Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 7, 2023 erstellt
Beschreibung:
We construct state-level housing-sentiment indices using regional variations in consumer attitudes and expectations about home-buying conditions. Our state-level housing-sentiment index is a stronger predictor of future state-level house-price growth than a range of key state-level housing-market determinants and is a stronger and more accurate predictor than the national housing-sentiment index. We find housing sentiment has a greater effect on house-price growth during recessions, high economic-policy uncertainty, bubble periods, and in states with greater activity of speculative investors, higher foreclosure rates, and inelastic housing supply