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文献出处： Hoesli M, Reka K. The U.S. real estate market and real estate finance development[J] The Journal of Real Estate Finance and Economics, 2014, 47(1): 1-35.

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原文

The U.S. real estate market and real estate finance development

Hoesli M, Reka K.

1 U.S. real estate market development overview

Heterogeneity of property and trading of discontinuity, makes house prices change especially difficult to measure. Therefore, to review the history of the system, the real estate market has been one of academic problems. As to build the authority of the home price index, Robert shiller's (2007) research has strong representative. According to his analysis, from 1890 to 2007, 120 years of history, the actual basic consolidation between 100-130, home prices run quite smoothly. National movements only happened twice: one is before the first world war to the end of the second world war, the real estate market overall weak, although had a rebound in the mid 20 s, but failed to form the integrity of recovery; Second, since 2000, the real estate market prosperity, not only were surging, and for the first time to present a complete "boom-bust

cycle."

2 the four stages of the real estate market development

2.1 1930 years ago: the growth of the real estate market exploration and policy

Exploration of policy

Real estate finance and many countries start level similar to that of the early American housing finance is in the form of mutual assistance is given priority to, mainly to Europe countries. "Temporary help build community (TBS)" is a community from the financing solution, the main mechanism is to urban communities in the personal savings together, support each other build, all members complete construction, such as mutual aid community was disbanded.

This model about development in the 20 s, gradually forming for savings bank lending, its main features include: one is the source of funds mainly rely on savings, cause the amount is limited and the cost of capital is higher.The second is the loan amount is low, most of no more than 60% of the value of the housing.Most loan applicants also won a second or even third loan to pay for the deposit.Three loan fixed number of year is short, usually only for 2-11 years (Jackson, 1985).

The real estate market growth

During this period, the real estate market rapid development from scratch. American colonial period has been the real estate market, but is

given priority to with land deals, no any supporting. After the United States declaration of independence, the newly established the federal government will the ownership of land from the hand of the ruling class of the British royal authorized transfer to come over, and began to land privatization, including free transfer and sale of (us $1.25 / acre) two main means. The middle of the 19th century the rise of railway transportation, as well as the wave of industrialization, at the end of the 19th century city is for the us economy and the real estate market has formed a huge impetus and had a profound influence, real estate continued rapid development, until is dragged down by the first world war.20 s is the recovery period, both prices and real estate construction, in 1926 has a small wave, but to different degree.Supply data suggests that for more than a pre-war levels, single-family housing construction hit a record high in 1925, it was not until 1950 was broken;While home price index showed far from full recovery.But '20 s real estate market fluctuations apparently without too much direct impact on the economy, from the three years later, in 1929, the dow Jones index just climbed to nearly 400 points of the peak, and then plunged, pull open the prelude to the great depression.

At the same time, the local real estate "prosperity - recession" phenomenon. It is the middle of the 19th century, with the development of railway transportation, along the lines of land transaction is very active,

prices soared overnight phenomenon occurs frequently, the initial speculation.2 it is the end of the 19th century, with the rise of the tide of industrialization cities, urban centers has become a symbol of wealth, power and high-end consumption. City downtown land sharp rise, is a significant feature of this period. In addition, as the state have developed, pleasant environment or the humanities unique region speculative stories happened frequently, including California in the 1880 s and 1920 s Florida the two famous speculation in the property market.

2. The reconstruction of the housing market and forming

Under the effect of the New Deal, the U.S. housing market began to recover. After the second world war, as war veteran returning wave, when returning the rise of large-scale housing construction, real estate market is a breakthrough:

Is a large-scale housing construction along with rising house prices nationwide, and ultimately achieve a soft landing. From 1942 to 1947, the case-shiller house price index rose 60% in real terms, although rose, but only to return to pre-war levels, then did not adjustment in the form of depression. The second is the rate of homeownership rapidly rising, the real estate market is gradually forming.

The 30-year, fixed-rate, mortgage innovation and promotion, as a direct result of housing ownership rate to rise. Only 20 years from 1940 to 1960, the ownership rate increased from 44% to 44%, the main living

form from rent primarily to give priority to with their own room, since it was not until 2004 that ownership rate also to continue to rise to 69%.The gradually faded Thrifts and at the same time, the secondary market began to rapid development and gradually dominate. The federal government successively set up again after fannie mae ginnie …… 此处隐藏：11102字，全部文档内容请下载后查看。喜欢就下载吧 ……