Mortgage insurance (MI), is the insurance which a insurer guarantees that it will pay a certain portion of top tier mortgage loss to financial institution (insured) when the debtor defaults. Because the insurer shares the decreasing risk of collateral value, the bank is willing to lend homebuyer more money. The homebuyer can use low down payment (3%-10% in American) to buy a house so that he can shorten the waiting time of saving enough down payment. By this mechanism, the homebuyer, financial institution and house market all can benefit. Besides, mortgage insurance has the credit enhancement function in second mortgage market, and it helps the real estate securitization. The goal of this thesis is to introduce the mechanism of mortgage insurance in American and to analyze how it works in Taiwan. After estimating the need in Taiwan, I present some suggestions and I hope that mortgage insurance is available in Taiwan as soon as possible so that young people and earthquake 921 sufferers can make their owing house dream come true earlier.

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The Effect of Airbnb on Prague Housing Market Daniel Ondruška This thesis studies multiple topics but its main purpose is research of the effect of home-sharing platform Airbnb on house prices and rents in Prague. Sharing economy in general is still a new sector and it is very hard to uncover and correctly analyze it and therefore there are not yet that many studies on this topic. Using very contained and detailed datasets of Airbnb listings, house transactions and renting, we prove that there is a relationship between Airbnb activity and house prices. The results suggest that the increase of Airbnb listings by 1\% leads to a 0.01\% in house price. We also look at COVID-19 and its impact on house prices and rents. This part will be very theoretical since the pandemic is still an actual topic and its real effect might not be fully visible yet.

The past three decades have witnessed the rapid development of the Chinese housing market , which is considered as a barometer of and an extremely crucial component of the whole Chinese economic system. Although some important findings have been obtained by previous research, many conclusions have been controversial and a comprehensive understanding of the mechanism and behaviour of the Chinese housing system is a worthwhile endeavour. The existing studies about the Chinese housing market are mostly confined to qualitative analysis, lacking the support of a theoretical basis and empirical research. This thesis aims to employ more recent econometrical methodologies, from both theoretical and empirical perspectives, to systematically analyse several prevalent issues of the Chinese housing market. More specifically, this thesis is going to explore the main determinants of house prices, the convergence and ripple effects of regional house prices, and the interactive relationship between housing conditions and individual’s subjective well-being. Some empirical findings can be drawn from this thesis: 1) by using the system GMM dynamic panel data models, the results indicate that Chinese house prices are mainly affected by factors related to government policies and speculative demand rather than the urbanization process, which is understandable in a non-fully market-oriented status quo; 2) there is evidence of very limited convergence of regional house prices by employing unit root tests, σ-convergence and β-convergence approaches; however, the alternative methods, such as panel regression models, Engle-Granger/Johansen cointegration tests and Granger Causality tests, imply that house prices can ripple out from some core cities to other cities; 3) the results of the Ordered Probit Models suggest that the housing conditions in urban areas play a significant role in peoples’ subjective well-being in respect of housing satisfaction and overall happiness; additionally, the effects of housing factors impact on different groups of residents in different ways. Due to the limitations of data sources in the early days, this thesis is the first to combine such a wide panel data series, on both the time dimension and geographic dimension, to study the Chinese Housing Market. Also, when analysing the convergence and ripple effects models, this thesis transfers the original link indexes used by previous scholars into modified constant growth indexes, which improves the efficiency of empirical models to a greater extent. In addition, approaches using the system GMM method, σ- and β-convergence analysis, Engle-Granger/Johansen cointegration tests and Granger Causality tests are first introduced into the study of the Chinese housing market, generally achieving good results especially in the determinants of house prices and the ripple effects of regional house prices. Moreover, except for the commonly used method of the Ordered Probit Model for the questionnaire survey research, this thesis produces the predicted value of housing satisfaction by using two-stage estimations, to investigate the effects of housing conditions and housing satisfaction on people’s overall happiness. Meanwhile, the approach of ‘money equivalent effects’ is also a new perspective in detecting the effects of housing conditions on overall happiness.

This study intends to scrutinize how adjustments made in the housing market has affected the profession of estate agents. Our premise is based on that social facts can be interpreted by social facts and the aim is to understand the factors affecting the profession in today's society that are developed in interaction with societal factors. In order to fathom this phenomenon, we have chosen to study the profession of estate agents and how it has been affected by the housing market. The empirical material is based on real estate agents’ experience and is therefore collected through a qualitative method based on interviews. The study is interpreted by a professional theoretical perspective, where we have assumed the thesis that all professions can be professionalised. The theoretical conceptual apparatus consists of autonomy, social closure, legitimacy, authority and will be used to understand the professionalisation process, that is when and why professions arise. Despite the fact of the profession’s changes, it has not been enough for the profession to be professionalised in the classical term. It can be said that the housing market has affected the professionalisation process of profession of real estate brokerage, which means that social factors can influence the professionalisation process. What prevents the profession from change and development of their professional position is the lack of autonomy. Due to the runaway housing market, a regulator was established to combat irregular transactions, which lead to decreased autonomy. A stronger professional status would derive from an increased authonomy and the conclusion is therefore that as long as the profession is under external control, it will not be professionalised.

