簡介：網(wǎng)絡(luò)教育學(xué)院網(wǎng)絡(luò)教育學(xué)院本科生畢業(yè)論文（設(shè)文（設(shè)計）計）題目某房地產(chǎn)開發(fā)項目可行性研究學(xué)習(xí)中心XXXX奧鵬學(xué)習(xí)中心2VIP層次專科起點本科專業(yè)房地產(chǎn)經(jīng)營管理年級2010年秋季學(xué)號101115419471學(xué)生XX指導(dǎo)教師XXX完成日期2012年7月28日某房地產(chǎn)開發(fā)項目可行性研究II目錄內(nèi)容摘要I引言11項目概況311房地產(chǎn)開發(fā)項目基本情況312房地產(chǎn)開發(fā)企業(yè)基本情況32項目投資環(huán)境分析421自然地理環(huán)境422經(jīng)濟(jì)環(huán)境423政策環(huán)境524社會環(huán)境63市場供給與需求分析731市場供給分析732市場需求分析733市場供求關(guān)系預(yù)測84項目具體區(qū)位條件和競爭分析941項目具體區(qū)位條件分析942項目競爭分析95項目STP策劃1041項目市場細(xì)分1042項目目標(biāo)市場選擇1143項目市場定位11431項目檔次定位11432項目主題定位12433項目功能定位12434項目產(chǎn)品定位126項目規(guī)劃設(shè)計1461項目設(shè)計方案1462項目總平面布置14

簡介：C1附件C全球金融危機(jī)下的中國房地產(chǎn)摘要從2007年的次貸危機(jī)以來，中國經(jīng)濟(jì)跌入一個失望的賽季，其房地產(chǎn)市場已經(jīng)顯示出一個令人沮喪的情況。為了擴(kuò)大內(nèi)需，宣布了十件計劃，政府在2008年11月11日。它提出了重組的宏觀經(jīng)濟(jì)政策，并在同一時間，房地產(chǎn)政策只是在核心位置，這是整個經(jīng)濟(jì)形勢的主導(dǎo)。在本文中，僅僅是對金融危機(jī)的根源分析，然后將它顯示了房地產(chǎn)的運作和發(fā)展在中國市場。通過描述目前的情況，提出了相應(yīng)的政策，以防止房地產(chǎn)泡沫和一些其他可能出現(xiàn)的金融風(fēng)險，這可能使房地產(chǎn)行業(yè)保持了持續(xù)，快速，健康的發(fā)展。關(guān)鍵詞金融危機(jī)影響，全國房地產(chǎn)開發(fā)，房地產(chǎn)金融，發(fā)展模式。1簡介2007年8月，美國次貸危機(jī)的爆發(fā)，美國道瓊斯和納斯達(dá)克指數(shù)大幅下挫，這也造成強(qiáng)大的全球股市的動蕩。這場危機(jī)不僅給了美國經(jīng)濟(jì)沉重的打擊，也迅速蔓延到歐洲和亞洲金融市場，在世界上引起“蝴蝶效應(yīng)”。現(xiàn)在還在繼續(xù)，在此情況下，我們必須從美國次貸危機(jī)的經(jīng)驗教訓(xùn)，以確保穩(wěn)定全國房地產(chǎn)市場的發(fā)展。2金融危機(jī)的根源可以看出,高的房地產(chǎn)價格水平，龐大的個人住房按揭,貸款和高利率的基礎(chǔ)上流動性過剩是導(dǎo)致美國的這次金融危機(jī)的主要原因。雖然它源于房地產(chǎn)市場和住房抵押貸款,但是貸款市場的危機(jī)已經(jīng)蔓延到股市通過債券市場，對美國經(jīng)濟(jì)產(chǎn)生了影響,甚至對全球的金融體系造成了沖擊在美國的實際情況下，擴(kuò)張的次級抵押貸款必然導(dǎo)致金融危機(jī)的發(fā)生。由于聯(lián)邦政府持續(xù)下調(diào)長期儲蓄的利率儲備委員會在1998至2008年，如表1所示，金融機(jī)構(gòu)緩解了房地產(chǎn)抵押貸款，如零元的首付款和銀行完全融資。以這種方式，總抵押貸款范圍擴(kuò)大，并次級抵押貸款的金額也有所增加。不良信用貸款成為越來越多。從數(shù)量看，次貸流通1995年，是17811億美元，占整個貸款市場份額的56％。而到2006年，流通達(dá)到447963億美元，占整體市場和1995年相比增加了25倍從2004年到2006年期間，它保持了3年20％的增長率。表11998至2008年在美國的平均貸款利率C32008年以來，中國房地產(chǎn)開發(fā)又進(jìn)入一個調(diào)整期的增長速度，在不斷下降。在2007年前十個月，大部分全國房地產(chǎn)的發(fā)展指標(biāo)，如總投資，商品房投資，在建面積和竣工面積均保持了增長的趨勢。直到2007年11月，他們達(dá)到了最高點，而受金融危機(jī)的影響，下降趨勢越來越更明顯。正如我們所知道的，房地產(chǎn)開發(fā)景氣指數(shù)顯示的是房地產(chǎn)行業(yè)是否繁榮。根據(jù)國家統(tǒng)計局所提供的統(tǒng)計數(shù)字2008年10月，下跌147點,景氣指數(shù)為99689月下跌606點,同樣在2007年期間。這是第一次在這三年里進(jìn)入不景氣區(qū)間。直到2008年11月，房地產(chǎn)開發(fā)景氣指數(shù)是9846，下跌122點，和九月相比下降813點，同樣在2007年期間。