Regional economy and housing update
Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Low-income housing tax credits in Texas: achievements and challenges
As the LIHTC program faces the biggest challenges of its nearly 25-year history, it's imperative to look holistically at the evolution and distribution patterns of this housing production program. This issue provides a program overview, a current market-condition analysis and an update on recent regulatory changes.
Assessing high house prices: bubbles, fundamentals, and misperceptions
We construct measures of the annual cost of single-family housing for 46 metropolitan areas in the United States over the last 25 years and compare them with local rents and incomes as a way of judging the level of housing prices. Conventional metrics like the growth rate of house prices, the price-to-rent ratio, and the price-to-income ratio can be misleading because they fail to account both for the time series pattern of real long-term interest rates and predictable differences in the long-run growth rates of house prices across local markets. These factors are especially important in ...
Preserving small rental buildings
Smart investment in small two- to four-unit buildings?for renewed owner occupancy or nonprofit ownership and management?stabilizes neighborhoods and provides affordable housing.
To buy or not to buy? The changing relationship between Manhattan rents and home prices
Much of the nation has experienced steep declines in housing prices in recent years. In Manhattan, however, apartment sales prices did not fall as sharply. A study of price-rent ratios in the New York City borough concludes that, while apartment rents are driven by supply and demand forces, apartment sales prices are driven in part by speculative factors, and they sometimes rise or fall to levels incommensurate with prevailing rents. Manhattan price-rent ratios, although off their 2008 highs, are still up dramatically over the past two decades, suggesting less financial ?value? today in an ...
Rent or buy?
The residential real estate market showed additional signs of improvement in 2012, though the recovery has been quite different for single-family compared with multifamily markets.
Low Income Housing Tax Credits: strategies for year 15
As the Low Income Housing Tax Credit 15-year compliance period begins to expire on affordable housing projects across the country, the Wyndham Financial Group?s William S. Hettinger examines how organizations are addressing this issue and offers strategies for success.
Bureaucratic rent trends
Data suggest soft rental markets in the district.
A trend and variance decomposition of the rent-price ratio in housing markets
We use the dynamic Gordon-growth model to decompose the rent-price ratio for owner-occupied housing in the U.S., four Census regions, and twenty-three metropolitan areas into three components: The expected present value of real rental growth, real interest rates, and future housing premia. We use these components to decompose the trend and variance in rent-price ratios for 1975-2005, for an early sub-sample (1975-1996), and for the recent housing boom (1997-2005). We have three main findings. First, variation in expected future real rents accounts for a small share of variation in our sample ...