Abstract

http://ssrn.com/abstract=965068
 
 

Citations



 


 



An Examination of Housing Price Appreciation in California and the Impact of Alternative Mortgage Instruments


Kathy Hung


California State University, East Bay

Charles Tu


University of San Diego - School of Business Administration


Journal of Housing Research, Vol. 17, No. 1, 2008

Abstract:     
The median price of existing, single-family detached homes in California jumped from $241,350 in 2000 to $524,020 in 2005. This paper studies the phenomenal housing price appreciation in the state by examining the impact of the increasing popularity of alternative mortgage products on the changes in housing values. Using macroeconomic variables and characteristics of mortgage products, we investigate the driving forces behind this booming housing market and find that the extensive use of alternative mortgage products was one of the major factors causing the unprecedented pace of housing value appreciation in California.

Keywords: House price appreciation, alternative mortgage instruments, adjustable-rate mortgages (ARMs), causality analysis, macroeconomic model

JEL Classification: R21, R31, G2

working papers series





Not Available For Download

Date posted: February 26, 2007 ; Last revised: April 21, 2009

Suggested Citation

Hung, Kathy and Tu, Charles, An Examination of Housing Price Appreciation in California and the Impact of Alternative Mortgage Instruments. Journal of Housing Research, Vol. 17, No. 1, 2008. Available at SSRN: http://ssrn.com/abstract=965068

Contact Information

Kathy Hung (Contact Author)
California State University, East Bay ( email )
25800 Carlos Bee Boulevard
College of Business and Economics
Hayward, CA 94542
United States
510-885-4175 (Phone)
510-885-4796 (Fax)
Charles Tu
University of San Diego - School of Business Administration ( email )
San Diego, CA
United States
619-260-5942 (Phone)
619-260-7496 (Fax)
Feedback to SSRN


Paper statistics
Abstract Views: 3,800

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.266 seconds