1. Introduction: The Housing Economy and the Credit Crunch

  1. Colin Jones1,
  2. Michael White2 and
  3. Neil Dunse1
  1. Colin Jones

Published Online: 24 FEB 2012

DOI: 10.1002/9781118280829.ch1

Challenges of the Housing Economy: An International Perspective

Challenges of the Housing Economy: An International Perspective

How to Cite

Jones, C. (2012) Introduction: The Housing Economy and the Credit Crunch, in Challenges of the Housing Economy: An International Perspective (eds C. Jones, M. White and N. Dunse), Wiley-Blackwell, Oxford, UK. doi: 10.1002/9781118280829.ch1

Editor Information

  1. 1

    Institute for Housing, Urban and Real Estate Research, Heriot-Watt University, UK

  2. 2

    School of Architecture, Design and the Built Environment, Nottingham Trent University, UK

Author Information

  1. Institute for Housing, Urban and Real Estate Research, Heriot-Watt University, UK

Publication History

  1. Published Online: 24 FEB 2012
  2. Published Print: 4 APR 2012

Book Series:

  1. Real Estate Issues

ISBN Information

Print ISBN: 9780470672334

Online ISBN: 9781118280829

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Keywords:

  • Credit Crunch;
  • House Prices;
  • Macroeconomy;
  • Mortgage Finance

Summary

The events at the end of the noughties highlight the links between the housing market and the economy. This chapter begins by illustrating the scale of the impact of the credit crunch by reference to the extreme example of Ireland. It then sets out a statistical overview to international housing market trends over the past four decades by examining price cycles. These trends demonstrate that the links between the macroeconomy and the housing market vary between countries. The next section reviews the fundamental dynamics of the housing market and the importance of tenure institutional structures and market parameters in each country. The following section discusses in more detail the relationships between the housing market and the economy. The chapter then outlines the origins and impact of the recent international fi nancial crisis on house prices in individual countries.