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Changes in the turnover of existing homes are often equated with changes in housing demand, but it is not clear if, or why, this linkage exists. This paper documents the positive correlation between changes in turnover and changes in housing demand and develops a search model that explain the linkage. One implication of the analysis is that, for high frequency data, turnover is superior to price as an indicator of change in housing demand. Copyright American Real Estate and Urban Economics Association.

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This study surveys a broad range of information to establish the degree to which real estate lending and construction activity decreased in the 1989-92 period owing to a "credit crunch." It reviews the conditions that led up to the contraction in mortgage lending and construction and then documents the extent to which the evidence is consistent with a credit crunch in lending for residential and nonresidential construction, permanent financing of income properties, and residential mortgage lending. Also, this study weighs the relative importance of the credit crunch and other factors that contributed to the falloff in real estate lending and contrasts the recent period with earlier credit crunch episodes. Copyright American Real Estate and Urban Economics Association.

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