The National Credit Act (NCA) was promulgated and implemented on 1 June 2007. The purpose of this research study was to outline the residential mort-gage market in South Africa in the context of the NCA and to determine how residential mortgage lending under the new NCA was regulated. The purpose of the NCA was to remove the many unfair practices, inappropriate disclosure and anti-competitive practices from the market and to achieve honesty in the credit market. Low-income groups were held back because they could not gain access to formal finance to build or improve houses or supplement housing subsidies to get bigger houses. This study applied the quantitative research design using time series secondary data. Registered data on monthly residential mortgages was obtained from Lightstone Property for the period January 2001 to August 2011. Secondary data was collected from the BA900 of the SARB to see how many loans were approved and rejected between 2008 and 2014. The statistical analysis techniques used in this study were t-tests, descriptive statistics, trend analysis and correlation analysis. It was found that the NCA had a positive effect on the residential mortgages in SA. / Business Management / M. Com. (Business Management)

Este estudo tem como objetivo explorar e testar se os preços das moradias nas cidades de Rio de Janeiro e São Paulo podem ser explicados por um conjunto de indicadores econômicos selecionados, que inclui variáveis sociais e de custos de construção. Modelos de previsão de preços das residências foram construídos por meio da aplicação de análise fatorial seguida de regressão linear por mínimos quadrados ordinários. Estes modelos não cumpriram com todos os pressupostos estatísticos necessários. Alternativamente, para cada uma das cidades, foi obtido um modelo ajustado a partir da regressão das séries em estado estacionário, seguida da aplicação da técnica de omissão de variáveis a partir do modelo completo. Finalmente, por meio da cointegração de Johansen, foi elaborado um modelo que evidencia o comportamento de longo prazo dos índices de preços. Este modelo foi utilizado para analisar o risco de existência de bolhas imobiliárias nas cidades estudadas, que se mostrou menor em São Paulo que no Rio de Janeiro onde, no entanto, pode-se observar um movimento de convergência dos preços reais para a curva de preços de longo prazo, indicando redução gradual no sobrepreço dos imóveis, se mantida a tendência. / This study aimed at exploring and testing whether house prices in Rio de Janeiro and Sao Paulo could be explained by a set of selected economic indexes, which includes social variables and construction costs. Some prediction models were constructed by applying a factor analysis followed by an ordinary least-squares linear regression. However, these models have failed to comply with all the necessary statistical assumptions. Alternatively, for each of the cities, an accurate model was obtained by applying a stepwise regression technique to a set of steady state variables (first, second and third difference). Finally, it was used the Johansen cointegration to develop a model for the long-term behavior of house prices. The model was used to analyze the risk of real estate bubbles in the studied cities, which was shown to be lower in Sao Paulo than in Rio de Janeiro. However, Rio exhibits a convergence trend in real prices to the long-term price curve, indicating gradual reduction in overpricing, if the trend continues.

Submitted by Maria Dulce (mdulce@ndc.uff.br) on 2014-10-24T19:14:34Z No. of bitstreams: 1 Rodrigues, Pedro-Tese-Historia-2014.pdf: 5824282 bytes, checksum: 6564241ef2354b3abcacb58a8378e9d5 (MD5) / Made available in DSpace on 2014-10-24T19:14:34Z (GMT). No. of bitstreams: 1 Rodrigues, Pedro-Tese-Historia-2014.pdf: 5824282 bytes, checksum: 6564241ef2354b3abcacb58a8378e9d5 (MD5) / Pretendemos refletir acerca dos conflitos entre algumas frações da classe senhorial sobre a ideia de propriedade, manifestados em discursos ao longo do processo de construção, aplicação e interpretação da Lei Hipotecária 1.237 de 1864. Tencionamos sincronizar os debates sobre o Estado e a questão agrária nos oitocentos, demonstrando como as divergências sobre a reforma da legislação hipotecária não podem ser compreendidas por meio da contraposição entre os interesses de uma elite política e os dos barões Também discutiremos com os pesquisadores segundo os quais a norma em questão teria criado a propriedade privada no Império. / This research is about some different ways of thinking about property in the Second Reign. During that time, there were a great discussion about the meaning of this very term. It was clearly seem on the legislative debate of 1864 Brazilian Mortgage Law. We will show the Estate building and those conflicts were related. The historians do not have a common sense about Brazilian land conflicts. José Murilo de Carvalho tells politics’ and farmers’ interest apart, as if they were completely different. We cannot agree with this point. Their interest were closer than the supposed. They had a lot to do with each other. We will also show that we cannot think that mortgage law as the beginning of the private property all over Brazil.

