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Logement : toujours plus haut ?

Abstract : Since 1997, house prices haven risen strongly (+135% in the United Kingdom, + 120% in Spain, + 60% in France and in the United States). Demand has been sustained by a dynamic household income and easy financing (low interest rates and deregulation of the credit market). As of October 2004, the indebtedness of households is very high, except in France. Moreover, house prices seem overvalued by 10 to 20% in Spain and in the United Kingdom, less so in France, whereas they are in line with fundamentals in the United States. We expect a slowdown of demand and an adjustment of supply, that has already begun in some countries. So prices would adjust progressively and then less boost consumption, but it wouldn’t stop the recovery.
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Submitted on : Tuesday, November 30, 2021 - 10:29:47 PM
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Elena Stancanelli, Valerie Chauvin, Guillaume Chevillon, Odile Chagny, Hélène Baudchon, et al.. Logement : toujours plus haut ?. Revue de l'OFCE, Presses de Sciences Po, 2004, pp.179 - 191. ⟨10.3917/reof.091.0179⟩. ⟨hal-03458799⟩



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