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The Housing and Mortgage Markets: 2008 Karl E. Case March 12, 2008.

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Presentation on theme: "The Housing and Mortgage Markets: 2008 Karl E. Case March 12, 2008."— Presentation transcript:

1 The Housing and Mortgage Markets: 2008 Karl E. Case March 12, 2008

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3 LAND AND STRUCTURE VALUES: RESIDENTIAL REAL ESTATE 1975-2005 Billions of Dollars Dates*Residential Assets Replacement- cost of Structure LandLand as % of Total Residential Assets 19752019.421727.68291.7414.45 19804094.163392.44701.7217.14 19856337.964421.461916.530.24 19908702.665937.152765.5131.78 199510339.127646.332692.7926.04 200014772.3110436.474335.8429.35 200524847.3415386.359460.9938.08 *:As of 4 th Quarter Source: Federal Reserve System Flow of Funds Data and author’s calculations, see text.

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9 Supply of Existing Units D D’ Number of Units Price Added to Inventory Sticky Price Downward stickiness leads to a sharp decline in the number of existing home sales and a rapid rise in inventory of unsold homes. Observed Transactions will not reflect current equilibrium. The Existing Home Market

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