Housing researchers are aware of the lower homeownership rates and other housing problems of single women but there is very little research focusing on single women homeowners or the characteristics of the housing they buy. Also, since a wide body of research can be found that examines determinants of homeownership for various population groups, the importance of this study was in its focus on single women homeowners and the characteristics of their housing rather than the determinants of ownership for this group. Using data from the 1993 American Housing Survey (AHS), the study sample consisted of 639 women homeowners who were either widowed, divorced, separated, or never-married, and who did not own their previous residence. The study's purpose was to construct a profile of single women home- owners that included a description of their demographic and housing characteristics, the means by which they acquired their homes, and the changes made in their housing when they became homeowners. Additionally, this study examined which demographic and previous housing characteristics of this group were related to the housing characteristics of their present homes. Descriptive results from this study suggested that single women homeowners are primarily middle aged without young children at home, earn moderate incomes, and that the largest proportion of them live in the South and metropolitan areas. When compared to homeowners in general, single women homeowners' homes cost less and represented a higher proportion of attached and mobile home units. The results also showed that single women used low-down payment financing instruments to a lesser degree than did all homeowners. Results from statistical analyses suggested that significant relationships exist between single women homeowners' housing characteristics, and a) their demographic characteristics, b) their previous housing characteristics, and c) their reasons for moving and selecting their current homes and neighborhoods. Another key finding was that single women homeowners of varying marital status differed in their present and previous housing characteristics and their reasons for selecting the current home. The results of this study support suggestions made by other researchers that examining differences not only by gender but also by the variations in marital status will help to clarify and add to the knowledge of housing and its relevance to populations of varying social composition. / Ph. D.

Purpose - The study aims to examine how the war in Ukraine, due to Russia's actions, has affected the Swedish housing market. By drawing parallels to previous crises that have impacted the housing market, and using a theoretical framework, the relationship between the war in Ukraine and the housing market in Sweden is studied. Methodology - The purpose is fulfilled through a quantitative approach using multiple linear regression analysis conducted in a statistical program, the Statistical Package for the Social Sciences, hereafter abbreviated as SPSS. The collected data comprises 144 observations from the years 2012-2023 and refers to monthly statistics. The overall data is collected from SCB and also from Ekonomifakta. The dependent variable is the real average price in Sweden, an inflation-adjusted average price for detached houses across the country. The explanatory variables are: inflation, mortgage interest rate, unemployment, population, real GDP per capita, number of newly built detached houses, and electricity price. Additionally, dummy variables named war, annexation, covid, and time are included. Findings - The results present three estimations. The first estimation shows that the war has had a negative effect on the Swedish housing market. The total effect of the war on the housing market in Sweden is represented in estimation 1. Estimations 2 & 3 show the direct effect that each variable has on the average price; this is further developed in the results. The latter estimations' results are not statistically significant, which means it cannot be conclusively determined that the war either has or does not have an effect. Instead, the relationships are explained with the theory anchored in reasoning about how market mechanisms act in practice. Originality/Value - To our knowledge, the relationship between the war in Ukraine and the decline in housing prices in Sweden in 2022 has not been previously studied. The work highlights previous research on price formation over time as well as previous crises and their impact on the housing market to discuss the war's effects. Previous research establishes that bank lending and interest rates have a significant impact on housing prices. This study will contribute a new perspective depicting how war in modern society affects the housing market that has taken shape in Sweden. / Syfte - Studien syftar till att undersöka hur kriget i Ukraina på grund av Rysslands aktion har påverkat den svenska bostadsmarknaden. Med hjälp av paralleller till föregående kriser som har påverkat bostadsmarknaden, och en teori, studeras sambandet mellan kriget i Ukraina och bostadsmarknaden i Sverige. Metod - Syftet uppfylls med hjälp av ett kvantitativt tillvägagångssätt genom en multipel linjär regressionsanalys utförd i ett statistikprogram, Statistical Package for the Social Sciences hädanefter förkortad SPSS. Den insamlade datan utgör 144 observationer mellan år 2012-2023 och avser månatlig statistik. Den övergripande datan är insamlad från SCB men även från Ekonomifakta. Den beroende variabeln är reala medelpris i Sverige, ett inflationsjusterat genomsnittligt pris för småhus över hela riket. De förklarande variablerna är: inflation, bolåneränta, arbetslöshet, folkmängd, real BNP per capita, antal nybyggda småhus, och elpris. Dessutom inkluderas dummyvariabler som benämns krig, annektering, covid och time. Resultat - I resultatet redovisas tre skattningar. Den första skattningen visar att kriget har haft en negativ effekt på den svenska bostadsmarknaden. Krigets totala effekt på bostadsmarknaden i Sverige representeras i skattning 1. Skattning 2 & 3 visar den direkta effekten som respektive variabel har på det genomsnittliga priset; detta utvecklas vidare i resultatet. De sistnämnda skattningarnas resultat är inte statistiskt signifikant vilket innebär att det inte med säkerhet kan konstateras att kriget varken har eller inte har effekt. Istället förklaras sambanden med teorin som förankras i resonemanget kring hur marknadens mekanismer agerar i praktiken. Problemområde/Litteraturöversikt - Vad vi känner till har sambandet mellan kriget i Ukraina och prisnedgången på bostadsmarknaden i Sverige år 2022 inte studerats tidigare. Arbetet belyser tidigare forskning kring prisbildningen över tid samt föregående kriser och dess påverkan på bostadsmarknaden för att kunna föra resonemang kring krigets effekter. Tidigare forskning fastställer att bankutlåning och räntor har stor påverkan på bostadspriser. Denna studie kommer bidra med ett nytt perspektiv som skildrar hur krig i det moderna samhället påverkar den bostadsmarknad som har tagit form i Sverige.

