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Informationen zum Autor Colin Jones is Professor of Estate Management, School of the Built Environment, Heriot-Watt University Neil Dunse is a Reader in Urban Studies, School of the Built Environment, Heriot-Watt University Michael White is Professor of Real Estate Economics at Nottingham Trent University Klappentext This timely book addresses key challenges faced by policy makers and the house-building industry in a post-credit crunch world. It examines the implications for households, the housing market, the economy, as well as for government's policy choices.Challenges of the Housing Economy: an international perspective brings together experts from around the world to examine recent housing market trends. The contributions reveal common long-term trends in housing markets worldwide. Despite differences in supply conditions and the role of planning, there is a trend toward rising house prices that has created significant barriers to home ownership for young households while increasing the wealth of older generations. The financial crisis had a differential impact on housing markets but in many countries where mortgage finance became severely constrained, house prices fell and there was a dramatic fall in housing construction. The falls in house prices in these countries have ostensibly improved affordability but the housing markets have been dominated by the lowering of loan to values applicable to new mortgages which has further raised the hurdles to potential first-time purchasers.At the same time as young households are increasingly rationed out of owner-occupation, public sector expenditure cut-backs in many countries result in limited new social housing. Instead, value for money imperatives will mean new funding models for affordable housing that require greater use of public-private partnerships. The private rented sector could potentially meet the demand for the new generation of long-term renters. However, there are doubts - in the UK at least - that this sector will be able to expand significantly or provide an appropriate type and standard of housing.This is an essential advanced text for students and researchers of land economy and land management; property and real estate; housing policy; and urban studies. Zusammenfassung This timely book addresses key challenges faced by policy makers and the house-building industry in a post-credit crunch world. It examines the implications for households, the housing market, the economy, as well as for government's policy choices. It brings together experts from around the world to examine recent housing market trends. Inhaltsverzeichnis Contributors xiii Glossary xvii 1 Introduction: The Housing Economy and the Credit Crunch 1 Colin Jones The Irish example 2 International historical housing market context 3 Dynamics of the housing market 6 Housing market and the economy 9 Origins and impact of credit crunch 11 Objectives and structure of the book 18 Summary 23 2 US Housing Policy in the Era of Boom and Bust 25 Harry W Richardson, Gordon F Mulligan and John L Carruthers House prices from 1995 to present 27 Housing reforms for the future 35 Conclusion 44 3 Housing Bubbles and Foreclosures that Follow: The Case of Las Vegas 47 Craig A Depken II, Harris Hollans and Steve Swidler Data and definition of property flipping 48 Anatomy of boom bust market dynamics 50 Foreclosure activity after the bubble burst 51 Concluding thoughts 55 4 Unemployment Risk, Homeownership and Housing Wealth: Lessons from Bubble Aftermath in Japan 58 Yoko Moriizumi and Michio Naoi Housing bubble and burst in Japan 60 Unemployment risk and homeownership 68 Housing wealth and consumption 74 Co...
