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Risk management of the housing market: with a focus on low income households
KTH, School of Architecture and the Built Environment (ABE).ORCID iD: 0000-0003-4849-0726
2005 (English)Licentiate thesis, comprehensive summary (Other scientific)
Place, publisher, year, edition, pages
Stockholm: KTH , 2005. , iv p.
Series
Trita-BFE, ISSN 1104-4101 ; 05:67
National Category
Other Mechanical Engineering
Identifiers
URN: urn:nbn:se:kth:diva-398ISBN: 91-975358-5-0 (print)OAI: oai:DiVA.org:kth-398DiVA: diva2:10249
Note
QC 20101130Available from: 2005-08-16 Created: 2005-08-16 Last updated: 2010-11-30Bibliographically approved
List of papers
1. A survey of policies that may increase access to home ownership for low income households
Open this publication in new window or tab >>A survey of policies that may increase access to home ownership for low income households
2009 (English)In: Housing, Theory and Society, ISSN 1403-6096, E-ISSN 1651-2278, Vol. 26, no 4, 248-270 p.Article in journal (Refereed) Published
Abstract [en]

This review article presents a systematic overview of strategies that may make home ownership affordable to more low-income households. Home ownership has been regarded as the preferred choice of tenure by most OECD countries for many decades and has often been supported with a wide range of methods that make ownership economically attractive. There are four distinct time periods of a typical “housing career”: (1) down payment accumulation stage, (2) transaction stage, (3) ownership stage and (4) selling stage. Although home ownership rates have been on the increase globally since the Second World War, recent signs indicate that this trend has been halted. However, it is argued that little is known on the actual effectiveness of most of the described policies and that a set of policies, focusing on at least the first three stages above, is needed should a government wish to encourage home ownership. Moreover, direct subsidies and grants are probably not very interesting considering the weak financial situation of most governments. Thus, selected policies would probably focus on the ability of the households to signal their characteristics and on strengthening various insurance markets so that they become open to more households at a reasonable price.

Keyword
Government policies; Home equity; Home ownership; Low-income housing; Mortgages
National Category
Economics Civil Engineering
Identifiers
urn:nbn:se:kth:diva-11235 (URN)10.1080/14036090802614479 (DOI)2-s2.0-71649104929 (Scopus ID)
Note
QC 20100810Available from: 2009-10-09 Created: 2009-10-09 Last updated: 2017-12-13Bibliographically approved
2. Mortgage and home equity insurances for home owners and rental insurancefor tenants
Open this publication in new window or tab >>Mortgage and home equity insurances for home owners and rental insurancefor tenants
2009 (English)Report (Other academic)
Abstract [en]

Households face many different kinds of risks that are related to ownership and tenancy. Forinstance, home owners face both financial and capital risk, whereas tenants face risks relatedto rent level. The present paper focuses on mortgage and home equity insurance instruments for home owners, and rent insurance instruments for tenants. Mortgage and home equityinsurances might improve both households’ as well as lenders possibilities to manage risksrelated to home purchases, financial commitments and lending. Mortgage insuranceinstruments aims at mitigating the risk of mortgage default and loan losses resulting from a foreclosure process, while home equity insurance provide protection against capital losses.Furthermore, these insurance instruments might also be usable for expanding home ownershipfor low-income households. This paper also discusses a rental insurance policy as analternative to traditional rent regulation. A main feature of this policy is that landlords are supposed to be obliged to offer tenants rental insurance against strong increases in marketrents

Publisher
34 p.
Keyword
Home ownership, low-income housing, mortgage insurance, housing policy, home equity insurance, rent insurance
National Category
Economics Civil Engineering
Identifiers
urn:nbn:se:kth:diva-11236 (URN)
Note
QC 20100810Available from: 2009-10-09 Created: 2009-10-09 Last updated: 2010-11-30Bibliographically approved
3. The valuation of residential rental options
Open this publication in new window or tab >>The valuation of residential rental options
2009 (English)Report (Other academic)
Abstract [en]

This paper develops a formula for pricing a residential option with respect to a tenant’s so called outside option in which two new parameters are introduced; the tenant’s transactioncost of moving and moving threshold. This formula is then used to compute numerical examples of the option price for different parameter values. We believe that the pricingformula developed in this paper provides a potentially useful way of conceptualizing howhouseholds actually might think when considering buying an option. The numerical examples show that the value of the option increases with higher transaction cost of moving, and decreases with higher moving threshold. With a low moving threshold (i.e. a liquidityconstrained household) and/or a high transaction cost of moving, the rental option may have a high value for this household. This value might therefore be higher than the option value calculated the standard way, i.e. without the transaction cost of moving, and moving thresholdparameters. Naturally, the opposite situation occurs for a household with a high moving threshold and/or a low transaction cost of moving.

Publisher
44 p.
Keyword
rent regulation, rent control, rent insurance, rental option, real option
National Category
Civil Engineering Economics
Identifiers
urn:nbn:se:kth:diva-11237 (URN)
Note
QC 20100810Available from: 2009-10-09 Created: 2009-10-09 Last updated: 2010-11-30Bibliographically approved

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e2674cf1b6d3e250480314b2b4ffe97f3484672f3d58dea1842de898fe3eed6041e74e64
Type fulltextMimetype application/pdf

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CiteExportLink to record
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Citation style
  • apa
  • harvard1
  • ieee
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  • Other locale
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Output format
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