Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.jhe.2005.06.004
Title: Upward mobility, house price volatility, and housing equity
Authors: Lee, N.J. 
Ong, S.E. 
Keywords: Credit constraints
Housing demand
Issue Date: 2005
Source: Lee, N.J., Ong, S.E. (2005). Upward mobility, house price volatility, and housing equity. Journal of Housing Economics 14 (2) : 127-146. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jhe.2005.06.004
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. © 2005 Elsevier Inc. All rights reserved.
Source Title: Journal of Housing Economics
URI: http://scholarbank.nus.edu.sg/handle/10635/46277
ISSN: 10511377
DOI: 10.1016/j.jhe.2005.06.004
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