This paper presents VAR results on the recent economic history of the U.S and focuses on the dependence of U.S. macrofinancial variables on international capital flows. Both gross and net flows are included in the analysis. The results indicate that cross-border funding has affected the build-up in the U.S. housing market irrespective of how these flows are defined and measured. Both the savings glut hypothesis and the banking glut hypothesis are supported by these findings. However, net banking flows appear to explain the higher volatility in the increase in house prices as well as the mortgage loan boom. (authors' abstract) / Series: Department of Economics Working Paper Series

Le consommateur d’immeuble est, ce qu’il est convenu d’appeler, un oxymore juridique. L’oxymore est une figure de rhétorique qui se définit comme le résultat d’une alliance de mots apparemment contradictoires. Derrière cette figure, apparaît l'illustration d'un jeu de relation entre le droit de la consommation et le droit immobilier. L’immeuble et le droit de la consommation entretiennent des relations fondées sur l'exclusion de l’un par l’autre. L’objet de cette étude se propose de préciser d’abord l’étendue et les modalités de cette exclusion. Il convient, ensuite, de s’attacher aux diverses causes qui sont à l’origine d’un tel rejet. L’immeuble présente une spécificité qui l’exclut de l’objet d’un rapport de consommation, et réciproquement, le rapport de consommation contient des particularités qui le différencient du contrat immobilier. Toutefois, une deuxième analyse permet de démontrer l’influence du droit de la consommation sur le statut de l’immeuble. D’une part, le logement est devenu, sous l’évolution de la société, un objet de consommation, induisant l’application d’un régime de consommation de logement spécifique. Le législateur a introduit, en matière immobilière, des dispositions d’inspiration consumériste, tout en les adaptant à la spécificité de l’immeuble. D’autre part, l'immeuble entre en contact avec le droit de la consommation. La transformation de l’immeuble en simple réserve d’argent et l’interdépendance des contrats de consommation et des contrats immobiliers apparaissent comme la confirmation de l’influence mutuelle entre le droit de la consommation et le droit immobilier. Toutefois, une telle confirmation est, sur certains aspects, nuancée. / The building consumer is, what is called, a legal oxymoron. The oxymoron is a figure of speech which is defined as the result of a combination of seemingly contradictory words. Behind this figure appears to illustrate a relationship game between consumer law and real estate law. The building and consumer law have relations based on the exclusion of one by the other. The purpose of this study is to first specify the scope and modalities of this exclusion. It is appropriate, then, to focus on the various causes that give rise to such a release. The building has a specificity that excludes the subject of a report of consumption, and vice versa, the consumer report contains features that differentiate the real estate contract. However, a second analysis can show the influence of consumer law on the status of the building. First, housing has become, in the evolution of society, an object of consumption, leading to the application of a specific housing consumption regime. The legislator introduced in real estate matters, the consumerist inspiration provisions, while adapting them to the specific nature of the building. Furthermore, the building is in contact with the consumer law. The transformation of the building in single cash reserve and interdependence of consumer contracts and real estate contracts appear as confirmation of the mutual influence between consumer law and real estate law. However, such confirmation is, in some respects, nuanced.

The aim of this thesis is to show how the unconventional monetary policy rounds of Quantitative Easing introduced in the United States between 2008 and 2014 have led to an increase in wealth inequality. The need for the thesis arises due to the uncharted nature of QE and because of more and more information is surfacing to light which points to this connection. By analysing the distribution of these funds and adding it to the then base distribution of money supply, this study was able to determine a significant 10 % increase in the Gini Index. Furthermore it highlights how a large portion of wealth was transferred from the middle class over to the top 5 % income households. Starting from a set of assumptions the calculation is performed by extrapolating the data required and by isolating the system from any external variables. The result is a theoretical model meant to describe the mechanism that links Quantitative Easing to wealth inequality. Moreover a detailed comparison is provided with the effect of a conventional monetary policy such as Open-Market Operations. Finally solutions to this issue are being discussed from economical, political and fiscal standpoints.

The work is focused on the valuation of real estates. In the theoretical part of the work, firstly, there are explained basic concepts and methods which are used to valuation of real estates. There is also mentioned comparison of valuation regulations and describtion of market of real estates. The practical part of the work deals with market and administrative valuation. The results of both methods are compared in the end to the work.

This diploma thesis deals with financial issues of immovable property acquision. Specifically, the residential property purchase using mortgage. In this context, the suitability of the collateral is being assessed on the basis of a risk assessment. Subsequently, I determine the collateral value of the property using the comparative valuation method. The practical part includes financial records of six banks and an analysis of a selected segment of the residential real estate market. The theoretical part deals with immovable property valuation, the definition of entities in the real estate market and mortgage mechanism. The main output of the practical part is offered mortgage loans comparison and selection the most favourable of them.

The diploma thesis focuses on the ecological influences in the construction of a family house. The subject is to compare the properties of alternative building materials, determine the cost of building a house and design the optimal way of financing housing for a fictional married couple. Explains basic concepts, namely ecological aspects in construction, project management of buildings, pricing in construction, housing finance. The following practical part compares building materials in terms of their properties and environmental impacts during production, determines the costs of acquisition and operation of a family house and then finds out whether it is possible to finance the construction of the house through a mortgage loan. At the end of the work evaluates what percentage will increase the cost of building a house in the case of the use of materials, the production of which produces less negative emissions. Finally, the optimal variant of housing financing is recommended.

Thesis "FINANCIAL PROPOSAL FOR THERMAL INSULATION OF AN APARTMENT BUILDING" deals with possibilities of financing the reconstruction of panel house, analysis of offers in Czech market and optimal proposal for financing such kind of reconstruction. Theoretical part contains following kinds of financing possibilities: home loan, mortgage, no-purpose credit and not bank loan. Practical part of thesis compares offers from Czech banks. In last part of thesis I propose the optimal financial plan for this reconstruction on base of requirements of supplier of reconstruction and banks conditions.