Housing Markets And Housing Institutions An International Comparison

International comparisons of economic institutions and government poli cies are fraught with difficulties. After1he selective barriers of language and culture are overcome, differences in programs and outcomes are far more subtle than those that can be revealed by highly aggregated national data. Rela tively "soft" comparisons are the norm in international comparative research. This is particularly true in comparative analyses of housing and the operation of housing markets. Housing markets are local or regional in character, and the effects of government programs on market outcomes depend upon important economic characteristics of the local environment. Moreover, the institutions that influence the production, distribution, and consumption of housing differ enormously across nations. The distribution of housing and the role of the market in provision depend upon historical and social factors as well. Aggregate national data are unlikely to allow for much depth in comparisons across societies. Yet in the absence of such comparisons, the very visibility of housing may lead to inadequate or erroneous generalizations. Photographs emphasing the aesthetics of ''well planned" housing agglomorations or urban slums are compelling. Documen tation that middle-class households must wait in a queue for a decade to be housed is notably less graphic.

A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.

There is a lack of international comparative housing studies, possibly because it requires thorough knowledge of the real estate market in question. This book brings together scholars with knowledge of different national markets in order to facilitate comparisons for real estate and housing and urban studies scholars and practitioners. By studying international markets using new data as well as new analysis of existing data, the chapters in this book present insights into the institutional constraints on national housing markets. Specifically, the contributors seek to examine the role of institutional factors and their influence on transaction costs in these markets. Exhibiting a diverse range of geographical, legal, and economic perspectives, the countries are grouped together based on legal institutional similarities, and each group includes an introduction and a conclusion highlighting similarities and differences from the institutional perspective. The book is divided into 3 parts: Part I sets the theoretical context and the reasons for writing a book focusing on national housing markets. Part II presents national markets from the perspective of the transaction process and covers Europe, North and South America, East Asia, the Pacific, and Africa. Part III contains conclusions with a critical discussion on how to compare national housing markets and a reflection on future directions of housing markets in an increasingly competitive international environment. The Routledge Companion to International Housing Markets is essential reading for academics and professionals in housing studies, real estate, economics, and urban studies.

For many years countries have taken advantage of one another's experiences in formulating social policies and even in designing specific interventions. Often such transfers have occurred on a fairly casual level; sometimes greater rigor has been present. In either case, the goal has been to learn from previous experience-at least to avoid repeating the mistakes of the past. In light of the promise that such intercountry transfers hold, it is somewhat surprising that so little energy has gone into careful analytic work on the behavior of households in differing countries and how they respond to various changes, especially those resulting from shifts in public policy. This lack of careful analysis was a major force that motivated The Urban Institute to establish an international studies program in 1982. This volume represents one of the early products of the collaborative efforts that this initiative has spawned. The results of the comparison of the housing markets in West Germany and the United States presented here offer examples of the type of unexpected conclusions that may emerge from careful analyses as well as more anticipated outcomes. Despite the many similarities in the economies of the United States and West Germany and the general free-market orientation of their housing sectors, the papers in this volume document important differences in the way households make decisions about their housing and the consequences of these decisions.

The book explains why the real estate and construction industries are organised in the ways they are and then relates those characteristics to long-term market behaviour. It covers market dynamics - supply and demand; the interaction of property development and construction – and examines institutions and market structures. Real estate development and construction tend to be separate subjects in the literature. But construction is an inevitable part of any property development process and so has a major influence on the institutional structure of development. Markets & Institutions in Real Estate & Construction argues that these structures are best explained as a series of modern economic theories, based on competition and current production technologies. offers focus and breadth, and deal with controversial debates economic arguments made accessible through a non-technical writing style presents long-run international comparison of property market behaviour reflects internationalisation of property and construction markets

The impacts of the so-called global crisis are, in fact, highly uneven for both households and institutions. This unique book investigates why this is the case, whilst emphasizing the consequences. It encompasses the experiences of all the major economies, including: Australia, China, Hong Kong, Hungary, Iceland, Ireland, Japan, New Zealand, the Netherlands, South Korea, the USA, the UK and Vietnam, highlighting and comparing a wide range of housing systems and crisis impacts. Housing Markets and the Global Financial Crisis will strongly appeal to academics and postgraduate students in social policy, urban studies, public policy, economics, sociology and human geography. In addition, anyone with a general interest in globalization, neoliberalism and the changing nature of contemporary capitalist societies, as well as those with particular interests in housing markets and housing policy, will find this book enriching and enlightening.

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.

A new focus on private renting has been brought into sharp relief by the global financial crisis, with its profound impact on mortgage finance, housing markets and government budgets. Written by specially commissioned international experts and s