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|Title:||Upward mobility, house price volatility, and housing equity|
|Authors:||Lee, N.J. |
|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|
|Appears in Collections:||Staff Publications|
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