This dissertation studies heterogeneity in financial markets using quantile regressions. The first chapter develops uniform confidence bands for the linear quantile regression estimator in a time series setting. The confidence bands are important for estimating the precision at different quantiles of the conditional distribution. The inference procedure is carried out through bootstrapping and allows for serially correlated error terms. An empirical application to the relationship between stock returns and investor sentiments suggests the method can be informative. The second chapter analyzes the heterogeneity of firm characteristics on returns to capital. It develops a theoretical model under a utility maximization framework with imperfect insurance and credit markets constraints. From the model, the returns to capital are derived as a function of the parameters, which affects the production function of the firm and the entrepreneur utility form. Quantile regression is applied to analyze the field experiment data from the Sri Lanka Micro Enterprises Project (2005-2010). Empirical evidence shows that returns vary across different quantiles of firm profits. Further, the ability/risk aversion of entrepreneurs affect the returns differently at different quantiles. The third chapter examines capital account liberalization and its effect on price volatility in the Chinese housing market. The chapter assesses the extent to which: a) short-term capital flows and foreign direct investment may have impacted prices and volatility in the Chinese housing market; and b) whether 2006 Capital Account Regulations on foreign purchases of Chinese real estate were effective in reducing the level and volatility of prices in the housing market. The results show that hot money magnified the impacts of capital flows on housing prices during upward surges in housing prices. Quantile regression provides quantitative evidence that the more volatile the housing market was, the larger the impact short-term capital flows had on accentuating such volatility. Furthermore, the 2006 CAR continued to have a strong impact on reducing volatility in the Chinese housing market during the period under study.

Recent hurricanes have made it clear that housing is the single greatest component of all losses in terms of economic value and buildings damaged. Housing damage resulting from floods has increased in the United States, despite local, state and federal encouragement to mitigate flood hazards and regulate development in flood-prone areas (Atreya, 2013). The two primary causes of these increased costs are: (1) a rise in the occurrence and strength of the extreme weather events, and (2) increased development and value of property in physically vulnerable areas. The overlap of the above two factors resulted in tremendous losses of property in Staten Island and other coastal communities along the Atlantic Coast. Hurricane Sandy was a reminder of how vulnerable such areas could be. After hurricane Sandy, damaged properties experienced higher than usual housing sales and changed property values. This research, seeks to improve the current state of knowledge about housing market following a major disaster through examining single-family housing sales and prices in Staten Island, New York. The housing price recovery rate was much slower for the properties that sustained damage, and the impacts lasted for at least four years after the storm. Researchers studying housing recovery have utilized a variety of indicators like financial characteristics, government policies, social parameters, damage, housing characteristics, etc. to capture the dimensions of recovery. In Sandy's case damage was the major influencing parameter, and it completely changed the housing dynamics of the affected coastal regions. Housing market, in terms of damage, restoration, and recovery, is a fundamental indicator of disaster resilience. Every community is different and so are the effects of disasters on residential markets. This study clearly highlights this point and underscores the importance of using contextual methods and data sets in conducting the research. / Master of Urban and Regional Planning / Recent hurricanes have made it clear that housing is the single greatest component of all losses in terms of economic value and buildings damaged. Housing damage resulting from floods has increased in the United States, despite local, state and federal encouragement to mitigate flood hazards and regulate development in flood-prone areas (Atreya, 2013). The two primary causes of these increased costs are: (1) a rise in the occurrence and strength of the extreme weather events, and (2) increased development and value of property in physically vulnerable areas. The overlap of the above two factors resulted in tremendous losses of property in Staten Island and other coastal communities along the Atlantic Coast. Hurricane Sandy was a reminder of how vulnerable such areas could be. After hurricane Sandy, damaged properties experienced higher than usual housing sales and changed property values. This research, seeks to improve the current state of knowledge about housing market following a major disaster through examining single-family housing sales and prices in Staten Island, New York. The housing price recovery rate was much slower for the properties that sustained damage, and the impacts lasted for at least four years after the storm. Researchers studying housing recovery have utilized a variety of indicators like financial characteristics, government policies, social parameters, damage, housing characteristics, etc. to capture the dimensions of recovery. In Sandy’s case damage was the major influencing parameter, and it completely changed the housing dynamics of the affected coastal regions. Housing market, in terms of damage, restoration, and recovery, is a fundamental indicator of disaster resilience. Every community is different and so are the effects of disasters on residential markets. This study clearly highlights this point and underscores the importance of using contextual methods and datasets in conducting the research.

