Banks, Lies and Bricks: The Determinants of Home Value Inflation in Spain during the Housing Boom

During the first decade of this century, Spain experienced the most important economic and housing boom in its recent history. This situation led the lending industry to dramatically expand through the mortgage market. The high competition among lenders caused a dramatic lowering of credit standards. During this period, lenders operating in the Spanish mortgage market artificially inflated appraised home values in order to draw larger mortgages. By doing this, lenders gave financially constrained households access to mortgage credit. In this paper, we analyze this phenomenon for this first time. To do so, we resort to a unique dataset of matched mortgage-dwelling-borrower characteristics covering the period 2004–2010. Our data allow us to construct an unbiased measure of property’s over-appraisal, since transaction prices in our data also includes any potential side payment in the transactions. Our findings indicate that i) in Spain, appraised home values were inflated on average by around 30% with respect to transaction prices; ii) creditconstrained households were more likely to be involved in mortgages with inflated house values; and iii) a regional indicator of competition in the lending market suggests that inflated appraisal values were also more likely to appear in more competitive regional mortgage markets. Keywords: Housing demand, appraisal values, house prices, housing bubble, credit constraints, mortgage market. JEL Classification: R21, R31

Ser dona, ser home en relació de diferència = Ser mujer, ser hombre en relación de diferencia

Moltes dones, després de portar anys de pràctica política de relació entre dones, i essent conscients del guany que per a les nostres vides ha suposat el pensament de la diferència sexual, sentim la necessitat i també el desig d'obrir un intercanvi, una relació de pràctica política des de la diferència, també, amb homes. Fonamentalment, començant amb aquelles relacions rellevants que esculli cada dona: de vegades és la parella, de vegades és un amic, de vegades és un company de feina, de vegades es un company amb qui compartir un projecte de millora de la ciutat, etc. Els fruits de la pràctica política d'entre-dones són i han estat immensos per a moltes, perquè hem pogut desplaçar-nos del que ens ve donat i començar un gest simbòlic nou, nomenant des de nosaltres el món i la relació que desitgem amb ell. Així, hem pogut nomenar també de pou la relació amb l'altre sexe, -mes enllà de la contraposició dialèctica que mira la relació entre els sexes com una oposició jeràrquica-, partint de l’existència d'un món habitat per homes i per dones; partint que és possible obrir la relació de diferencia entre sexes

Repensando la relación entre la ley y la violencia hacia las mujeres. Una aproximación a los discursos de los/las agentes del ámbito judicial en relación a la ley integral de violencia de género en España = Rethinking the relationship between law and violence against women. an approach to the juridical agents' discourses in relation to the integral law of gender-based violence

Of the many dimensions of the problem of violence exercised by men toward women in the context of the relations of partner or ex partner, this article deals with the analysis of the discursive productions of the institutional actors that are part of the judicial process. Our intention is to investigate the relationship between criminal law and gender-based violence starting from the implementation of the Law of Integral Gender-based Violence in Spain (LO. 1 / 2004) from a theoretical perspective which includes contributions from social psychology, and socio-legal feminism. We have approached the legal instrument - the Law of Integral Gender-based Violence - through the discourse of legal officers with a perspective that questions the values, so often proclaimed, of universality, objectivity and neutrality of the law