The central banks are particularly interested in real estate prices because higher prices, especially for developed land (residential buildings), translate into higher rents and restrict household consumption. If prices fall, homeowners lose out. This is because debt – especially for homeowners – remains unchanged and restricts their future consumption. – It has been shown that during economic downturns, new home prices stay the same or even increase slightly, while resale home prices fall very sharply. – See amortization, negative, alignment, asset-based, loan-to-value, concrete gold, first-loss clause, commercial real estate, Greenspan Doctrine, mortgage debt, real estate bubble, real estate credit constraint, real estate assets, vacancy rate,
Rental yields, real estate investment trust, asset prices, home ownership, two-pillar principle. – Cf. ECB Monthly Bulletin of February 2006, pp. 61 ff. (detailed, textbook presentation; pp. 71 ff: Structure of mortgage markets in the euro area), Monthly Report of the Deutsche Bundesbank of July 2007, pp. 15 ff. (correlation between real estate market and money demand; many overviews), Monthly Report of the Deutsche Bundesbank of February 2008, pp. 50 f. (development since 1995; overviews), Monthly Report of the ECB of July 2008, pp. 46 ff. (development of residential real estate prices; overviews), Monthly Report of the ECB of January 2009, pp. 63 et seq. (real estate assets in the euro area; many overviews), Deutsche Bundesbank Monthly Report of February 2009, pp. 54 et seq. (real estate prices in Germany 2005 to 2008; overviews), ECB Monthly Report of June 2009, pp. 72 et seq. (development of residential real estate prices since 1999, investment in residential construction since 1997; overviews),
ECB Monthly Bulletin of May 2010, pp. 20 ff. (developments in the euro area real estate sector since 1997; many reviews), ECB Monthly Bulletin of August 2010, pp. 54 ff. (residential property prices and the impact on the HICP via rents; reviews), ECB Monthly Bulletin of September 2010, pp. 60 et seq. (real estate market in the euro area since 1997; overviews), ECB Monthly Bulletin of December 2010, pp. 58 et seq. (residential real estate market broken down in many ways since 2008; trends; overviews), Deutsche Bundesbank Monthly Bulletin of February 2012, pp. 58 f. (residential real estate market 20032010; overviews), Financial Stability Report 2011, pp. 43 f. (real estate market in Germany stable; overviews), ECB Monthly Report of November 2011, pp. 45 f. (real estate prices since 1999; breakdown by country; forecast of price trends), pp. 67 ff. (detailed explanations of the residential real estate market in the euro area with comparisons to the U.S.), Deutsche Bundesbank Monthly Report of February 2012, pp. 54 f. (price trends for residential real estate in Germany; overviews), Annual Report
2011 of the ECB, pp. 29 ff. (early warning indicators in asset prices), Monthly Bulletin of the ECB of May 2012, pp. 63 ff. (residential property prices in the EMU since 2010; breakdown by country; overviews), Financial Stability Report 2012, pp. 55 ff. (detailed market analysis, many overviews; references), Deutsche Bundesbank Monthly Report of February 2013, pp. 55 ff. (residential property prices since 2005; overviews), Deutsche Bundesbank Monthly Report of March 2013, pp. 26 f. (real estate purchases by nonresidents in Germany since 2002; overview), ECB Monthly Report of May 2013, pp. 59 f. (development of residential property prices in the euro area since 2000), Monthly Bulletin of the Deutsche Bundesbank of May 2013, pp. 55 ff. (commercial property prices; statistics, overviews; references), Monthly Bulletin of the ECB of July 2013, pp. 55 ff. (residential property in the euro area and its value; many overviews), Monthly Bulletin of the ECB of September 2013, pp. 61 et seq. (on the influence of monetary policy on asset prices; overviews), Deutsche Bundesbank Monthly Report of October 2013, p. 13 et seq. (residential real estate market in Germany; many overviews), Financial Stability Report 2013, p. 17 (residential real estate prices rising; dangers).
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