NDLI: Regional House Price Segmentation and Convergence in the US: A New Approach

Content Provider	Springer Nature Link
Author	Miles, William
Copyright Year	2013
Abstract	This paper investigates the extent of regional integration (or, conversely, segmentation) in US home values. In contrast to some previous studies, we examine the degree of integration in the US with a data set which runs into 2012 and thus captures the latest period of bubble and bust, and employing a recently developed set of tools which yield estimates which are 1) time-varying, and 2) account for differences not just in correlation but also in amplitude between different housing markets. Our results indicate that contrary to some previous findings, overall integration in the US was falling, not rising over the early years of the bubble (2001–05). This lends some credence to the “lots of local bubbles” conjecture of Greenspan that the early stages of the bubble reflected froth in some individual markets, rather than a large underlying national bubble. However, the late stages of the bubble exhibit a very sharp rise in integration, so the later bubble and subsequent bust likely reflected national (or global) factors. Finally we find substantial variation across regions in terms of how integrated they tend to be. This comports with previous findings on the low level of integration of regional income in the US, and the ability of home values to maintain substantial segmentation makes the use of housing in monetary policy problematic.
Starting Page	113
Ending Page	128
Page Count	16
File Format	PDF
ISSN	08955638
Journal	The Journal of Real Estate Finance and Economics
Volume Number	50
Issue Number	1
e-ISSN	1573045X
Language	English
Publisher	Springer US
Publisher Date	2013-11-21
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Regional house prices Segmentation Integration Regional/Spatial Science Finance/Investment/Banking
Content Type	Text
Resource Type	Article
Subject	Finance Urban Studies Accounting Economics and Econometrics

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