不幸的是，它已經(jīng)下降到964612月，它提出，中國的房地產(chǎn)行業(yè)已經(jīng)進(jìn)入了一個調(diào)整期。32房地產(chǎn)銷售隨著雷曼兄弟破產(chǎn)等一系列事件2008年九月在美國發(fā)生了次貸危機(jī),進(jìn)一步深化成金融危機(jī)，并迅速蔓延到全球。國內(nèi)經(jīng)濟(jì)形勢不容樂觀，消費者的期望和信心已受到嚴(yán)重影響，越來越多的人對房地產(chǎn)市場持觀望態(tài)度商品房成交量大幅縮水。價格從國家統(tǒng)計局的數(shù)據(jù)顯示，從2008年到2009年首兩個月，在中國的70個城市房價上升的城市不斷減少，到12月份總體房價相比去年下降。正如圖1中所示，在2008年的每月增加113％，109％，107％，101％，92％，82％，70％，為53％，35％，16％，02％及04％。直到2009年1月，它是09％，相比，2008年12月下降05個百分點，而二月增長率為12％，其中相比一月又下降03個百分點來組國家統(tǒng)計局圖12008年中國70個大中城市住房價格每月的增長率從銷售面積和銷售額統(tǒng)計，2008年的商品房銷售面積為62億平方米，和2007年相比下降了197

簡介：NO桂林航天工業(yè)學(xué)院桂林航天工業(yè)學(xué)院畢業(yè)論文畢業(yè)論文題目房地產(chǎn)市場營銷策略分析題目房地產(chǎn)市場營銷策略分析（金廈房產(chǎn)開發(fā)有限公司黃金海岸項（金廈房產(chǎn)開發(fā)有限公司黃金海岸項目）目）專業(yè)連鎖經(jīng)營管理專業(yè)連鎖經(jīng)營管理姓名姓名XXX學(xué)號學(xué)號201008420XXX指導(dǎo)教師指導(dǎo)教師XXX2013年6月5日I摘要要隨著房地產(chǎn)行業(yè)的快速發(fā)展，行業(yè)內(nèi)的競爭、資源的整合、國家各種政策法規(guī)的相繼出臺，使房地產(chǎn)行業(yè)逐漸趨于成熟。特別是在國家新政限購令出臺的市場環(huán)境中，房地產(chǎn)開發(fā)商必須審時度勢、占領(lǐng)先機(jī)，以求在激烈的競爭中站穩(wěn)腳跟。本文以金廈房產(chǎn)黃金海岸項目為例，參考多種資料書籍，運用科學(xué)的方法，從項目背景、市場現(xiàn)狀調(diào)研、市場定位分析等多方面對房地產(chǎn)項目開發(fā)銷售策劃進(jìn)行分析闡述，來說明當(dāng)前新環(huán)境下房地產(chǎn)企業(yè)基本的營銷策略，并找出其中不足的地方及改進(jìn)措施，以求為以后的房地產(chǎn)項目開發(fā)決策提供一個可參考借鑒的樣本。關(guān)鍵詞關(guān)鍵詞房地產(chǎn)營銷策略營銷策劃項目策劃

簡介：1第一章第一章我國房地產(chǎn)市場現(xiàn)狀和相關(guān)國家政策我國房地產(chǎn)市場現(xiàn)狀和相關(guān)國家政策21我國房地產(chǎn)市場的現(xiàn)狀我國房地產(chǎn)市場的現(xiàn)狀一直是國民關(guān)注的熱點話題。對于九十年代房地產(chǎn)以來的房地產(chǎn)市場，最為普遍的評價，就是房價過高，漲幅過快。形成這種情況的原因是多方面的。211當(dāng)前我國房價普遍過高，上漲過快國際上衡量房價高低的一個權(quán)威指標(biāo)是房價收入比。房價收入比是指一個國家或城市的年平均上市房價與戶年平均收入之比。世界銀行的研究報告認(rèn)為，價收入比在3倍到6倍之間比較適當(dāng)。而在我國，有學(xué)者指出，在我國許多房地產(chǎn)熱點城市，房價收入比早已超過了121。并且，房地產(chǎn)市價日益飆升。212中國城市房地產(chǎn)價格“非正常上升”的成因目前我國城市房地產(chǎn)價格非正常上升或者房地產(chǎn)價格泡沫的狀況可作如下描述1全國城市的房價收入比約為1∶8,其中大城市房價收入比在10以上,而國際標(biāo)準(zhǔn)是3～6。2有些城市土地價格近十年來上漲了十幾倍甚至幾十倍。至于形成這種局面的原因,各界人士從市場需求、供給等多方面提出各自看法,較有代表性的如下1市場需要因素城市化效應(yīng)形成的需求、城鎮(zhèn)住房制度改革引致的需求、城鎮(zhèn)居民住房人均面積上升等所致。2市場供給因素不合理的住宅供應(yīng)結(jié)構(gòu)因素所致是商品房開發(fā)建設(shè)成本高所致3投機(jī)、炒作因素是房地產(chǎn)商和投機(jī)者“操縱市場、惡意炒作”的結(jié)果3追究責(zé)任。3實行更為嚴(yán)格的差別化住房信貸政策。對購買首套自住房且套型建筑面積在90平方米以上的家庭包括借款人、配偶及未成年子女，下同，貸款首付款比例不得低于30；對貸款購買第二套住房的家庭，貸款首付款比例不得低于50，貸款利率不得低于基準(zhǔn)利率的11倍；對貸款購買第三套及以上住房的，貸款首付款比例和貸款利率應(yīng)大幅度提高，具體由商業(yè)銀行根據(jù)風(fēng)險管理原則自主確定。