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

Defining housing market areas using commuting and migration algorithms. Catalonia (Spain) as an applied case study

In the literature on housing market areas, different approaches can be found to defining them, for example, using travel-to-work areas and, more recently, making use of migration data. Here we propose a simple exercise to shed light on which approach performs better. Using regional data from Catalonia, Spain, we have computed housing market areas with both commuting data and migration data. In order to decide which procedure shows superior performance, we have looked at uniformity of prices within areas. The main finding is that commuting algorithms present more homogeneous areas in terms of housing prices.

Physiological evaluation of heat stress in gestating sows under different housing systems in bedding and concrete floor

The purpose of this paper was to observe the use of bedding (wood shavings) in physiological variables that indicate thermal stress in gestating sows. The experiment was conducted in order to evaluate the effect of two types of floor (concrete and wood shavings). Worse microclimatic conditions were observed in bedding systems (P<0.05), with an increase in temperature and enthalpy of 1.14 ºC and 2.37 kJ.kg dry air-1, respectively. The floor temperature at the dirty area was higher in the bedding presence in comparison to its absence. In spite of the worse microclimatic conditions in the bedding, the rectal temperature did not differ significantly (P>0.05) but the skin surface temperature was higher in the bedding systems. The same occurred with the respiratory rates. The physical characteristics of the floor material influenced the rate of heat loss by conductance. Estimated values were 35.04 and 7.99 W m-2 for the conductive heat loss between the animal and floor for treatments with or without bedding, respectively. The use of bedding in sow rearing has a negative impact on microclimatic conditions, what implies in thermoregulatory damages.

The interaction of housing condition and acute immobilization stress on the elevated plus-maze behaviors of protein-malnourished rats

Protein malnutrition induces structural, neurochemical and functional alterations in the central nervous system, leading to behavioral alterations. In the present study, we used the elevated plus-maze (EPM) as a measure of anxiety to evaluate the interaction between acute immobilization and housing conditions on the behavior of malnourished rats. Pups (6 males and 2 females) were fed by Wistar lactating dams receiving a 6% (undernourished) or 16% (well-nourished) protein diet. After weaning, the animals continued to receive the same diets ad libitum until 49 days of age when they started to receive a regular lab chow diet. From weaning to the end of the tests on day 70, the animals were housed under two different conditions, i.e., individual or in groups of three. On the 69th day, half of the animals were submitted to immobilization for 2 h, while the other half were undisturbed, and both groups were tested 24 h later for 5 min in the EPM. Independent of other factors, protein malnutrition increased, while immobilization and social isolation per se decreased, EPM exploration. Analysis of the interaction of diet vs immobilization vs housing conditions showed that the increased EPM exploration presented by the malnourished group was reversed by acute immobilization in animals reared in groups but not in animals reared individually. The interaction between immobilization and housing conditions suggests that living for a long time in social isolation is sufficiently stressful to reduce the responses to another anxiogenic procedure (immobilization), while living in groups prompts the animals to react to acute stress. Thus, it is suggested that housing condition can modulate the effects of an anxiogenic procedure on behavioral responses of malnourished rats in the EPM.

Industrialized cashew juices: variation of ascorbic acid and other physicochemical parameters

Commercial cashew apple juice is widely accepted in the Brazilian market. Cashew apple has high content of ascorbic acid, an important nutrient to human beings. Ascorbic acid content in food can be affected by processing and storage conditions. Commercial cashew apple juice samples, ready-to-drink and concentrated, were analyzed. The ascorbic acid content, total titratable acidity, total soluble solids, and pH of the juices were determined during storage at 4 °C after the containers were opened. The ascorbic acid content presented a great variability among the samples analyzed ranging from 37.3 to 46.3 mg.100 mL-1 in ready-to-drink juices and from 75.7 to 152 mg.100 mL-1 in concentrated juices. The storage of commercial cashew apple juices for 48 hours at 4 °C resulted in ascorbic acid losses of up to 8.8% for concentrated and 6.4% for ready-to-drink juices. The other parameters remained stable during storage. The results of this study point to the importance of considering ascorbic acid losses in commercial cashew apple juices which occurs after opening but before the expiration date expires.

Proximate and mineral composition of industrialized biscuits

The aim of this study was to analyze the proximate and mineral composition of 21 types of biscuits. All biscuits showed high fat contents, significantly different (P < 0.05) from those described on the labels, except for three brands. Insoluble fiber fractions were predominant in the analyzed samples. Among the 21 biscuits analyzed, 16 showed food label values 20% higher than those allowed by law, according to RDC 360, for fat, protein, total fiber, calcium, and sodium levels. This difference reached 273% for the sodium content. The calcium content was included only on the label of three samples analyzed, and the values described were significantly lower than those obtained analytically. Considering that biscuits are consumed by people of all age groups and of different socioeconomic levels, the results can contribute to the plans for health policies, such as surveillance of nutritional labeling, ensuring the reliability of the information provided by the food industry and enabling the identification of the relationship between dietary factors and the occurrence of non-transmissible chronic diseases.

