannis M., 1997. "House Price Dynamics: An International Empirical Perspective," Journal of Housing Economics, Elsevier, vol. 6(2), pages 119-136, June.
    3. 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.
    4. Leung, Charles, 2004. "Macroeconomics and housing: a review of the literature," Journal of Housing Economics, Elsevier, vol. 13(4), pages 249-267, December.

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