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Conference Paper: Investors in Housing Market Search

TitleInvestors in Housing Market Search
Authors
KeywordsSearch and matching
Housing market
Investors
Liquidity
Flippers
Issue Date2011
Citation
The 2011 New York University Economics Alumni Conference, New York, NY., 2-4 June 2011, p. 1-39 How to Cite?
AbstractWe add specialist investors–agents who attempt to profit from buying low and selling high–to a canonical housing market search model. These agents facilitate the turnover of mismatched houses on behalf of end-users and they may survive even if they face an arbitrarily large cost of financing vis-a-vis ordinary households. Multiple equilibrium may exist. In one equilibrium, the participation of investors is extensive, resulting in rapid turnover, a high vacancy rate, and high housing prices. In another equilibrium, few houses are bought and sold by investors. Turnover is sluggish, few houses are vacant, and prices are moderate. A decline in the rate at which investors finance investment, can rather paradoxically, lower investors participation and housing prices in equilibrium.
Persistent Identifierhttp://hdl.handle.net/10722/141191

 

DC FieldValueLanguage
dc.contributor.authorTse, CYen_US
dc.contributor.authorLeung, KYCen_US
dc.date.accessioned2011-09-23T06:27:43Z-
dc.date.available2011-09-23T06:27:43Z-
dc.date.issued2011en_US
dc.identifier.citationThe 2011 New York University Economics Alumni Conference, New York, NY., 2-4 June 2011, p. 1-39en_US
dc.identifier.urihttp://hdl.handle.net/10722/141191-
dc.description.abstractWe add specialist investors–agents who attempt to profit from buying low and selling high–to a canonical housing market search model. These agents facilitate the turnover of mismatched houses on behalf of end-users and they may survive even if they face an arbitrarily large cost of financing vis-a-vis ordinary households. Multiple equilibrium may exist. In one equilibrium, the participation of investors is extensive, resulting in rapid turnover, a high vacancy rate, and high housing prices. In another equilibrium, few houses are bought and sold by investors. Turnover is sluggish, few houses are vacant, and prices are moderate. A decline in the rate at which investors finance investment, can rather paradoxically, lower investors participation and housing prices in equilibrium.-
dc.languageengen_US
dc.relation.ispartofNYU Economics Alumni Conferenceen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectSearch and matching-
dc.subjectHousing market-
dc.subjectInvestors-
dc.subjectLiquidity-
dc.subjectFlippers-
dc.titleInvestors in Housing Market Searchen_US
dc.typeConference_Paperen_US
dc.identifier.emailTse, CY: cytse@hkucc.hku.hken_US
dc.identifier.authorityTse, CY=rp01099en_US
dc.description.naturepostprint-
dc.identifier.hkuros195144en_US
dc.identifier.spage1-
dc.identifier.epage39-

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