人民銀行、銀監(jiān)會要指導(dǎo)和監(jiān)督商業(yè)銀行嚴(yán)格住房消費貸款管理。住房城鄉(xiāng)建設(shè)部要會同人民銀行、銀監(jiān)會抓緊制定第二套住房的認(rèn)定標(biāo)準(zhǔn)。要嚴(yán)格限制各種名目的炒房和投機(jī)性購房。商品住房價格過高、上漲過快、供應(yīng)緊張的地區(qū)，商業(yè)銀行可根據(jù)風(fēng)險狀況，暫停發(fā)放購買第三套及以上住房貸款；對不能提供1年以上當(dāng)?shù)丶{稅證明或社會保險繳納證明的非本地居民暫停發(fā)放購買住房貸款。地方人民政府可根據(jù)實際情況，采取臨時性措施，在一定時期內(nèi)限定購房套數(shù)。4發(fā)揮稅收政策對住房消費和房地產(chǎn)收益的調(diào)節(jié)作用。財政部、稅務(wù)總局要加快研究制定引導(dǎo)個人合理住房消費和調(diào)節(jié)個人房產(chǎn)收益的稅收政策。稅務(wù)部門要嚴(yán)格按照稅法和有關(guān)政策規(guī)定，認(rèn)真做好土地增值稅的征收管理工作，對定價過高、漲幅過快的房地產(chǎn)開發(fā)項目進(jìn)行重點清算和稽查。5增加居住用地有效供應(yīng)。國土資源部要指導(dǎo)督促各地及時制定并公布以住房為主的房地產(chǎn)供地計劃，并切實予以落實。房價上漲過快的城市，要增加居住用地的供應(yīng)總量。要依法加快處置閑置房地產(chǎn)用地，對收回的閑置土地，要優(yōu)先安排用于普通住房建設(shè)。在堅持和完善土地招拍掛制度的同時，探索“綜合評標(biāo)”、“一次競價”、“雙向競價”等出讓方式，抑制居住用地出讓價格非理性上漲。6調(diào)整住房供應(yīng)結(jié)構(gòu)。各地要盡快編制和公布住房建設(shè)規(guī)劃，明確保障性住房、中小套型普通商品住房的建設(shè)數(shù)量和比例。住房城鄉(xiāng)建設(shè)部門要加快對普通商品住房的規(guī)劃、開工建設(shè)和預(yù)銷售審批，盡快形成有效供應(yīng)。保障性住房、棚戶區(qū)改造和中小套型普通商品住房用地不低于住房建設(shè)用地供應(yīng)總量的

簡介：1257THEREALESTATEOFCHINAUNDERTHEGLOBALFINANCIALCRISISCUIXUEZHU1WANGYAOWU2ABSTRACTSINCETHESUBPRIMEMORTGAGECRISISIN2007,THECHINESEECONOMICISFALLINGINTOADISAPPOINTINGSEASONANDALSOITSREALESTATEMARKETHASALREADYSHOWNADEPRESSINGSITUATIONINORDERTOEXPANDTHEDOMESTICDEMAND,TENPIECESOFPLANWASANNOUNCEDBYTHEGOVERNMENTONNOVEMBER11TH2008ITPRESENTSTHERESTRUCTUREOFTHEMACROECONOMICPOLICYANDATTHESAMETIME,THEREALESTATEPOLICYISJUSTINTHECOREPOSITION,WHICHISDOMINANTOFTHEWHOLEECONOMICSITUATIONINTHISPAPER,THEROOTSOFFINANCIALCRISISARESIMPLYANALYZEDFIRSTLY,ANDTHENITSHOWSTHEOPERATIONANDDEVELOPMENTOFTHEREALESTATEMARKETINCHINABYDESCRIBINGTHEPRESENTSITUATION,ITPUTSFORWARDSOMECORRESPONDINGPOLICYTOPREVENTTHEREALESTATEBUBBLEANDSOMEOTHERPOSSIBLEFINANCIALRISKS,WHICHCOULDMAKETHEREALESTATEINDUSTRYMAINTAINASUSTAINED,RAPIDANDSOUNDDEVELOPMENTKEYWORDSFINANCIALCRISIS,NATIONALREALESTATE,REALESTATEFINANCE,DEVELOPINGMODE1INTRODUCTIONONAUGUST2007,THEUSSUBLOANCRISISFLAREDUP,ANDBOTHTHEUSDOWJONESANDNASDAQFELLSHARPLY,WHICHALSOCAUSEDSTRONGGLOBALSTOCKMARKETTURBULENCETHECRISISISNOTONLYGIVEAHEAVYBLOWTOTHEUSECONOMY,BUTALSOSPREADRAPIDLYTOTHEEUROPEANDTHEASIANFINANCIALMARKETS,WHICHPERFORMAFINANCIALCRISISINTHEWORLDNOLESSTHANA“BUTTERFLYEFFECT”THEIMPACTCONTINUESNOWANDUNDERTHISCIRCUMSTANCE,WEHAVETOHAVELESSONSFROMTHEUSSUBLOANCRISISTOENSURETHESTABILITYOFTHENATIONALREALESTATEMARKETDEVELOPMENT2THEROOTSOFFIANANCIALCRISISTHEHIGHPRICELEVEL,THEEXPANSIONOFPERSONALHOUSINGMORTGAGELOANANDTHEHIGHINTERESTBASEDONTHEEXCESSLIQUIDITYCANBESEENASTHEMAINREASONOFTHISFINANCIALCRISISINAMERICANALTHOUGHITORIGINATESFROMTHEREALESTATEMARKETANDTHEHOUSINGMORTGAGELOANMARKET,THECRISISHASALREADYSPREADTOTHESTOCKMARKETTHROUGHTHEBONDMARKET,WHICHHADANEFFECTONAMERICANECONOMICANDEVENTHEGLOBALFINANCIALSYSTEMTHEACTUALCASEINAMERICASHOWSTHATTHEEXPANSIONOFTHESUBPRIMEMORTGAGEISANECESSARYCAUSEOFTHECRISISBECAUSEOFTHECONTINUEDDECLINEDOFLONGTERMINTERESTBYTHEUSFEDERALRESERVEBOARDFROM1998TO2008,ASSHOWNINTABLE1,THEFINANCIALINSTITUTIONSHASEASEDTHETERMSOFREALESTATEMORTGAGELOAN,LIKETHEZEROYUANFIRSTPAYMENTANDTHECOMPLETELYBANKFINANCINGINTHISWAY,THETOTALMORTGAGELOANEXPANDEDANDTHEAMOUNTOFTHESUBPRIMEMORTGAGEALSOINCREASEDTHEPEOPLEWHOGETTHELOANBYPOORCREDITBECAMEMOREANDMOREWANG2009SEENFROMTHEQUANTITY,THESUBPRIMEMORTGAGECIRCULATIONOFTHEUNITEDSTATESIS17811BILLIONDOLLARSIN1995,ACCOUNTINGFOR56OFTHEENTIRELOANMARKETSHAREUNTIL2006,THECIRCULATIONREACHED447963BILLIONDOLLARS,ACCOUNTINGFORTHEOVERALLMARKETOVERTHESAMEPERIOD,WHICHINCREASEDBY25TIMESCOMPAREDWITH1995DURINGTHEPERIODFROM2004TO2006,ITMAINTAINEDATHREEYEARGROWTHRATEOF201PHDCANDIDATE,DEPARTMENTOFCONSTRUCTIONANDREALESTATE,HARBININSTITUTEOFTECHNOLOGY,HARBIN,CHINA150001PH8645189268938EMAILCUIXUEZHU_598163COM2PROFESSOR,DEPARTMENTOFCONSTRUCTIONANDREALESTATE,HARBININSTITUTEOFTECHNOLOGY,HARBIN,CHINA150001PH8645186414008EMAILYWWANGHITVIP163COMTABLE1THEAVERAGELENDINGRATEFROM1998TO2008INTHEUSYEAR1YEARADJUSTABLERATE15YEARFIXEDRATE30YEARFIXEDRATE198879410151045199082999110191992562807851199454080184919965847588031998575672706200071278982120024896116652005477554111120076046256582008564589643SOURCEHSHASSOCIATIONOFTHEUSSEENFROMTHESTRUCTURE,THEPROPORTIONOFHIGHQUALITYMORTGAGELOANSHASCONTINUOUSLYDECLINEDANDONTHECONTRARY,THATOFTHESUBPRIMEMORTGAGEHASINCREASEDSLOWLYTHESELFEXPANSIONOFSUBPRIMEMORTGAGEHASCAUSEDTHEACCUMULATIONOFRISKSANDWHENTHEMACROECONOMICDEPRESSEDANDMANYBORROWERSUNABLETOREPAY,THERISKWILLBEHIGHLIGHTEDBECAUSEOFTHEFRACTUREOFCAPITALCHAINFORTHESUBPRIMEMORTGAGEWANGANDGAO2008INGENERAL,THERAPIDDEVELOPMENTOFTHEREALESTATEINDUSTRYCANBESEENASASYMBOLOFPROSPERITYFORTHEUNITEDSTATES,THELONGTERMPROSPERITYOFTHEREALESTATEINDUSTRYMADETHEPEOPLEFEELSTHEIRPROPERTIESARECONTINUOUSLYINCREASEDANDTHENACCELERATETHECONSUMPTION,STIMULATETHEECONOMICGROWTHANDFURTHERMORE,THEECONOMICDEVELOPMENTPROMOTEDTHEREALESTATEINDUSTRY,WHICHMADEABENEFICIALECONOMICCYCLEBUTONCETHECHAINFRACTURED,THECONSEQUENCEMAYBEDEVASTATINGFUNDAMENTALLYSPEAKING,THESUBPRIMEMORTGAGECRISISINTHEUNITEDSTATESANDITSDERIVATIVEFINANCINGCRISISOFTHEWORLDARECAUSEDBYTHEIRRATIONALPROSPERITYOFTHEREALESTATEINDUSTRY3THEREALESTATEMARKETUNDERTHEFIANANCIALCRISISFROM1998TO2008,THEREALESTATEMARKETOFCHINAHASALREADYPROSPEREDFORTENYEARSATPRESENT,FACINGTHEGLOBALFINANCIALCRISIS,THEREALESTATEINDUSTRYOFCHINAISEXPERIENCINGUNPRECEDENTEDTENSIONS,SUCHASTHEEXPECTANCYOFHOUSEPURCHASINGHASCHANGEDANDMOSTOFPEOPLESTARTTOHOLDTHE“WAITANDSEE”ATTITUDETHEMARKETTRANSACTIONSAREINDEPRESSIONTHEDEVELOPERSDECLINEDTHEIRWILLINGNESSTOINVESTANDTHEINVESTMENTREDUCEDLARGELY1259ESTATECREDITWERESEENASAKINDOFGOODASSETSTODEVELOPBYTHECOMMERCIALBANKS,ASARESULT,ITISEASYTOCHANGEORSIMPLIFYSOMEOFTHEIMPORTANTPROCEDURETOOBTAINMOREMARKETSHARETHESEBEHAVIORS,SUCHASEASINGTHELOANSREQUIREMENTS,REDUCINGTHEEXAMINATIONSTEPSANDLOOSINGTHEAUTHENTICITYVERIFY,SERIOUSLYAFFECTTHESECURITYOFBANKASSETSAFTERYEARSOFRAPIDINCREASE,THEHOUSEPRICEHASALREADYREACHEDAHIGHLEVELANDTHEREALESTATEBUBBLELOOMSTHEREFORE,THENATIONALCOMMERCIALBANKSANDFINANCIALINSTITUTIONSSHOULDLEARNFROMTHISSETBACKSTRICTEXAMINATIONANDAPPROVALSHOULDBECARRIEDOUTTOMONITORTHEREALESTATE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簡介：6400英文單詞，英文單詞，32萬英文字符，中文萬英文字符，中文9300字文獻(xiàn)出處文獻(xiàn)出處ANGHELI,HRISTEAAMSOMECONSIDERATIONSREGARDINGTHEINTERNATIONALREALESTATEMARKET–PRESENTANDFUTUREPREDICTIONSJPROCEDIAECONOMICSFINANCE,2015,3214421452SOMECONSIDERATIONSREGARDINGTHEINTERNATIONALREALESTATEMARKET–PRESENTANDFUTUREPREDICTIONSIONANGHEL,ANCAMARIAHRISTEAABSTRACTTHEPURPOSEOFTHISPAPERISTOANALYZETHESITUATIONOFTHEREALESTATEMARKETWORLDWIDE,TOIDENTIFYTHEMAINCHARACTERISTICSTHATINFLUENCETHEDECISIONTOINVEST,TOFINDTHECORRELATIONBETWEENTHEREALESTATEMARKETANDTHEFINANCIALONEANDTOPRESENTTHEMOSTRECENTESTIMATIONSREGARDINGTHEFUTUREEVOLUTIONOFTHEINTERNATIONALREALESTATEMARKETTHEFINANCIALCRISISTHATBEGANINTHESECONDHALFOFTHELASTDECADECREATEDIMBALANCESINALLTHEFIELDSOFTHEECONOMICANDSOCIALLIFEANDPROVOKEDVERYINTERESTINGMUTATIONSTHEINTERNATIONALREALESTATEMARKEDWASCONFRONTEDWITHIMPORTANTCHANGESOFRHYTHM,ASDIMENSIONSANDSTRUCTURES,ASWELLASINTERVENTIONLEVERSSOMEEFFECTSOFTHEGENERALIZEDECONOMICCRISISSUCHASTHEGROWTHOFTHEUNEMPLOYMENTRATE,THEREDUCTIONOFTHEPURCHASINGPOWERORTHEINTENSIFICATIONOFTHEMIGRATIONPROCESSOFTHEACTIVEPOPULATIONHAVEDEEPENTHEGAPSBETWEENTHERHYTHMSOFTHEDYNAMICSOFTHEREALESTATEINVESTMENTSATANATIONALLEVELANDTHEYLEDTOTHEMOSTUNEXPECTEDDECISIONSINTHELASTSEVERALYEARS,THEIMBALANCESBETWEENTHEFINANCIALMARKETANDTHEMONETARYMARKETGENERATEDINSTABILITIESATAWORLDSCALEANDSPECULATIVEPOLICIES,THATINSOMECOUNTRIESACCENTUATEDTHEUNCERTAINTIESANDTHEYDELAYEDTHESTARTTOWARDSECONOMICREVIVAL,ANDINOTHERCOUNTRIESTHEYCONSTITUTEDSTRONGPOINTSINREDEFININGFUTURESTRATEGIESFORDEVELOPMENTFROMAGEOGRAPHICALPOINTOFVIEW,THENEWMAPOFTHEREALESTATEMARKETSWILLOFFERACOMPLETELYDIFFERENTFROMTHEONETHATEXISTEDUNTIL2007ANEWGENERATIONOF“ASIANTIGERS”LOOKSTODOMINATETHEREALESTATEMARKETANDCOUNTRIESLIKEQATAR,CHILEORINDIAWILLDEFINETHEMSELVESASAREAOFMAXIMUMINTERESTFORTHEREALESTATEINVESTORSKEYWORDSREALESTATEMARKET,INVESTMENTPROPERTY,PRICE,TRANSACTION,VALUE1INTRODUCTIONINTHELASTTWODECADES,THEREALESTATEMARKET,JUSTLIKEALLTHEGLOBALECONOMICSEGMENTS,WASCONFRONTEDWITHIMPORTANTMUTATIONS,UNDERTHEASPECTOFDIMENSIONANDSTRUCTUREANDUNDERTHEASPECTOFTHEINTERVENTIONLEVERSTHATINAMOMENTORANOTHERHAVETRIGGEREDREALREVOLUTIONSTHEINTERNATIONALIZATIONOFTHENATIONALECONOMIES,THELIBERALIZATIONOFTHECIRCULATIONOFTHEWORKFORCE,THEPERMANENTREDEFININGOFTHEMONETARYANDFISCALPOLICIES,THEINCREASINGOFTHEROLEOFTHEDIRECTFOREIGNINVESTMENTSORTHECHANGINGOFTHECONSUMERS’PREFERENCESAREJUSTAFEWLANDMARKSTHATHAVESHAPEDDURINGTHEYEARSACERTAINPROFILEOFTHEREALESTATEMARKETTHISMARKETISCONDITIONEDINACRUCIALMANNERBYTHESTATEOFHEALTHOFTHEFINANCIALMARKETWITHOUTAHEALTHYFINANCIALSYSTEM,INWHICHTHEGOVERNMENTSPLAYADECISIVEROLEINCREATINGANDMAINTAININGIT,ITISDIFFICULTTOMOBILIZETHEECONOMIESORTOBUDGETTHECAPITALSINANEFFICIENTMANNERSTIGLITZ,1999INTHELASTTWENTYYEARS,THEGLOBALIZATIONOFTHEFINANCINGHASASIGNIFICANTCONTRIBUTIONTOTHEECONOMICGROWTHATAGLOBALLEVELSTILL,THEGLOBALIZATIONPHENOMENONHASNEGATIVECONSEQUENCESASWELL,BECAUSEAZONESIMBALANCEALLOWSTHESPREADINGOFTHECRISISTHROUGHOUTTHEWHOLEGLOBALINVESTMENTSININTERNATIONALPROPERTIES,AMONGTHEREASONSISBEINGMENTIONEDTHEBETTERFLOWTHANINTHECASEOFTHEASSETSFROMTHEINTERNALMARKETS2FUNDAMENTALCHARACTERISTICSOFTHEREALESTATEMARKETNOMATTERTHEGEOGRAPHICALCOORDINATESANDITSTYPERESIDENTIAL,COMMERCIAL,INDUSTRIAL,ANDAGRICULTURALORWITHSPECIALCHARACTER,THEREALESTATEMARKETDIFFERENTIATESITSELFFROMALLTHEOTHERCATEGORIESOFMARKETSOFPRODUCTSORSERVICESDUETOITSCOMPLEXITYANDITSPECULIARITIESANGHELI,2013ITISAMATERIALMARKETINWHICHEACHPRODUCTISUNIQUEANDPLACEDONAFIXEDLOCATIONITADDRESSESANARROWSEGMENTOFCUSTOMERS,BECAUSETHESALESANDPURCHASES’NUMBERWITHINTHELIMITSOFATIMEANDSPATIALFRAMEISLIMITEDTHEREALESTATEMARKETISVERYSENSITIVETOTHEFLUCTUATIONSOFTHEECONOMICSOCIALPHENOMENATHEUNEMPLOYMENTEVOLUTION,THERISINGOFTHESALARIES,FINANCIALSTABILITY,DEMOGRAPHICDIMENSIONETCBECAUSETHEVALUEOFTHEREALESTATEPROPERTIESISBIGANDITNEEDSAHIGHPURCHASEPOWERTHESELLINGPURCHASEDECISIONSDEPENDINAGREATMEASUREOFTHEFINANCINGMODALITIESTHATARECHOSEN,BYTHEVALUEOFTHECREDITTHATCANBEOBTAINED,BYTHELENDINGCONDITIONSTHEVALUEOFTHEADVANCEMONEY,THEINTERESTS’RATE,THEDURATIONOFREIMBURSEMENT,THEREQUIREDWARRANTIESETCBETWEENTHESUPPLYANDDEMANDITTENDSTOBEAPERMANENTIMBALANCEBECAUSETHEBIGDURATIONOFEXECUTIONOFTHEREALESTATEPRODUCTSANDTHEOBTAININGOFTHEFINANCINGDOESNOTOFFERWARRANTIESANDCERTITUDESONTHEMOMENTOFTHETRANSACTIONUNLIKEOTHERMARKETS,THEREALESTATEONEDOESNOTSELFREGULARIZE,BUTITISSTRONGLYREGULARIZEDTHROUGHTHESTATE’SANDLOCALAUTHORITIES’INTERVENTIONTHROUGHITSNATURETHEDEGREEOFINFORMATIONOFTHEBUYERSANDSELLERSREGARDINGTHEOFFERPRICEORPASTTRANSACTIONSWITHSIMILARPROPERTIESISREDUCEDBECAUSETHEDATAARENOTAVAILABLEIMMEDIATELYTHEREALESTATEMARKETDOESNOTINCLUDESTANDARDIZEDPRODUCTS,ANDTHISISTHEREASONWHYTHEBEHAVIOROFTHECUSTOMERSCANNOTBEANTICIPATEDINTHEREALESTATEFIELDTHEVOLATILITYOFTHEDEMANDISBIG,BECAUSETHERECANBEIMPORTANTCHANGESINTHESTRUCTUREANDTHESIZEOFTHEPOPULATIONTHEREALESTATEMARKETPRESENTSASMALLDEGREEOFLIQUIDITYTHEREALESTATEPROPERTIESAREDURABLEPRODUCTS,THATCANBETRANSACTEDATBIGTIMEINTERVALS,BECAUSETHEYHAVEHIGHVALUESANDTHEFINANCINGCANNOTBEOBTAINEDIMMEDIATELYHRIS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1989MANCHESTER,1987,OTHERSCLAIMTHATITCANBECONTROLLEDBYGOVERNMENTALINTERVENTIONCHO,1996KIM,2004ZHU,1997MACROECONOMICFACTORSECONOMISTS,