Sammanfattning Titel: Bostadsrättsbyggande i en lågkonjunktur Ämne: Kandidatuppsats i företagsekonomi, 15 hp Författare: Ebba Fritz & Emmy Rabe Nyckelord: Lågkonjunktur, kapitalstruktur, bostadsmarknaden, hushållens köpkraft Syfte: Syftet med examensarbetet är att undersöka vilka faktorer som påverkar de privata fastighetsbolagens möjlighet att anskaffa kapital för att bygga och sälja bostadsrätter. Studien kommer även att undersöka vilka faktorer som ligger till grund för att färre bostadsrätter byggs i en lågkonjunktur. Metod: I denna studie användes en abduktiv forskningsansats med en kvalitativ metod. Empiri insamlingen baseras på intervjuer från sex respondenter som representerar olika företag som är aktiva i Göteborg. Den teoretiska referensramen har tagits fram med hjälp av relevanta vetenskapliga artiklar, litteratur samt internetkällor med koppling till fastighets- & byggbranschen. Slutsats: Studiens slutsats visar att den rådande marknadssituationen har gjort det svårt för privata fastighetsbolag att anskaffa kapital för att bygga bostadsrätter. Bankernas restriktivitet har visat sig genom skärpta krav på försäljningsgrad vilket har försvårat fastighetsbolagens finansiering av nya projekt. Överskott av osålda bostadsrätter, den förhöjda räntenivån och minskad efterfrågan på grund av ekonomisk osäkerhet har också bidragit till att företagen bygger mindre. Hushållens försiktighet gällande köp av bostadsrätter på grund av höga räntor och psykologiska faktorer har bidragit till återhållsamhet och begränsad investeringsvilja vilket har varit en bidragande faktor till att fastighetsbolagen har haft svårigheter med sin försäljning. Företagen arbetar med strategisk planering för att överleva lågkonjunkturen och positionera sig för framtiden. / Abstract Title: Building condominiums in a recession Subject: Master's thesis in business administration, 15 credits Author: Ebba Fritz & Emmy Rabe Keywords: Recession, capital structure, housing market, household purchasing power Purpose: The purpose of the thesis is to investigate which factors affect the private real estate companies' ability to acquire capital to build and sell condominiums. The study will also investigate which factors are the basis for fewer condominiums being built in a recession. Method: This study used an abductive research approach with a qualitative method. The empirical data collection is based on interviews from six respondents who represent different companies that are active in Gothenburg. The theoretical frame of reference has been developed with the help of relevant scientific articles, literature and internet sources connected to the real estate & construction industry. Conclusion: The study's conclusion shows that the current market situation has made it difficult for private real estate companies to acquire capital to build condominiums. The restrictiveness of the banks has been shown through stricter requirements on the sales ratio, which has made it more difficult for the real estate companies to finance new projects. Surplus unsold condominiums, the increased interest rate and reduced demand due to economic uncertainty have also contributed to companies building less. The caution of households due to high interest rates and psychological factors has led to restraint and limited willingness to invest, which has been a contributing factor to the fact that property companies have had difficulties with their sales. The companies work with strategic planning to survive the recession and position themselves for the future.

