Housing Partnerships: A New Approach to a Market at a Crossroads

Abstract

Part 1 Introduction: overview guide to chapters concluding remarks. Part 2 The mortgage market and housing market: buy or rent? - some facts, household preferences, introduction to the mortgage market, the affordability approach the mortgage market and the budget set - a simple guide to the mortgage market, the three basic products, the computations - simplifying assumptions, the costs of purchasing a $100,000 home, the feasible set of houses home ownership and the life cycle - the early years - a time of high pressure, time to save and the house poor - some numerical examples, the later years - inertia, the liquidity of housing wealth and consumption possibilities, the middle years - ownership and anxiety home ownership and risk - the variability of house prices, the correlation between house price risk and income risk, mortgages and the problem of indebtedness, housing investment and the asset postfolio. Part 3 The partnership market and the housing market: introduction to the partnership market - overview of the partnership market, will there be any demand for limited partnerships?, the managing partner's portfolio, the managing partner's valuation of the second half of the house, the limited partner's valuation of the second half of the house new options for home ownership - partnerships and the costs of a $100,000 home, partnerships and trading up, mixed motives, the impact of price, appendix partnerships and the life cycle - easing the transition to ownership - illustrative examples, partnerships and the middle years, partnerships and the later years, dynamics and adjustment in the partnership market. Part 4 The supply side: the partnership contract - guide to the contract, clauses covering the purchase, clauses that ensure adequate maintenance, alterations, the sales process, breach, the partnership contract and the mortgage contract secondary partnership market for trading real estate (SCEPTRE) - the secondary mortgage market, the secondary partnership market, SCEPTRE and new investment vehicles the primary mortgage market - the household's search-and-application process, screening by the mortgage originator, the variety of mortgage products, the structure of the primary mortgage industry the primary partnership market - the household's search-and-application process, screening by the partnership originator and the mortgage originator, the range of partnership products, the structure of the primary partnership industry. (Part contents).

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