Housing supply and foreclosures
We explore the role of foreclosure inventories in a model of housing supply. The foreclosure variable is necessary to account for the steep and sustained drop in new construction activity following the U.S. housing market bust beginning in 2006. There is modest evidence that local banking conditions play a role in determining housing starts. Even with state-level foreclosures and banking variables in the model, there is a sizeable post-2006 residual common to all states. We argue that, in addition to observable macro and local factors, housing starts in the Great Recession have been weighed down in part by aggregate uncertainty factors.
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- Laarni Bulan & Christopher Mayer & C. Tsuriel Somerville, .
"Irreversible Investment, Real Options, and Competition: Evidence from Real Estate Development,"
Zell/Lurie Center Working Papers
391, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
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- Laarni Bulan & Christopher J. Mayer & C. Tsuriel Somerville, 2006. "Irreversible Investment, Real Options, and Competition: Evidence from Real Estate Development," NBER Working Papers 12486, National Bureau of Economic Research, Inc.
- Quigley, John M. & Raphael, Steven, 2006.
"Regulation and the High Cost of Housing in California,"
Berkeley Program on Housing and Urban Policy, Working Paper Series
qt3hh7s35m, Berkeley Program on Housing and Urban Policy.
- John M. Quigley & Steven Raphael, 2005. "Regulation and the High Cost of Housing in California," American Economic Review, American Economic Association, vol. 95(2), pages 323-328, May.
- Mayer, Christopher J. & Somerville, C. Tsuriel, 2000. "Residential Construction: Using the Urban Growth Model to Estimate Housing Supply," Journal of Urban Economics, Elsevier, vol. 48(1), pages 85-109, July.
- Duca, John V & Muellbauer, John & Murphy, Anthony, 2011.
"House Prices and Credit Constraints: Making Sense of the US Experience,"
CEPR Discussion Papers
8360, C.E.P.R. Discussion Papers.
- John V. Duca & John Muellbauer & Anthony Murphy, 2011. "House Prices and Credit Constraints: Making Sense of the US Experience," Economic Journal, Royal Economic Society, vol. 121(552), pages 533-551, 05.
- John V. Duca & John Muellbauer & Anthony Murphy, 2011. "House prices and credit constraints: making sense of the U.S. experience," LSE Research Online Documents on Economics 58441, London School of Economics and Political Science, LSE Library.
- John V. Duca & John Muellbauer & Anthony Murphy, 2011. "House Prices and Credit Constraints: Making Sense of the U.S. Experience," SERC Discussion Papers 0077, Spatial Economics Research Centre, LSE.
- John V. Duca & John N. Muellbauer & Anthony Murphy, 2011. "House prices and credit constraints: making sense of the U.S. experience," Working Papers 1103, Federal Reserve Bank of Dallas.
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