...Urban Housing Markets in China Yongzhou Hou Stockholm 2009 Report 88 Building and Real Estate Economics Department of Real Estate and Construction Management Royal Institute of Technology Kungliga Tekniska Högskolan © Yongzhou Hou 2009 Royal Institute of Technology (KTH) Building & Real Estate Economics Department of Real Estate and Construction Management SE – 100 44 Stockholm Printed by Tryck & Media, Universitetsservice US-AB, Stockholm ISSN 1104-4101 ISRN KTH/BFE/M-09/88-SE ISBN 978-91-977302-5-9 Abstract This thesis focuses on problems of prices and risks in the housing markets of urban China. What drives the dynamics of housing prices across regions is not only of great interest for academic researchers but also of first importance for policy makers. It is also interesting to pay attention to the issue of housing bubbles at a city level and risk allocations from an institutional view. To address the issues, the thesis applies both qualitative and econometric approaches in analyzing the urban housing markets of China. The first paper reviews articles mainly published in Chinese core journals. The existing studies are mainly concerned with such six topics as institutions, policy, land, finance, price and market. The first three topics involve the public housing allocation system reform, such fiscal and monetary tools as tax and interest rate, and the land reserve system. The housing finance treats such subjects of mortgages, bubbles and financial systems...
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...arch 341 Selected Issues/Problems Paper Team “B” University of Phoenix RES/341 Paul Mahajan Introduction Compiling statistical information for the housing market has been a challenging task. There are many forms, articles, publications, and internet sites that provide information on the current state of the housing market. The following paper will illustrate a consolidation of all of the research information gathered from various sources. This paper will show the measures of central tendency, dispersion, and skew for all of the data collected. The research gathered will also display descriptive statistical data using graphic and tabular techniques. With all information gathered, this paper will discuss the best measures of central tendency and dispersion of all the statistical data collected. Purpose of the Research The purpose of the research is to show the current trends in the housing market. To own a home or business of which somebody can call their own is the American dream. American’s search far and wide to find the right home or business location that fits perfectly for their family’s or business needs. People looking for homes are constantly doing research on prices of homes, number of bedrooms, and number of Individuals looking for a place to establish their business must decide on which location works best for their new business. Real Estate agents use the same research to get the specific details of homes or office buildings so they can sell...
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...NBER WORKING PAPER SERIES THE FINANCIAL CRISIS AND THE POLICY RESPONSES: AN EMPIRICAL ANALYSIS OF WHAT WENT WRONG John B. Taylor Working Paper 14631 http://www.nber.org/papers/w14631 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2009 I am grateful to John Cogan, Angelo Melino, John Murray, George Shultz and participants in the Global Markets Working Group for helpful comments and suggestions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2009 by John B. Taylor. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong John B. Taylor NBER Working Paper No. 14631 January 2009 JEL No. E0,G01 ABSTRACT This paper is an empirical investigation of the role of government actions and interventions in the financial crisis that flared up in August 2007. It integrates and summarizes several ongoing empirical research projects with the aim of learning from past policy. The evidence is presented in a series of charts which are...
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...ukessays.comhttp://www.ukessays.com/essays/economics/how-real-estate-companies-market-products-in-bangladesh-economics-essay.php How real estate companies market products in Bangladesh Need help? ☎ 0115 966 7955 Today the real estate business is one of the fastest growing businesses in Bangladesh and it plays an important role in the Bangladeshi economy. This research paper focuses on the marketing system of the real estate business in Bangladesh. Presently Bangladesh is a developing and also over populated country. Dhaka is the capital of Bangladesh. This city is very important for everything because everything is based on this city. For that reason this city is densely populated. From 1985 the concept of living in a flat has been started and also the real estate business has become more popular. The slogan used by the business is ‘our creation your dream’. This is a dream about someone’s home. This topic was chosen because many people know very little about Bangladesh and Bangladeshi business and because of my own interest and personal experience. This paper will firstly evaluate the real estate business culture in Bangladesh. Secondly the marketing system will be critically appraised. Finally recommendations will be given on how to improve this business. Chapter 2: Literature Review Bangladesh is a developing country, and as is common in many such countries, everything is centralized so every business based in Dhaka city. Nowadays Dhaka is a overpopulated city...
