TY  - JOUR
AU  - Stein,Jeremy C.
TI  - Prices and Trading Volume in the Housing Market: A Model with Downpayment Effects
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4373
PY  - 1993
Y2  - May 1993
UR  - http://www.nber.org/papers/w4373
L1  - http://www.nber.org/papers/w4373.pdf
N1  - Author contact info:
Jeremy C. Stein
Department of Economics
Harvard University
Littauer 209
Cambridge, MA  02138
Tel: 617/496-6455
Fax: 617/496-7352
E-Mail: jeremy_stein@harvard.edu
M2  - featured in NBER digest on 1993-12-01
AB  - This paper presents a simple model of trade in the housing market. The crucial feature is that a minimum downpayment is required for the purchase of a new home. The model has direct implications for the volatility of house prices, as well as for the correlation between prices and trading volume. The model can also be extended to address the correlation between prices and time-to-sale, as well as certain aspects of the cyclical behavior of housing starts.
ER  -