Pub Date : 2019-08-31DOI: 10.24957/hsr.2019.27.3.147
Doowon Bang, HyuckShin Kwon, M. Kim
{"title":"Spillover Effects of Regional Apartment Business Cycles Using Factor-Augmented VAR Model","authors":"Doowon Bang, HyuckShin Kwon, M. Kim","doi":"10.24957/hsr.2019.27.3.147","DOIUrl":"https://doi.org/10.24957/hsr.2019.27.3.147","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132471811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-31DOI: 10.24957/hsr.2019.27.3.5
Mee-Youn Jin, Kyeongsu Kim
The purpose of this study is to examine the characteristics of the generalist social housing model in France, factors behind the continued growth of French social housing, and how current social housing issues are being addressed by the French government. The generalist social housing model is primarily characterized by three ways of supplying social housing, which differentiate target beneficiaries, the government support structure that does not limit the participants in social housing supply initiatives, and the supply ecosystem that provides various solutions to meet the diverse needs of each local community. The continued growth of social housing is attributed to funds raised through savings accounts based on social solidarity, which are then redistributed by CDC, the 1% employer's housing fund and the well-structured governance system. Above all, the French government’s continued expansion of social housing despite changes in time and administration is an achievement and power of the consensus reached by the people, businesses, and political leaders of France. In response to recent issues raised about the effectiveness, efficiency, and distributive equity of social housing sector, the French government came up with various solutions, such as strengthening the qualification standards for beneficiaries, streamlining processes and methods, strengthening the right to housing, increasing protection of vulnerable groups, and narrowing regional gaps. However, a growing number of low-income households, dwindling financial support, and increasing self-financing burdens imposed on suppliers may threaten the sustainability of the generalist model and hamper the expansion of social housing supply.
{"title":"A Study on the Foundations for Continued Growth of French Social Housing and Recent Policy Dilemma","authors":"Mee-Youn Jin, Kyeongsu Kim","doi":"10.24957/hsr.2019.27.3.5","DOIUrl":"https://doi.org/10.24957/hsr.2019.27.3.5","url":null,"abstract":"The purpose of this study is to examine the characteristics of the generalist social housing model in France, factors behind the continued growth of French social housing, and how current social housing issues are being addressed by the French government. The generalist social housing model is primarily characterized by three ways of supplying social housing, which differentiate target beneficiaries, the government support structure that does not limit the participants in social housing supply initiatives, and the supply ecosystem that provides various solutions to meet the diverse needs of each local community. The continued growth of social housing is attributed to funds raised through savings accounts based on social solidarity, which are then redistributed by CDC, the 1% employer's housing fund and the well-structured governance system. Above all, the French government’s continued expansion of social housing despite changes in time and administration is an achievement and power of the consensus reached by the people, businesses, and political leaders of France. In response to recent issues raised about the effectiveness, efficiency, and distributive equity of social housing sector, the French government came up with various solutions, such as strengthening the qualification standards for beneficiaries, streamlining processes and methods, strengthening the right to housing, increasing protection of vulnerable groups, and narrowing regional gaps. However, a growing number of low-income households, dwindling financial support, and increasing self-financing burdens imposed on suppliers may threaten the sustainability of the generalist model and hamper the expansion of social housing supply.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"137 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130582066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-30DOI: 10.24957/HSR.2019.27.2.91
Jun-hyung Kim, Sung-soo Koh
{"title":"A Study on the Factors Influencing Rate of Return of New Stay REITs - Focusing on the Comparison with Rent-based REITs -","authors":"Jun-hyung Kim, Sung-soo Koh","doi":"10.24957/HSR.2019.27.2.91","DOIUrl":"https://doi.org/10.24957/HSR.2019.27.2.91","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115956915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-30DOI: 10.24957/HSR.2019.27.2.63
Seungryul Ma
we conducted this study to confirm the long-term relationship between the home owner’s user cost() and renter’s rental cost() of the same house as well as confirming the long-term relationship between the value of ( ) and housing price(). To do this, after building reasonable formulas to calculate the values of and varied by time t, we analyzed the values of and by region. In the end, we presented the future forecasted values of ( ) and . Related to the long-term relationship between and , it is expected that the demand for home buying would increase when the situation of < lasted. On the contrary, the demand for home buying would decrease when the situation of > lasted. Meanwhile, the potential home buyer could prefer renting to buying the same home when the growth rate of house price is lower than average growth rate. This period is expected to be highly related to the period when the situation of > lasted, and in our analysis, we could confirm this close relationship. It is expected that the analyzed results of the long-term relationship between ( ) and as well as the forecasting method we used in our analysis could be used as a meaningful indicator to estimate the future direction of housing market environment by region in advance.
