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The Ins and Arounds of the Housing Market

Listed author(s):
  • Daniel Cooper

    (Federal Reserve Bank of Boston)

  • Ruediger Bachmann

    (RWTH Aachen University)

This paper uses longitudinal micro data from the Panel Study of Income Dynamics (PSID) to document the turnover behavior in the housing market. Fact 1: moves are procyclical. Fact 2: the gross flows into and out of the owner-occupied segment of the housing market are four times larger than the corresponding net flows. Fact 3: net flows and gross flows into and out of the owner-occupied segment of the housing market are procyclical. Fact 4: rent-to-rent flows lead the cycle, but then become countercyclical. Fact 5: rent-to-own flows tend to lead the cycle. Fact 6: own-to-own flows tend to lag the cycle. Fact 7: own-to-rent flows are acyclical. Fact 8: geographically close moves within the same zip code are procyclical for all households, but acyclical for households with a displaced household head. Fact 9: moves across state lines are procyclical independently of the labor market fate of the household. Fact 10: there is little evidence that labor market flows, in particular flows from employment into unemployment, drive housing flows.

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Paper provided by Society for Economic Dynamics in its series 2012 Meeting Papers with number 79.

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Date of creation: 2012
Handle: RePEc:red:sed012:79
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Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

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