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...The following is an outline of the final paper, which is focusing on subprime mortgages and the housing market bubble. The paper will also analyze Fannie Mae and Freddie Mac and how they are linked to the subprime mortgage crisis, including potential solutions to the crisis. References have been added to each section to show which references are being used in which section. References will be added as needed. 1) Abstract a. 120 word overview of paper 2) Introduction a. Introduction to the topic of subprime mortgages and the housing market bubble. b. Timeline of the crisis and housing market bubble burst 3) Discussion Content a. Definitions and background information on the following topics: i. Mortgages ii. Housing Market iii. Subprime Mortgages 1. Demyanyk, Y., & Van Hemert, O. (2011). Understanding the Subprime Mortgage Crisis. Review of Financial Studies, 24(6), 1848-1880. 2. Karikari, J., Voicu, I., & Fang, I. (2011). FHA vs. Subprime Mortgage Originations: Is FHA the Answer to Subprime Lending?. Journal of Real Estate Finance and Economics, 43(4), 441-458. doi.10.1007/s11146-009-9218-7. iv. Housing Market Bubble Burst b. Overview and causes of the subprime mortgage crisis i. Fixed mortgage versus floating 1. Demyanyk, Y., & Van Hemert, O. (2011). Understanding the Subprime Mortgage Crisis. Review of Financial Studies, 24(6), 1848-1880. ii. High risk mortgage loans and lending/borrowing practices 1. Peterson, C.L. (2009). Fannie Mae, Freddie...
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...Housing market in New Orleans after hurricane Katrina Table of contents 1. Introduction………………………………………………………………………3 2. Pre-Katrina situation ………………………..…………………………………..4 3. After-Katrina situation…………………………………………………………..6 4. Current situation New Orleans….………………………………………………8 5. Conclusion……………………………………………………………………...…9 6. References…………………………………………………………………….….10 Introduction It is August 29th of 2005 when the United States of America is badly affected by one of history’s most catastrophic nature disasters. Hurricane Katrina hits the south of New Orleans and causes severe damage to this city. This second biggest hurricane in the entire history of America left 80 percent of New Orleans flooded, approximately 80 billion dollars of damage and more than 1800 killed civilians. Due to this disaster, New Orleans was almost completely destroyed including the residences of thousands of families. Not only were there economic enormous problems but also political questions rose by that time. The president by then, president Bush, came in discredit because of cutting in the federal funding which was protecting New Orleans. Since then a lot of things have actually changed but unfortunately, too late. Complete neighborhoods were removed from the map, people became homeless and moved to different places. The effects on the housing market in New Orleans were immense. Because of the effect hurricane Katrina had on the housing market in New Orleans...
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...Front. Econ. China 2010, 5(1): 25–51 DOI 10.1007/s11459-010-0002-7 RESEARCH ARTICLE Huayi Yu China’s House Price: Affected by Economic Fundamentals or Real Estate Policy? © Higher Education Press and Springer-Verlag 2010 Abstract Many theory and empirical literature conclude that house price can reflect economic fundamentals in the long-term. However, by using China’s panel data of 35 main cities stretching from 1998 to 2007, we find that there is no stable relationship between house price and economic fundamentals. House price has deviated upward from the economic fundamentals since government started macro-control of the real estate market. We consider that the mechanism between the house price and economic fundamentals is distorted by China’s real estate policy, especially its land policy. Meanwhile the policy itself is an important factor in explaining the changes of China’s house price. Then we estimate the dynamic panel data model on house price and the variables which are controlled by real estate policy. The result shows: land supply has negative effects on house price; financial mortgages for real estate have positive effects on house price; and the area of housing sold and the area of vacant housing, which reflects the supply and demand of the housing market, has negative effects on house price. We also find some differences in house price influence factor between eastern and mid-western cities. Finally, we propose policy suggestions according to the empirical...
