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What goes up must come down? : house price dynamics in the United States /

This paper estimates the evolution of equilibrium real home prices in the United States and finds that despite recent declines, single-family homes remained 8 to 20 percent overvalued as of the first quarter of 2008. In the short run, the gap between actual and equilibrium prices does not exert powe...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Klyuev, Vladimir (Autor)
Autor Corporativo: International Monetary Fund. Western Hemisphere Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington, D.C. : International Monetary Fund, ©2008.
©2008
Colección:IMF working paper ; WP/08/187.
Temas:
Acceso en línea:Texto completo
Descripción
Sumario:This paper estimates the evolution of equilibrium real home prices in the United States and finds that despite recent declines, single-family homes remained 8 to 20 percent overvalued as of the first quarter of 2008. In the short run, the gap between actual and equilibrium prices does not exert powerful influence over price dynamics. Instead, that dynamics is driven by the inventory-to-sales ratio and by foreclosure starts in a highly inertial relationship. Taken together, this implies that price declines are likely to continue, including past the point where overvaluation is eliminated. The paper also finds that from the early 1990s onwards changes in regional home prices have been more synchronized than before, and that the recent movements in the average price index have reflected a nationwide housing boom, followed by a nationwide housing bust.
Notas:At head of title: Western Hemisphere Department.
"July 2008."
Descripción Física:1 online resource (29 pages) : illustrations (some color)
Bibliografía:Includes bibliographical references (page 15).
ISBN:9781451914986
1451914989
9781451870459
1451870450