This report updates CEPR's May 2008 report titled "Ownership, Rental Costs and the Prospects of Building Home Equity: An Analysis of 100 Metropolitan Areas," which compared the ownership and rental costs in 100 major U.S. metropolitan areas and projected the potential for a first-time homebuyer in those cities to accumulate home equity. Since the publication of that paper, housing prices have continued their steep descent in much of the country and rents have risen modestly. The study shows that recent price declines indicate many communities are moving back toward the historical track of modest equity increases for homebuyers. The findings point out that is still unwise for policy makers to attempt to directly intervene in housing markets to maintain what are historically unprecedented high home prices.
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Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number
2008-26.
Length: 17 pages Date of creation: Oct 2008 Date of revision: Handle: RePEc:epo:papers:2008-26
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Find related papers by JEL classification: G - Financial Economics G2 - Financial Economics - - Financial Institutions and Services G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation R - Urban, Rural, and Regional Economics R2 - Urban, Rural, and Regional Economics - - Household Analysis R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand R28 - Urban, Rural, and Regional Economics - - Household Analysis - - - Government Policy
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