{"title":"Long-Term Relationship between the Gap in User-Rental Costs and Housing Prices","authors":"Seungryul Ma","doi":"10.24957/HSR.2019.27.2.63","DOIUrl":"https://doi.org/10.24957/HSR.2019.27.2.63","url":null,"abstract":"we conducted this study to confirm the long-term relationship between the home owner’s user cost() and renter’s rental cost() of the same house as well as confirming the long-term relationship between the value of ( ) and housing price(). To do this, after building reasonable formulas to calculate the values of and varied by time t, we analyzed the values of and by region. In the end, we presented the future forecasted values of ( ) and . Related to the long-term relationship between and , it is expected that the demand for home buying would increase when the situation of < lasted. On the contrary, the demand for home buying would decrease when the situation of > lasted. Meanwhile, the potential home buyer could prefer renting to buying the same home when the growth rate of house price is lower than average growth rate. This period is expected to be highly related to the period when the situation of > lasted, and in our analysis, we could confirm this close relationship. It is expected that the analyzed results of the long-term relationship between ( ) and as well as the forecasting method we used in our analysis could be used as a meaningful indicator to estimate the future direction of housing market environment by region in advance.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134643713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-30DOI: 10.24957/HSR.2019.27.2.117
Mihwa Lim
The residential mobility of households to the metropolitan area has led to the rapid rise in house prices, traffic congestion, and environmental problems in urbanized locations. On the other hand, in the case of non-metropolitan areas, there are many problems due to population decline and a shrinking urban scale. To solve such urban problems, it is necessary to explore residential mobility. This study empirically analyzed the factors affecting the residential mobility plan of households in the capital area, and migration to the non-capital area through the five-year Korea Housing Survey. According to the results of this study, the characteristics of households that are planning to move to non-capital areas are as follows: Rental households in the capital area, households without school-aged children, households with a low living cost compared to living expenses, and households that are planning to own a house. Considering that these characteristics were significant, while the age of the household resident and other household characteristics were not significant, it can be implied that, in the case of the non-capital area, residential mobility is not due to the voluntary choice of households to reside in the capital area. Rather it is because households face housing instability due to their economic capacity and current lease situation, thus they choose to move to a non-capital area in the hopes of a stable residential life through the ownership of a house. This is a result of the need to differentiate the housing policy in the non-capital area from that in the capital area.
{"title":"A Study on the Influence Factors on Residential Mobility Plan to Non-Capital Area of Households in Capital Area","authors":"Mihwa Lim","doi":"10.24957/HSR.2019.27.2.117","DOIUrl":"https://doi.org/10.24957/HSR.2019.27.2.117","url":null,"abstract":"The residential mobility of households to the metropolitan area has led to the rapid rise in house prices, traffic congestion, and environmental problems in urbanized locations. On the other hand, in the case of non-metropolitan areas, there are many problems due to population decline and a shrinking urban scale. To solve such urban problems, it is necessary to explore residential mobility. This study empirically analyzed the factors affecting the residential mobility plan of households in the capital area, and migration to the non-capital area through the five-year Korea Housing Survey. According to the results of this study, the characteristics of households that are planning to move to non-capital areas are as follows: Rental households in the capital area, households without school-aged children, households with a low living cost compared to living expenses, and households that are planning to own a house. Considering that these characteristics were significant, while the age of the household resident and other household characteristics were not significant, it can be implied that, in the case of the non-capital area, residential mobility is not due to the voluntary choice of households to reside in the capital area. Rather it is because households face housing instability due to their economic capacity and current lease situation, thus they choose to move to a non-capital area in the hopes of a stable residential life through the ownership of a house. This is a result of the need to differentiate the housing policy in the non-capital area from that in the capital area.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124520913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-30DOI: 10.24957/HSR.2019.27.2.5
Kyung-Sook Lee, Se-won Park, Jeong Tae-Yun
This study analyzes the impact of living floor on the price of an apartment using 3,249 price data sample of apartments traded in Sejong city in 2017. In addition to a traditional regression analysis, we employ a spatial lag model, and a spatio-temporal model to consider the prices of neighboring apartments. Among these, spatio-temporal model turned out to be the fittest since its log likelihood was the biggest with having the smallest AIC and SC value. In regard to living floor which is our main concern, we made a dummy variable per 3- floor- unit with having 1-3 floor unit as our reference variable, and the highest dummy being 28-30 floor unit dummy. We controlled such variables as size, total floor, age, squared age, the number of households, parking lot capacity, stair type apartment dummy, distance from government complex, distance from Daejon city hall, BTR dummy, brand name dummy, and time fixed effect dummy which can also affect the price. As results, we found that except for the number of households variable and time fixed effect variables, most variables were significant with 1% level. Especially, living floor dummy of our interest showed that except for 19-21 floor dummy, the higher the floor, the higher the price. This result is different from literature where living floor raises the price up to a certain point of floor, but after the point the price rather declines. This may be because the residents in Sejong city are comparatively young, on average, and they may favor high living floors which can provide good environmental benefits. Besides, the coefficient of relative living floor (living floor/total floor) was bigger than that of living floor, which shows that apartment purchasers value relative height of living floor more than just the height of living floor.
