Article ID Journal Published Year Pages File Type
10477008 Journal of Housing Economics 2005 20 Pages PDF
Abstract
Traditional property price models fail to explain the large price swings observed in housing markets. Recent literature suggests that such phenomena are caused by changes in housing demand of credit/equity constrained households. We attempt to empirically test the equity constraint hypotheses by examining the households' characteristics and their ability to upgrade, using the Singapore residential market as a case study. Our empirical results support the equity constraint hypotheses; younger and credit constrained households are more likely to move when their ability to afford better housing is enhanced.
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Authors
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