Predicting U.S. recessions using the slope of the Treasury yield curve has been the focus of extensive research over the past two decades. This yield curve has consistently predicted economic downturns in the United States whenever the curve becomes flat or inverted and recent research has concluded that adding the federal funds rate produces a more accurate model. With the recent recession of 2008 and the housing market's suspected role, I use new data and add a housing index variable to previous models in order to test the correlation and improve the predictive power of the overall model. I run multiple probit regressions to estimate probabilities of a recession within a number of future quarters. I find that models that include the housing index variable in addition to the yield curve and federal funds rate variables give a better in-sample fit and performance than models that do not use it. I discuss the implication of these results in light of the recent recession, and in terms of what this could imply for the future.

This study analyzes the market share of the top 10 home builders in nine Metropolitan Statistical Areas, along with fourteen other independent variables, to find a statistical relationship with median home sales price. Through a stepwise regression of the independent variables it is determined that there is no correlation between median home sale price and market share of the top 10 home builders. In the stepwise regression two variables are found to be correlated to median homes sales price: Owner Occupancy Percentage and Residential Construction Wages, a data point compiled for this study. A linear regression is run between market share of the top 10 and median home sale price and no correlation is found. / Master of Science / This study observes changes in median home sale price and changes in the market concentration of the top 10 home builders. Data from nine cities was analyzed. Using linear regression with the two previously mentioned variables along with fourteen other variables the study finds no relationship between the two variables. Among the variables the two that had the highest statistical relationship are Owner Occupancy Percentage and Residential Construction Wages. This study is relevant to the on-going discussion about concentration in the housing market.

Studien behandlar unga vuxnas överkomlighet på bostadsmarknaden i Sverige, och strävar efter en förståelse för hur olika faktorer integrerar med överkomligheten för unga vuxna att ta sig in på bostadsmarknaden. Samt att bilda oss en uppfattning om hur olika preferenser och prioriteringar bidrar till överkomligheten på bostadsmarknaden och hur det påverkar beslut att köpa en bostad. Bostadsfrågan för unga vuxna har utvecklats till ett aktuellt globalt dilemma, vilket har lett till omfattande mediebevakning och politiska debatter runt om i världen. Tidigare forskning har visat på att olika faktorer spelar in på unga vuxnas överkomlighet på bostadsmarknaden, men det har saknats detaljerad forskning som undersöker hur dessa faktorer integrerar med varandra och vilken roll som preferenser spelar på unga vuxnas överkomlighet, vilket är en kunskapslucka som uppsatsen ämnar att fylla. För att besvara studiens forskningsfrågor har primärdata använts, som har samlats in med hjälp av en enkät som distribuerats online, och som riktats till unga vuxna mellan 18–35 år. Samt semistrukturerade intervjuer med 8 individer som önskar att gå in på bostadsmarknaden eller har gått in på bostadsmarknaden. Uppsatsen har således använt en kombination av kvantitativa och kvalitativa forskningsmetoder med utgångspunkt i en deduktiv forskningsansats. Studien visar att individuella livsegenskaper inte kan förklara unga vuxnas överkomlighet på bostadsmarknaden. I stället kan studien konstatera att faktorer som sociala förutsättningar, individens avsikt, geografisk belägenhet, marknadsförväntningar och preferenser kan bidra till att förklara överkomligheten för unga vuxna på bostadsmarknaden. Studiens resultat är relevanta och viktiga för att mer utförligt förstå vilka faktorer som spelar roll för överkomligheten, och därmed kunna identifiera möjliga förbättringsåtgärder som skulle kunna ha en effekt för att minska unga vuxnas tröskel att komma in på bostadsmarknaden. Studiens språk är svenska. / The study addresses the affordability of housing for young adults in Sweden, aiming to understand how various factors interact with the affordability for young adults to enter the housing market. It also seeks to form an understanding of how different preferences and priorities contribute to housing market affordability and how it influences decisions to purchase a home. The issue of housing for young adults has evolved into a current global dilemma, leading to extensive media coverage and political debates worldwide. Previous research has shown that various factors influence the affordability of young adults in the housing market, but detailed research examining how these factors integrate with each other and the role of preferences in young adults' affordability has been lacking, which is a knowledge gap that the thesis aims to fill. To answer the research questions of the study, primary data has been used, collected through a survey distributed online, targeting young adults aged 18–35 years old. Additionally, semi-structured interviews with 8 individuals between the ages of 18–35 who wish to enter the housing market or have entered the housing market have been conducted. The thesis has thus employed a combination of quantitative and qualitative research methods based on a deductive research approach. The study finds that individual life characteristics cannot explain the affordability of young adults in the housing market. Instead, the study can conclude that factors such as social conditions, individual intent, geographic location, market expectations, and preferences can contribute to explaining the affordability of young adults in the housing market. The results of the study are relevant and important for a more comprehensive understanding of the factors influencing affordability, and thus being able to identify possible improvement measures that could have an effect in reducing the threshold for young adults to enter the housing market. Swedish is the main language in the study.

