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Housing markets --- House prices --- Austria --- Belgium --- Denmark --- Finland --- France --- Germany --- Greece --- Ireland --- Italy --- Netherlands --- Spain --- Sweden --- Switzerland --- Europe

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This report was jointly launched by the National Academy of Economic Strategy of the Chinese Academy of Social Sciences and UN-HABITAT. Using the indicator system and objective data, the competitiveness of 1,035 global cities was evaluated in detail. The report measures the development pattern of global urban competitiveness as a whole, and the gap between the relevant parties and the ideal state. It has refreshed people's past perceptions of urban rankings and confirmed that the science and technology innovation center cities and central cities of emerging economies have begun to break the inherent global cities and they have entered the ranks of the most urban competitiveness. While paying attention to the comparison of competitiveness among cities, this report further promotes the perspective to the pattern and trend change of global economic and social development from the perspective of city. The followings are new findings: First, information technology has increasingly become the primary driving force for urban development; Second, it is the three meridians that divide the global urban population and economic differentiation; Third, the soft links between cities gradually dominate the global urban system; Fourth, the formation of new global cities is beginning.

Housing --- Prices. --- Dwellings --- Home prices --- House prices --- Housing prices --- Residential real estate --- Prices --- Urban economics. --- Sociology, Urban. --- Urban Economics. --- Urban Studies/Sociology. --- Urban sociology --- Cities and towns --- City economics --- Economics of cities --- Economics --- Economic aspects

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This paper examines various factors driving the uptrend in house prices, with a particular focus on institutional and structural factors. The extent of a possible valuation gap is gauged empirically in the context of a cross-country panel analysis of long-run fundamental determinants of house prices using data from 20 OECD countries. Norway has seen a long housing boom since the mid-1990s apart from a brief and mild downturn during the global financial crisis, with house price inflation exceeding income growth by a wide margin. Although real house prices have also been up strongly during the same period in the majority of advanced economies, Norway experienced one of the highest increases in the OECD. With house prices rising ahead of income, the average cost of a home relative to the median household income nationwide has almost doubled since the mid-1990s, rising much faster than OECD average. In absolute terms, the house price-to-income (PTI) ratio is also high relative to a range of countries.

Housing --- Dwellings --- Home prices --- House prices --- Housing prices --- Residential real estate --- Prices. --- Prices --- Labor --- Macroeconomics --- Real Estate --- Taxation --- Women''s Studies' --- Taxation, Subsidies, and Revenue: General --- Economics of Gender --- Non-labor Discrimination --- Housing Supply and Markets --- Labor Economics: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Labour --- income economics --- Public finance & taxation --- Gender studies --- women & girls --- Property & real estate --- Women --- Tax incentives --- Wage gap --- Gender --- Taxes --- Income tax --- Labor economics --- Norway --- Income economics --- Women & girls --- Women's Studies

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Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements. Empirical analysis shows that house price dynamics are mostly driven by income and demographics but fluctuations in these fundamentals and credit conditions can create deviations from the implied equilibrium path. We conclude with a discussion of the macroeconomic implications of house price corrections.

Business & Economics --- Real Estate, Housing & Land Use --- Housing. --- Housing --- Prices. --- Dwellings --- Home prices --- House prices --- Housing prices --- Residential real estate --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- Prices --- Social aspects --- City planning --- Human settlements --- Business cycles --- E-books --- Economic cycles --- Economic fluctuations --- Cycles --- Infrastructure --- Macroeconomics --- Real Estate --- Industries: Financial Services --- Business Fluctuations --- Financial Markets and the Macroeconomy --- Macroeconomic Aspects of International Trade and Finance: General --- Housing Supply and Markets --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Aggregate Factor Income Distribution --- Price Level --- Inflation --- Deflation --- Property & real estate --- Finance --- Income --- Asset prices --- National accounts --- Financial institutions --- Saving and investment --- United States

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We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank lenders increased in virtually all US counties during the boom. We then exploit the heterogeneity in the market share of independent lenders across counties as of 2005 and show that higher market participation by these lenders is associated with increased foreclosure filing rates at the onset of the housing downturn. We carefully control for counties' economic, demographic, and housing market characteristics using both parametric and semi-nonparametric methods. We show that this relation between the pre-crisis market share of independents and the rise in foreclosure is more pronounced in less regulated states. The macroeconomic consequences of our findings are significant: we show that the market share of these lenders as of 2005 is also a strong predictor of the severity of the housing downturn and subsequent rise in unemployment. Overall our findings lend support to the view that more stringent regulation could have averted some of the volatility on the housing market during the recent boom-bust episode.

Housing --- Mortgages. --- Banks and banking --- Business cycles. --- Economic cycles --- Economic fluctuations --- Cycles --- Hypothecation --- Mortgages --- Real obligations --- Securities --- Security (Law) --- Conveyancing --- Liens --- Priorities of claims and liens --- Dwellings --- Home prices --- House prices --- Housing prices --- Residential real estate --- Prices. --- State supervision. --- Law and legislation --- Finance --- Prices --- Infrastructure --- Money and Monetary Policy --- Real Estate --- Industries: Financial Services --- Financial Crises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Money Supply --- Credit --- Money Multipliers --- Housing Supply and Markets --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Property & real estate --- Monetary economics --- Macroeconomics --- Loans --- Financial institutions --- Money --- National accounts --- Saving and investment --- United States