European Parliament Library

United States :, Selected Issues

Abstract
This Selected Issues paper summarizes estimates of the gap between current housing prices and their equilibrium levels in the United States. It examines short-term dynamics of price adjustment. Reflecting uncertainties about how to analyze underlying housing price trends, two approaches are used in the paper to estimate the extent of housing-price overvaluation. Both techniques yield similar results, revealing considerable overvaluation in the last few years, which has not been fully corrected yet. The gap between actual and equilibrium housing prices seems to matter only through its medium-term impact on the inventory-to-sales ratio
Table Of Contents
Cover; Contents; I. What Goes Up Must Come Down? House Prices in the United States; Figure 1. Actual and Equilibrium Real Home Prices: Actual 2000=1; Table 1. Short-Run Determinants of Real Home-Price Appreciation; Table 2. Evolution of Inventory-to-Sales Ratio; II. A U.S. Financial Conditions Index: Putting Credit Where Credit is Due; Figure 1. Lending Standards and GDP Growth; Figure 2. Credit Supply Shocks and Growth; Figure 3. Financial Conditions Index; Figure 4. Contributions to the Financial Conditions Index; III. Credit Matters: Empirical Evidence on U.S. Macro-Financial Linkages
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (23 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781451984552

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