Studien undersöker hur ränteförändringar påverkar den svenska bostadsmarknaden med fokus på regionala skillnader. Genom att analysera effekten av räntepolitik och bolånespreadar, syftar studien till att tillföra ny insikt i bostadsprisdynamiken. Tidigare studier som har använt Vektor Autoregression (VAR) ger stöd för heterogenitet på bostadsmarknaden i bland annat Schweiz, USA och Kina, där man påvisat regionala variationer i räntekänslighet. Ingen tidigare studie har dock undersökt regional respons på förändringar i bolånespreaden. Genom att separera effekterna av förändringar i Riksbankens styrränta och bolånespreaden analyserar vi hur stress relaterat till bolånemarknaden påverkar bostadspriserna i Sverige. Genom en kombination av Strukturell Vektor Autoregression (SVAR) och lokala projektioner (LP), analyserar vi ränteeffekterna på bostadsmarknaden på nationell och regional nivå. Resultaten tillför en djupare förståelse för regioners olika respons på räntechocker, där effektens storlek och varaktighet varierar. Störst räntekänslighet påvisas i storstadsregionerna med hög skuldkvot och kraftig befolkningsökning. Studien understryker behovet av att beslutsfattare beaktar regionala variationer i räntekänslighet vid utformningen av den övergripande penningpolitiken och kreditmarknadsreformer. / This paper examines the regional effects of interest rate changes on the Swedish housing market, focusing on both national and regional dynamics. By distinctly analyzing the impact of changes in the policy rate and mortgage spread, we provide new insights into their individual impacts on housing prices across different regions in Sweden. Employing Structural Vector Autoregression (SVAR) and local projections, our study highlights the varying sensitivity to interest rate changes among regions, contributing to a more nuanced understanding of interest rate effects on the housing market. Our findings emphasize the importance of considering regional differences when implementing monetary policies that can impact the housing market.

Länsstyrelsernas bostadsmarknadsanalyser har funnits och gjorts av Sveriges samtliga 21 län i över 15 år i enlighet med förordningen om kommunernas bostadsförsörjningsansvar och regionala bostadsmarknadsanalyser (SFS 2011:1160). Syftet med bostadsmarknadsanalyserna är bland annat att rapportera till regeringen samt fungera som kunskapsunderlag till kommuner, bransch, region och för politiker. Detta arbete undersöker hur de regionala bostadsmarknadsanalyserna används och om de uppfyller sitt ursprungliga syfte. Att undersöka hur de används samt hur de skapas och vilka data som ligger till grund för analyserna och hur detta skiljer sig åt mellan länen undersöks också i arbetet. Metoden som används är enkäter som skickats ut till samtliga kommuner, län samt alla riksdagspartiers politiska talespersoner och fastighets- och byggbolag. Utöver detta har även bostadsmarknadsanalyser analyserats och dess innehåll undersökts och jämförts länen emellan. Resultatet visar att bostadsmarknadsanalyserna används i stor utsträckning av kommuner och län, men att de inte används nämnvärt av bostadsbolag och bransch. Respondenter inom grupperna politiker och byggbolag önskar bland annat bättre marknadsföring och bättre förankring med näringsliv och kreditgivare. Kommuner och län önskar främst mer träffsäkra analyser som bygger på mer trovärdiga data. / The County Administrative Boards' housing market analyses have been conducted by all 21 counties in Sweden for over 15 years in accordance with the Regulation on Municipal Housing Supply Responsibility and Regional Housing Market Analyses (2011:1160). The purpose of the housing market analyses includes reporting to the government and serving as knowledge base for municipalities, industry, regions, and politicians. This study examines how the regional housing market analyses are used and whether they fulfill their original purpose. The investigation also explores how they are used, how they are created, the data underlying the analyses, and how this varies between the counties. The method used involves surveys sent to all municipalities, counties, all political spokespersons of the parliamentary parties, and real estate and construction companies. In addition, housing market analyses have been analyzed, and their content has been examined and compared between the counties. The results show that the housing market analyses are widely used by municipalities and counties, but not significantly by housing companies and the industry. Respondents within the groups of politicians and construction companies wish for better marketing and better alignment with the business community and lenders. Municipalities and counties primarily desire more accurate analyses based on more credible data.