{"title":"A Study on the Impact of Living Floor on the Price of an Apartment using a Spatio-temporal Model","authors":"Kyung-Sook Lee, Se-won Park, Jeong Tae-Yun","doi":"10.24957/HSR.2019.27.2.5","DOIUrl":"https://doi.org/10.24957/HSR.2019.27.2.5","url":null,"abstract":"This study analyzes the impact of living floor on the price of an apartment using 3,249 price data sample of apartments traded in Sejong city in 2017. In addition to a traditional regression analysis, we employ a spatial lag model, and a spatio-temporal model to consider the prices of neighboring apartments. Among these, spatio-temporal model turned out to be the fittest since its log likelihood was the biggest with having the smallest AIC and SC value. In regard to living floor which is our main concern, we made a dummy variable per 3- floor- unit with having 1-3 floor unit as our reference variable, and the highest dummy being 28-30 floor unit dummy. We controlled such variables as size, total floor, age, squared age, the number of households, parking lot capacity, stair type apartment dummy, distance from government complex, distance from Daejon city hall, BTR dummy, brand name dummy, and time fixed effect dummy which can also affect the price. As results, we found that except for the number of households variable and time fixed effect variables, most variables were significant with 1% level. Especially, living floor dummy of our interest showed that except for 19-21 floor dummy, the higher the floor, the higher the price. This result is different from literature where living floor raises the price up to a certain point of floor, but after the point the price rather declines. This may be because the residents in Sejong city are comparatively young, on average, and they may favor high living floors which can provide good environmental benefits. Besides, the coefficient of relative living floor (living floor/total floor) was bigger than that of living floor, which shows that apartment purchasers value relative height of living floor more than just the height of living floor.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127544270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-30DOI: 10.24957/HSR.2019.27.2.33
So-Young Lee, Seung-Chang Park, Chang-Moo Lee
This study empirically investigates housing mortgage prepayment behavior decisions in Korea. Using the loan-level data from 2013 to 2014, a Cox proportional hazard model and a shared frailty model which controls the effect of unobserved heterogeneity among local markets are estimated. The results show that there exists significant heterogeneity among the local markets. Ignoring this heterogeneity results in errors in estimating the prepayment behavior of borrowers. Estimation results show that the higher expected housing price change, the lower the hazard rate of prepayment and the higher collateral value change, the higher the hazard rate of prepayment. The sale for capital gains as well as refinance by option value may also cause prepayment. The greater the degree where the collateral value declines, the higher the hazard rate of prepayment. It means that distressed prepayment is an alternative when the collateral value declines. Estimation results also indicate that loan characteristics like LTV, loan amount, maturity period, grace period, and borrower characteristics like borrower’s age, income, credit rating are determinants of prepayment. Especially, low credit serves as a constraint on refinance.
{"title":"Determinants of Housing Mortgage Prepayment in Korea: Using a Loan-Level Dataset","authors":"So-Young Lee, Seung-Chang Park, Chang-Moo Lee","doi":"10.24957/HSR.2019.27.2.33","DOIUrl":"https://doi.org/10.24957/HSR.2019.27.2.33","url":null,"abstract":"This study empirically investigates housing mortgage prepayment behavior decisions in Korea. Using the loan-level data from 2013 to 2014, a Cox proportional hazard model and a shared frailty model which controls the effect of unobserved heterogeneity among local markets are estimated. The results show that there exists significant heterogeneity among the local markets. Ignoring this heterogeneity results in errors in estimating the prepayment behavior of borrowers. Estimation results show that the higher expected housing price change, the lower the hazard rate of prepayment and the higher collateral value change, the higher the hazard rate of prepayment. The sale for capital gains as well as refinance by option value may also cause prepayment. The greater the degree where the collateral value declines, the higher the hazard rate of prepayment. It means that distressed prepayment is an alternative when the collateral value declines. Estimation results also indicate that loan characteristics like LTV, loan amount, maturity period, grace period, and borrower characteristics like borrower’s age, income, credit rating are determinants of prepayment. Especially, low credit serves as a constraint on refinance.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132674003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.24957/HSR.2019.27.1.31
Inyoung Bong, Hye Jin Choi
{"title":"A Study on Korea’s Public Rental Housing Policy Using Ghekière’s Social Housing System Typology","authors":"Inyoung Bong, Hye Jin Choi","doi":"10.24957/HSR.2019.27.1.31","DOIUrl":"https://doi.org/10.24957/HSR.2019.27.1.31","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"264 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134179939","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.24957/hsr.2019.27.1.05
Jin-soo Ko, Seong-ho Choi, Seung-Chul Noh
{"title":"Factors Affecting the Days on Market of Residential Real Estate in Seoul","authors":"Jin-soo Ko, Seong-ho Choi, Seung-Chul Noh","doi":"10.24957/hsr.2019.27.1.05","DOIUrl":"https://doi.org/10.24957/hsr.2019.27.1.05","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130008047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.24957/HSR.2019.27.1.53
Dong-Il Kim, Park，Sae-Won, Tae-yun Jeong
{"title":"A Study on Influence of Gyeongju Earthquake on Preference of Apartment Height","authors":"Dong-Il Kim, Park，Sae-Won, Tae-yun Jeong","doi":"10.24957/HSR.2019.27.1.53","DOIUrl":"https://doi.org/10.24957/HSR.2019.27.1.53","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122954848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：