The course will develop a theory of comparative differences in international housing outcomes. We will  learn about institutional differences in the ways housing expenditures are financed, and about the economic determinants of housing outcomes, such as construction costs, land values, housing quality, and ownership rates. We will also study the flow of funds to and from the different national housing finance sectors, trying to understand the greater financial and macroeconomic implications of the mortgage credit sector, and how policies affect the ways in which housing asset fluctuations impact national economies. We will also consider the perspective of investors in international real estate markets and the risks and rewards involved. While we draw lessons from an international comparative approach,  we will try to make them applicable to housing economic and finance policies at the local, state/provincial, and federal levels within your country of choice.

Spring 2013