Global Housing Markets

ASHOK BARDHAN is Senior Research Associate, Fisher Center for Real Estate and Urban Economics, Haas School of Business, University of California, Berkeley. ROBERT H. EDELSTEIN is Professor, Maurice Mann Chair in Real Estate, Haas School of Business, University of California, Berkeley. CYNTHIA A. KROLL is Executive Director, Staff Research and Senior Regional Economist, Fisher Center for Real Estate and Urban Economics, Haas School of Business, University of California, Berkeley.

• Acknowledgments ix Editor’s Note xi1 The Financial Crisis and HousingMarkets Worldwide: Similarities, Differences, and Comparisons 1Ashok Bardhan, Robert H. Edelstein, and Cynthia A. KrollPART I The United States Leads the Housing Bubble’s Rise and Collapse2 The U.S. HousingMarket and the Financial Crisis 23Ashok Bardhan, Robert H. Edelstein, and Cynthia A. KrollPART II The European Union—One Continent, Many Markets: A Gauge of Government Institutions and Interventions3 The 2008 Financial Crisis and the Danish Mortgage Market 53Jacob Gyntelberg, Kristian Kjeldsen, Morten Baekmand Nielsen, and Mattias Persson4 Prolonged Crisis 69Thies Lindenthal and Piet Eichholtz5 The Dynamics of the Irish HousingMarket 101Simon Stevenson6 House Prices and Market Institutions: The Dutch Experience 135Dirk Brounen and Piet Eichholtz7 Real Estate Boom and Crisis in Spain 157Antoni Sureda-Gomila8 The UK and Europe’s Selective Housing Bubble 173Christine Whitehead and Kathleen ScanlonPART III Eastern Europe: European Emerging Markets Ride the Waves9 The HousingMarket in Russia: Lessons of the Mortgage Crisis 195Nadezhda Kosareva and Andrey Tumanov10 The HousingMarket and Housing Finance in Russia and Its Regions: A Quantitative Analysis 229Carsten Sprenger and Branko Uroˇsevi´c11 The HousingMarket in Serbia in the Past Decade 247Dejan Sˇosˇkic´, Branko Urosˇevic´, Bosˇko Zˇ ivkovic´, and Milosˇ Bozˇovic´PART IV Asia Housing Bubbles Past, Present, and Future: Contrasts among Asian Economic Giants12 Irrational Prosperity, HousingMarket, and Financial Crisis: An Empirical Study of Beijing 271Lu Ping, Zhen Hui, and Xu Yuehong13 HomeMortgage and Real Estate Market in Shanghai 295Jie Chen14 Evolution of the Indian Housing Finance System and HousingMarket 319R. V. Verma15 The HousingMarket and Housing Finance under Liberalization in India 343C. P. Chandrasekhar16 The Recent Financial Crisis and the HousingMarket in Japan 357Miki Seko, Kazuto Sumita, and Michio NaoiPART V Managing Housing Bubbles and Housing Markets in Diverse Asian Economies17 Comparing Two Financial Crises: The Case of Hong Kong Real Estate Markets 377Charles Ka Yui Leung and Edward Chi Ho Tang18 The Global Financial Crisis and the Korean Housing Sector: How Is This Time Different from the 1997 Asian Financial Crisis? 399Kyung-Hwan Kim19 Government Policy, Housing Finance, and Housing Production in Singapore 421Lum Sau Kim20 Taiwan: Housing Bubbles and Affordability 447Chin-Oh Chang and Ming-Chi ChenPART VI Avoiding Contagion in Other Markets21 Australia’s Economic Response to the Global Financial Crisis and Its HousingMarkets 467Dogan Tirtiroglu22 The Financial Crisis and Brazil’s Expanding HousingMarket 491Emilio Haddad and Joao Meyer23 The Canadian HousingMarket: No Bubble? No Meltdown? 511Tom Carter24 Partly Cloudy to Clear: The Israeli Economy and the Local HousingMarket under the Storm of the World Financial Crisis 535Danny Ben-Shahar and Jacob WarszawskiIndex 557