Non-Primary Home Buyers, Shadow Banking, and the US Housing Market

Released on by Adrian Alter
preview-18

  • Non-Primary Home Buyers, Shadow Banking, and the US Housing Market Book Detail

  • Author : Adrian Alter
  • Release Date : 2020-08-28
  • Publisher :
  • Genre :
  • Pages : 37
  • ISBN 13 : 9781513554433
  • File Size : 59,59 MB
DOWNLOAD BOOK

Non-Primary Home Buyers, Shadow Banking, and the US Housing Market by Adrian Alter PDF Summary

Book Description: This paper studies the US housing market using a proprietary and comprehensive dataset covering nearly 90 million residential transactions over 1998-2018. First, we document the evolution of different types of investment purchases such as those conducted by short-term buyers, out-of-state buyers, and corporate cash investors. Second, we quantify the contributions of non-primary home buyers to the housing cycle. Our findings suggest that the share of short-term investors grew substantially in the run-up to the global financial crisis (GFC), which amplified the boom-bust cycle, while out-of-state buyers propped up prices in some areas during the recession. An instrumental variable approach is employed to establish a causal relationship between housing investors and prices. Finally, we show that the recent rise of shadow bank lending in the residential market is associated with riskier mortgages, and explore its implications for non-primary home buyers and its effects on house prices and rents.

Disclaimer: www.yourbookbest.com does not own Non-Primary Home Buyers, Shadow Banking, and the US Housing Market books pdf, neither created or scanned. We just provide the link that is already available on the internet, public domain and in Google Drive. If any way it violates the law or has any issues, then kindly mail us via contact us page to request the removal of the link.

Shadow Banking System

Shadow Banking System

File Size : 35,35 MB
Total View : 4320 Views
DOWNLOAD

The current financial crisis has highlighted the growing importance of the ¿shadow banking system,¿ which grew out of the securitization of assets and the int