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Is it housing or is it Boston?

posted to Richard's Real Estate and Urban Economics Blog on Wed 8th Sep 10

David Leonhardt's excellent piece on house prices in the New York Times this morning asks a fundamental question about how to think about the future of house prices. If houses are a staple, they are currently overvalued by historical standards; if they are
LA commutes? Not so bad.

posted to Richard's Real Estate and Urban Economics Blog on Mon 6th Sep 10

The average one-way LA commute is 29 minutes. This compares with 45 minutes for the UK (the whole country, not just urban areas) and 38 minutes for the EU. A variety of sources suggests that the median commuting time in Japan is greater than 30 minutes and
RA of The Economist gets it right (h/t to Mark Thoma)

posted to Richard's Real Estate and Urban Economics Blog on Mon 6th Sep 10

He writes:"...it's simply not true that the administration has rolled out every programme it can think of. Economists with which administration officials are very familiar have proposed measures to deal with the real problem in housing markets: negative equity.

If not Ben, then who?

posted to Richard's Real Estate and Urban Economics Blog on Fri 22nd Jan 10

I wish that those who are trying to block Bernanke would let us know a better alternative--I can't think of one. Bernanke is smart, honest, and while he made mistakes, he showed a great deal of flexibility (and a willingness to learn) in response to the crisis.
$4 per gallon gasoline and the urban land market

posted to Richard's Real Estate and Urban Economics Blog on Sat 14th Jun 08

Over the past six years, the price of gasoline has risen about $2 per gallon. What does this mean for relative urban land prices?Let's say the average household makes five one-way trips per day--for work, shopping, entertainment, etc. Let's also say that the
Do low rates make house prices more volatile?

posted to Richard's Real Estate and Urban Economics Blog on Thu 2nd Sep 10

Over at the FT blog, Cardiff Garcia has a nice summary of three papers that attempt to explain the run-up in house prices before 2007. It particularly approves of the work of my friend and co-author Susan Wachter and Andrew Levitan, who argue that a supply-side

links for 2010-09-06

posted to Economist's View on Mon 6th Sep 10

A Bank for Macro Models - John TaylorKeyness conference and Morgenthaus dream - Edge of the American WestRA of The Economist gets it right - Richard GreenHousing markets: Let the market crash? - Free ExchangeInterview with Germany's Finance Minister - SpiegelPlan
Mortgage Credit and the Housing Bubble, by Arnold Kling

posted to EconLog on Fri 3rd Sep 10

Adam J. Levitin and Susan M. Wachter write, the bubble was a supply-side phenomenon, attributable to an excess of mispriced mortgage finance: mortgage finance spreads declined and volume increased, even as risk increased, a confluence attributable only to an
links for 2010-09-02

posted to Economist's View on Thu 2nd Sep 10

Comparing the High-Income Tax Cuts and the Social Security Shortfall - CBPPA Push on Tax Cuts? - NYTimes.comMacro and Financial Policies Before and After the Crisis - Barry EichengreenTexas A&M System Will Rate Professors - The Chronicle of Higher EducationDo