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...ANDLEEB TITLE HOUSING FINANCE TABLE OF CONTENT ABSTRACT RELATED TO HOUSING INDUSTRY 3 INTRODUCTION 4 LITERATURE REVIEW 7 METHODOLOGY 11 VARIABLES DEPENDENT AND INDEPENDENT 13 DATA ANALYSIS 15 CONCLUSION 21 RECOMMENDATIONS 22 REFERENCES 22 ABSTRACT RELATED TO HOUSING INDUSTRY: PURPOSE: The purpose of this research paper is to examine analyzing and outlining the growth of the housing industry and its rights. The main purpose is to eliminate the problem related to the relevancy and application of housing complexities and its systems across the world. DESIGN OR METHODOLOGY: This paper is set out according to the principle instruments and the rights of development of housing regional and other related bodies. The analysis of the housing system is basically organized on the basis of housing system of development and channels and networks of legal and lawful means of professional concerns and their domains. FINDINGS: All across the world the rights for housing is being considered as a lawful and constitutional concerned nationally and internationally. The findings also suggest the significance of housing rights and the conceptual frame work of human rights effect the implementation. Professional epistemic community development of the housing shape the policies and procedures and laws. The paradiagm of housing foundation and rights are effectively translated into developed fashion of designing housing system. RESULTS: Collection of data...
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...purpose of this dissertation was to identify in the present economic conditions of the country, the target customer for such real estate sector. In order to conduct the research, a mixed research methodology is adopted deploying both qualitative research as well as quantitative research. Relevant research instruments were chosen, and 10 respondents were interviewed for the qualitative research and 300 individuals were undertaken in the quantitative research methodology. It was found that indeed the middle class with their high aspiration levels, and disposable income were the ideal target for real estate. However, in order to further attract the target customers, a host of suggestions are made. This dissertation is created through thorough referencing from academic journals, books, reports, newspaper articles etc. This paper would also be immensely helpful for students aiming to understand a clear picture of the real estate sector of Mumbai on ways to maintain its growth. Table of Contents Abstract 2 Introduction 5 Background 5 India’s Real Estate Sector 6 Real Estate Housing in Mumbai 8 A Brief History 9 Present condition of the Mumbai Real Estate Market 9 Brief look at the future of Mumbai Real Estate 10 Concept of Affordable Housing 13 Key Players 14 Problem Statement 15 Purpose 15 Research Objectives 15 Dissertation Structure 16 Conceptual Framework 17 Literature Review 19...
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...about the potential of securitization in India, Actual deal activity has not kept pace. While some early adopters like ICICI, TELCO and Citibank have been actively pursuing securitization, almost all the transactions in the market so far have been privately placed with a majority of them being bilateral fully bought out deals. Literature Review: Mr. Manoj Dengla from ICICI Structured Products Group whose valuable insights have been considered for the paper. Mr. Pranay Agrawal and Mr. V. Srikanth of Fractal Technologies Ltd. for narrating their securitization experience. 1. According to reports, the power sector in India needs a funding of about USD 17 billion over the next 10 years 1. 2.A revocable trust (SPV) purchases assets from the Originator and issues Pay Through Certificates to investors. 3. The deal size was Rs. 10.35 billion comprising 11,106 individual housing loans HDFC and LIC Housing Finance Ltd. 4. An ABCP conduit issues commercial paper to finance the purchase of assets ranging from credit card, auto and trade receivables to CBO and CLOs. Objectives: This paper discusses the present state of the securitization market in India, its potential and attempts to identify what needs to be done by various stakeholders in this market for Securitization to grow...
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...1.1. INTRODUCTION Housing finance or mortgage is the pledging of a property to a lender as a security for a mortgage loan which not only enables access to homeownership but also to meet basic needs – a means of economic empowerment. The mortgage market in Ghana, since it is inextricably linked to a country’s economic development by strengthening financial institutions, promoting social stability and improving people’s lives, should have by now seen enormous growth, culminating in affordable houses for Ghanaians. This, however, is not the case as of now. Government role in the management of the nation’s economy in general and mortgage lending in particular has been analyzed and debated many times and undoubtedly it will continue. There is a...