Hedonic models are used to estimate implicit prices for water quality in housing markets. Recent studies aggregate sales across large spatial areas in scaled-up models leading to a concern that these models may overlook regional heterogeneity in water-quality preferences. We estimate scaled-up hedonic models comprised of multiple states and individual states and investigate how observations from subregions can differ. We find that the scaled-up model results are driven by select subregions. The results of this study call into question hedonic models using data for large geographic regions where substantial differences may arise across housing markets. / M.S. / Water quality in lakes impacts the prices people pay for lakefront properties. However, these effects can vary across different housing markets. We study whether owners of lakefront properties throughout the northeast and upper Midwest are willing to pay the same amount for water in lakes. We find that in multi-state housing markets, the effects from one state can dominate the overall results and there is likely heterogeneity in preferences across housing markets.

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This study was motivated by the desire to contribute to the understanding of the movement of house prices and the role of the so-called economic ‘fundamentals’ in the housing market, especially within an Australian context. The core objective of this thesis is to aid understanding of the economic and other mechanisms by which the Australian housing market operates. We do this by constructing an analytical framework, or model, that encompasses the most important characteristics of the housing market. This thesis examines two important aspects of the Australian housing market: movements of house prices and changes in the net capital stock of dwellings in Australia. Movements of house prices are modelled from two perspectives: firstly, using the ‘fundamental’ approach, which explains the phenomena by changes in such ‘fundamental’ explanatory variables as income, interest rates, population and prices of building materials, and secondly, by analysing spatial interdependence of house prices in Australian capital cities. Changes in stock of dwellings were also modelled on the basis of a ‘fundamental’ approach by states and for Australia as a whole...

The importance of a well-functioning housing market has been proposed for long within economics, economic geography and urban planning.  A high mobility on the housing market most likely positively affects the dynamics of the labor market, a dynamic important for economic growth. Mobility defined as the link between the worker and the workplace in terms of transportation and housing are most likely essential components of a dynamic and well-functioning labor market. The Oswald hypothesis states that positive relationship between homeownership and unemployment exists, the lower mobility in the homeownership housing stock compared to the rental housing stock affects labor market mobility in a negative way which can be noted if European countries are compared. My thesis explores this relationship in a Swedish context by mobilizing a quantitative approach with aggregate data on municipal level ranging from 1998 to 2013. The Swedish housing market is in a deregulation process since 1992, a conversion process from public rental housing to homeownership co-op apartments has taken place and public policies now favor homeownership over renting. Municipal data on unemployment, homeownership of apartment, rental tenant and control variables for economy and personal characteristics are applied in Pooled OLS, random effects and fixed effects regression models. The results from the Pooled OLS and the Random effects model confirms the positive relationship proposed by Oswald for homeownership of apartment but not for homeownership of detached housing. Also rental tenant show a positive relationship. The results from the fixed effect estimation rejects the hypothesis altogether and show a negative relationship.

Vårt syfte med denna uppsats har vart att undersöka om den sekundära bostadsmarknaden påverkar socialarbetarna i arbetet med hemlösa klienter som har eller haft missbruksproblematik. Då vi ansåg att det är socialarbetarnas upplevda verklighet som är av störst intresse valde vi att utföra kvalitativa intervjuer med fyra socialarbetare. Intervjuguiden formades med hjälp av Michael Lipskys bok Street-level Bureaucracy (2010) i vilken han beskriver sin teori om gräsrotsbyråkrats yrket, denna bok har även genomsyrat hela arbetet och sedan använts som ett verktyg i analysen av vår empiri. Bakgrunds avsnittet avser att ge en vid förståelse av hur komplex hemlöshetsproblematiken är, för att sedan i tidigare forskning smalna av till den forskning som behandlar vår syfte mer specifikt. Vi kommer i vår avslutande diskussion argumentera för att den sekundära bostadsmarknaden påverkar socialarbetarna på olika sätt då de måste acceptera hyresvärdarnas krav. Lägenheterna som utgör den sekundära bostadsmarknaden tillhandahålls i huvudsak av de allmännyttiga hyresvärdarna, då dessa nu skall drivas affärsmässigt har kraven på hyresgästerna höjts. Vi har valt att kalla denna uppsats Sekundära hyresgäster och vi som har skrivit uppsatsen är Marcus Vesterlund och Anders Wallin. / Our purpose with this paper was to examine if the secondary housing market affects the social workers in their work with homeless clients who have or have had substance abuse problems. Since we felt that the social worker's perceived reality is of most interest to us we chose to conduct qualitative interviews with four social workers. The interview guide was formed with the help of Michael Lipsky's book Street-Level Bureaucracy (2010) in which he describes his theory of the street-level profession, this book has also permeated the whole process and was used as a tool in the analysis of our empirical work. The background section is intended to provide a broad understanding of the complexity of homelessness, and then in the prior research section we taper to the research that deals with aspects of our purpose. We will in our concluding discussion argue that the secondary housing market affects the social workers in different ways when they have to accept the lessors requirements. The apartments that make up the secondary housing market is provided mainly by public lessors, as these are now to be operated commercially the demand on the tenants has increased. We have chosen to call this essay Secondary tenants and we who have written the essay are Marcus Vesterlund and Anders Wallin.