Why are Irish house prices still falling?
In this note, the continued fall in Irish house prices is examined. The increased rate of decline in 2011 resulted in Irish prices being almost 50 per cent down from peak levels of mid 2007. Accordingly, in over forty years of house price data, the fall is now one of the most significant across the OECD. We outline the current state of activity in the housing market and, using a suite of models, assess whether the fall in house prices is in line with that suggested by current fundamental factors within the Irish economy. Given that the analysis suggests prices may have overcorrected since 2010 we discuss possible reasons for this continued decline.
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- Kennedy, Gerard & McQuinn, Kieran, 2011. "Scenarios for Irish House Prices," Economic Letters 02/EL/11, Central Bank of Ireland.
- Addison-Smyth, Diarmaid & McQuinn, Kieran & O' Reilly, Gerard, 2009.
"Modelling Credit in the Irish Mortgage Market,"
Research Technical Papers
9/RT/09, Central Bank of Ireland.
- Agustín S. Bénétrix & Barry Eichengreen & Kevin H. O'Rourke, 2012.
"How housing slumps end,"
CEPR;CES;MSH, vol. 27(72), pages 647-692, October.
- Agustin Benetrix & Barry Eichengreen & Kevin H. O'Rourke, 2011. "How Housing Slumps End," The Institute for International Integration Studies Discussion Paper Series iiisdp384, IIIS.
- Kevin HjortshÃ¸j O'Rourke & Augustin S. Benetrix and Barry Eichengreen, 2011. "How Housing Slumps End," Economics Series Working Papers 577, University of Oxford, Department of Economics.
- Trevor Fitzpatrick & Kieran Mcquinn, 2007.
"House Prices And Mortgage Credit: Empirical Evidence For Ireland,"
University of Manchester, vol. 75(1), pages 82-103, 01.
- Fitzpatrick, Trevor & McQuinn, Kieran, 2004. "House Prices and Mortgage Credit: Empirical Evidence for Ireland," Research Technical Papers 5/RT/04, Central Bank of Ireland.
- McQuinn, Kieran & O' Reilly, Gerard, 2007. "A Model of Cross-Country House Prices (228.91 KB PDF)," Research Technical Papers 5/RT/07, Central Bank of Ireland.
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