Commercial property price collection and use at the BIS

Scatigna, Michela; Ferluga, G.; Gagliano, F.; Trovato, M. Rosa; Valenti, A.

doi:10.15396/eres2015-ind_101

Cited by 2 publications

(2 citation statements)

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“…Homeownership also contributes to higher levels of subjective wellbeing and life satisfaction since it is accompanied by a sense of shelter, stability, and security for the household unit (Elsinga and Hoekstra, 2005; Spilerman, 2004). Moreover, in most advanced economies, the value of housing increases over the long run, and for most families homeownership is a major source of wealth accumulation (Scatigna et al, 2014; Spilerman, 2004). Homeownership also provides economic security against periods of strong inflationary trends (Forrest et al, 1990) and the consequent weakening of the “welfare state.” One significant example of this is the notion of “asset-based welfare,” in which security in old age is ensured through homeownership financed by a housing mortgage rather than a pension (Doling and Ronald, 2010).…”

Section: Introductionmentioning

confidence: 99%

Homeownership regimes and class inequality among young adults

Raviv

Lewin‐Epstein

2021

International Journal of Comparative Sociology

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In this study, we merge the literature on homeownership regimes, which focuses to a lesser extent on the consequences of wealth and social inequality, with the literature on wealth and social stratification, which overlooks the importance of homeownership regimes in contributing to those inequalities. Within this framework, we examine to what extent homeownership regimes shape class inequality in homeownership among young adults and the mortgage debt burden that usually accompanies it. We first develop an updated typology of homeownership regimes that incorporates the role of the family via intergenerational wealth transfers (IWT) such as gifts and housing assets. This dimension was theoretically underdeveloped and empirically absent from previous homeownership typologies. Second, we employ this typology to investigate class-based gaps in homeownership and mortgage debt burden within and between homeownership regimes. This is done by pooling data for a total of 20 countries from two sources: the European Union Statistics on Income and Living Conditions (EU-SILC) 2013–2014 (EuroStat) for EU countries, and the Household Expenditure Survey 2012–2013 (CBS) for Israel. Using multivariate modeling, we find that homeownership regimes in which IWT in the form of financial support is common practice increase class inequality in homeownership compared to regimes in which IWT of assets is common practice. Contrary to the literature suggesting that liberal mortgage markets advance inclusion, it appears that in the homeownership regime characterized by the most liberal housing finance system (which includes Northern European countries and the Netherlands), class inequality in mortgaged homeownership is the widest but class inequality in mortgage debt burden is the narrowest. Homeownership regimes characterized by IWT of assets (which include Southern and Central Eastern European countries) reveal the opposite patterns. We discuss the implications of our findings for the literature on homeownership regimes and wealth inequality, with a specific focus on young adults.

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Section: Introductionmentioning

confidence: 99%

Homeownership regimes and class inequality among young adults

Raviv

Lewin‐Epstein

2021

International Journal of Comparative Sociology

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“…12 12 Scatigna et al (2014) found that the length of a typical global property market cycle could exceed 10 years. …”

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confidence: 99%

A robust textual analysis of the dynamics of Hong Kong property market

Wong¹,

Kwong²,

Luk³

et al. 2022

Pacific Economic Review

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Market sentiments influence the dynamics of Hong Kong’s macro‐critical property market, but the unobservable nature of market sentiments makes it difficult to systemically assess this sentiment channel. Using text mining techniques, this paper sets up a news‐based property market sentiment index and a Google Trends‐based buyer incentive index for Hong Kong and studies the sentiment channel of transmission in the Hong Kong property market. The news‐based property market sentiment index can reflect the change in sentiments in past key events, with the sentiments in the primary market tending to lead that of the secondary market during the low housing supply period. For the Google Buyer Incentive Index, we find that it has value‐added in forecasting (or nowcasting) the official property price index. In mapping out the sentiment channel using a structural vector‐autoregressive model, we find that an improvement in market sentiments could stimulate buyers’ incentives, which then together would affect property prices and transaction volumes.

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Commercial property price collection and use at the BIS

Cited by 2 publications

References 0 publications

Homeownership regimes and class inequality among young adults

Homeownership regimes and class inequality among young adults

A robust textual analysis of the dynamics of Hong Kong property market

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