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...of the line in the political issues face by the Californian government. Basically the non-profit organizations focused on improving the life quality of the people in the city, especially those who did not have a place to spend their nights. It is a fact that there should be some very efficient approach to eliminate this homelessness problem, the Californian government has taken some steps and brought in a modest change in their policies to attack this homelessness problem very obviously. Their main change in the policy was to provide housing to the poor and the needy people (Hombs, Mary Ellen, and Mitch Snyder, 1982). Despite this action which the government took, there had been a consensus in the year 1980 which reflected the fact that the homelessness in US and in California have been substantially increasing in the year. Social scientists (Jencks, 1994), after conducting a huge survey, came to a conclusion that the ability to afford housing had less influence in the homelessness than the mental illness resulting from the increase in the use of drugs. Discussion O’Flaherty (1996) has been questioning various conventions. There had been 3...
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...sequence of bank and insurance company failures resulted in a financial crisis that effectively brought global credit markets to a halt and required unprecedented government intervention. For example, Fannie Mae (FNM) and Freddie Mac (FRE) were both taken under the control of the government. In addition Lehman Brothers declared bankruptcy after it was unable to find a buyer. Furthermore, Merrill Lynch was purchased by Bank of America, and American International Group was bailed out by the federal government with an $85 billion dollar capital injection. Shortly after, Washington Mutual (WM) went under; however, J P Morgan Chase (JPM) agreed to purchase the assets of WM resulting in the largest bank failure in the history of the United States. Due to the failures stated above it brings me to realize why banks are so hesitant to lend money between themselves or to anyone. The crisis began in the real estate market and the subprime lending crisis. As long as we can remember, the values in commercial and residential properties have been exponentially increasing and were not interrupted for nearly a decade. With housing prices increasing it lead to banks lowering lending standards allowing unqualified buyers to take out mortgages while at the same time deregulation blended lines between traditional investment banks and mortgage lenders. However, when housing prices failed to rise and homeowners were not able to keep up with their payments, banks were obligated to recognize...
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...SCHOOL OF GRADUATE STUDIES CENTRAL PHILIPPINE UNIVERSITY LOPEZ JAENA STREET JARO, ILOILO CITY ____________________________________________________________________________ REACTION PAPER Asian Economics Comment Presented to: Prof, Jima G.DeLeon, MBA Professor, School of Graduate Studies Central Philippine University In Partial Fulfilment of the Course Requirement in MBA 612 Financial Systems Presented by: Mehrdad Alavi MBA Thesis Option September 13, 2013 I. PRELINMINARY 1- The title of paper is Asian Economics Comment, The anatomy of bubbles, part 1. It is written at August 27 2009 by Dr, Feredric Neumman, whom is senior Asian Economist. The issuer of report is The Hongkong and Shunghai Banking Corporation Limited. Additional information for connecting to the author is +85228224556. FEREDERICINEUMANN@HSBC.COM.HK For more information, the reader can view HSBC Global Research at: www.research.hsbc.com 2- It talks about The Bubble in the financial market specifically in the financial housing market in the Asia and what was happening in the USA at 2008 in the same field. II. ANALYSIS AND REACTION 1- The author tried to anatomy of a bubble in the asset market which was happening at 2008 and before. The first part is discussed about what conditions required for that and the part two and three are belong to what is need to sustain the run. He had paid particularly attention to psychology and what behavioural insights...
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...When the American mortgage market broke down it quickly spread to other countries, and the global financial crisis was a fact. In this paper I will start off by explaining the background for the mortgage crisis in the US. Afterwards I will try to elaborate how this could spread across the world and make the crisis global. Finally I will discuss why this crisis has been so slow in resolving itself since many countries still struggle in the aftermath of the crisis. My thesis is that: The decline in investment opportunities in several countries in the European Union caused investors in some of the richest countries to buy mortgage backed securities from the US. When these mortgage backed securities defaulted, the crisis turned global. The American mortgage crisis: When the American banking sector gradually got deregulated during the 80s and 90s, the banks came up with new and creative ways to reach out to new costumers. Basically it is conventional economic wisdom to not lend out money to people with bad financial credibility, but an innovation in financial alchemy changed this. By the early 1990s investment banks realized that mortgages could be gathered, packaged and sold as profitable bonds in an assumingly huge market. Securitization made consumers get mortgages cheap and easy, so the market for mortgage-backed securities grew at a fast rate alongside increased housing prices (Fligstein and Goldstein, 2010). This lead the American housing marked into a dark circle;...
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