Value Creation Through Sustainability Within The Housing Industry - A Company’s View

The economy, under the condition of scarcity is meanwhile aiming at more rational economic activities that are efficient and effective. Companies need to know how to make use of new possibilities towards a more sustainable business. The right balance between risk and opportunity implies a sustainable growth and competitive advantage. Managers need to navigate companies across the globalization, as the global economy is constantly in motion. Further, companies have to face trends since the business world is changing radically. In order to keep up with those changes, companies have to recognize new trends early and respond quickly, efficiently and smart. To gain a competitive edge is without a doubt a critical aspect of a comprehensive value creation economy that withstands the demand for value capture and sustainability. Expectations towards a responsible economy are growing steadily. Therefore, companies have increasingly an obligation to economize more sustainable and to communicate their social and environmental commitment externally. Sustainability can live through the entire structure of value creation of a company. By reducing environmental and social risks companies can create values. This value creation thus represents a proper performance of a company and the accomplished added value through companies’ activities.

Profits and votes: Entrepreneurs and the government in Brazilian housing policy

ABSTRACTAfter more than twenty years of low housing construction output, the housing policy recovered its momentum in the country with the ascent of the Partido dos Trabalhadores (Workers' Party, PT) to the seat of the federal government. This article demonstrates - through the analysis of documents, interviews and research conducted with businessmen - that the impetus of such a state policy is a part of the PT electoral strategy, which is based on economic growth and the expansion of social programs. The research analyses the dovetailing of interests between the Lula (the Brazilian President from 2003 to 2010) administration and the civil construction business - the latter concerned with expanding its business, and the former with increasing the supply of jobs and the level of economic activity. This process culminated in the launching of the largest social housing program to be implemented in the country. Minha Casa, Minha Vida (My House, My Life), is a project in whose planning building companies played a key role, performing feasibility studies and carrying out social housing projects.

Development of internet-based value added services in housing estate business in Russia

Value added services are becoming increasingly popular as they increase the perceived value of the core product and can be a strong method of attracting customers and motivating them to make a choice. The purpose of this research is to develop internet-based value added services for housing estate business in Russia. The research is a case study of Russian housing estate market utilising a triangulation of methods for better results. For the qualitative data analysis, 7 interviews with heads of regional departments of construction companies from different regions of Russia were conducted. For the quantitative data analysis, a survey of 128 inhabitants of Saint-Petersburg housing estates was held. Factor analysis and descriptive statistics including cross-tabulations and chi-square tests for significance were used to analyse the results. In this study, a list 19 value added services that can be provided through online platforms in housing estate market was developed. These services fall into three big groups: social networking services, compulsory and additional services. Additionally, the question of monetisation of online platforms in housing estate market was discussed and three business models were suggested.

Bad news for satisfied tenants: On the social construction of social rented housing as dreadful enclosures

As long as the social rented sector - which comprised 6% of the housing stock - housed traditional families and the allocation procedures were rather loose, little commotion came about. A combination of changes in family structures (leading to the in stream of ethnic minorities), economic changes (leading to the in stream of poor people), and the strengthening of allocation procedures towards those most in need, did change perceptions. Marginalisation and ghettoisation became during the 1990s the buzzwords when talking and writing about social rented housing. In this article, we will explain the background of the scapegoat trends and the possible consequences for social tenants in particular and for the social rental housing in general.

Évaluation économique du programme Housing First auprès de personnes itinérantes ayant des troubles de santé mentale : analyse après deux ans de suivi à Montréal dans le cadre du projet At Home / Chez Soi

Ce mémoire évalue l’efficacité de Housing First (HF) sur la stabilité résidentielle de personnes itinérantes ayant des troubles mentaux et son rapport coût-efficacité différentiel (RCED) sous une perspective sociétale. Une étude à répartition aléatoire (n=469) comparant HF avec les services usuels (SU) a été réalisée à Montréal, Canada. Des questionnaires ont été distribués à intervalles de 3- et 6- mois pendant 24 mois. Le temps passé en logement stable est passé de 6,44% à 62,21% pour les HF ayant des besoins élevés vs. 6,64% à 23,34% chez leurs homologues SU. Les pourcentages correspondants des participants ayant des besoins modérés sont de 12,13% à 79,58% pour HF vs. 6,45% à 34,01% pour SU. Le coût total des participants ayant des besoins élevés est de 73 301$/an pour HF vs. 64 715$/an pour SU (RCED=49,85$/jour); celui des participants ayant des besoins modérés est de 47 746$/an pour HF vs. 46 437$/an pour SU (RCED=3,65$/jour). Les diminutions de coûts associées à HF ont compensé une partie importante des coûts de l’intervention.