URBANSCHOLARS,ANDPUBLICOFFICIALSHAVEBEENINTERESTEDINTHEDETERMINANTSOFHOUSINGPRICESINTERMSOFMICROANDMACROECONOMICVARIABLESANDPUBLICPOLICIESWHILEMICROECONOMICFACTORSPERTAINTOTHESUPPLYANDDEMANDFORHOUSING,MACROECONOMICFACTORSINCLUDETHEMONEYSUPPLY,THECONSTRUCTIONOFNEWHOUSING,ANDINTERESTRATESTHROUGHANEMPIRICALSTUDYUSINGHOUSINGSALESDATAINGREECE,APERGIS2003ARGUEDTHATTHEMONEYSUPPLY,EMPLOYMENT,ANDMORTGAGEINTERESTRATESHAVEASIGNIFICANTIMPACTONBOTHHOUSINGPRICESANDTHECONSTRUCTIONOFNEWHOUSINGKIMANDPARK2003EXAMINEDHOUSINGPRICECHANGESANDTHEIRDETERMINANTSINSEOULANDADJACENTNEWTOWNSANDFOUNDTHATTHEHOUSINGPRICECHANGERATESVARYWITHREGARDTOTHE“JEONSE”PRICEINDEXTHERENTALHOUSINGPRICEINDEXINKOREA,THEMONEYSUPPLY,THEBUILDINGPERMITAREA,THESTOCKPRICEINDEX,ANDYIELDONATHREEYEARCORPORATEBONDINADDITION,KIM2004ARGUEDTHATFLUCTUATIONSINHOUSINGPRICESHAVEADIRECTIMPACTONTHELEVELOFMACROECONOMICACTIVITYBYINFLUENCINGPRIVATECONSUMPTIONANDINVESTMENTHEALSOPOINTEDOUTTHATHOUSINGPRICESAREAFFECTEDBYMACROECONOMICVARIABLESSUCHASREALINCOME,INTERESTRATES,ANDTHECREDITSUPPLYSIMILARLY,OTROKANDTERRONES2005ATTEMPTEDTOIDENTIFYTHEDYNAMICRELATIONSHIPSAMONGINTERNATIONALHOUSEPRICES,STOCKPRICES,INTERESTRATES,ANDMACROECONOMICAGGREGATESININDUSTRIALCOUNTRIESTHEYUSEDANEWDATASETTOGAININSIGHTINTOBOTHTHECOMOVEMENTOFHOUSEPRICESACROSSINDUSTRIALCOUNTRIESANDOBSERVEDTHERELATIONSHIPBETWEENTHEFLUCTUATIONSOFHOUSEPRICESWITHTHEFLUCTUATIONSOFFINANCIALASSETRETURNSANDMACROECONOMICAGGREGATESTHEYCONCLUDEDTHATHOUSINGPRICESARERELATEDTOMACROECONOMICFLUCTUATIONSININDUSTRIALCOUNTRIESLEE2007EXAMINEDDIVERSEMACROECONOMICVARIABLESSUCHASTHEKOSPIINDEX,CURRENTACCOUNTS,THECONSUMERPRICEINDEX,THEPRODUCERPRICEINDEX,M1,M2,CORPORATEBONDRETURNS,CONSTRUCTIONORDERS,HOUSEHOLDCONSUMPTIONEXPENDITURES,NATIONALHOUSINGBONDS,MONETARYSTABILIZATIONBONDS,WONDOLLAREXCHANGERATES,PARTICIPATIONRATES,ANDUNEMPLOYMENTRATESHECONCLUDEDTHATTHEPRODUCERPRICEINDEXREPRESENTEDTHEMOSTSIGNIFICANTMACROECONOMICINDEXINHOUSINGTRANSACTIONPRICESANDHOUSINGJEONSERENTALPRICESINKOREACHO2007ALSOINVESTIGATEDHOWTHEHOUSINGPOLICIESANDTHEMACROECONOMICVARIABLESOFEACHADMINISTRATIONINKOREAHAVEBEENASSOCIATEDWITHHOUSINGPRICEFLUCTUATIONSHECONCLUDEDTHATTHERETURNONCORPORATEBONDSSIGNIFICANTLYINFLUENCEDHOUSINGPRICESDURINGTHEROHADMINISTRATIONGOVERNMENTINTERVENTIONMANYSTUDIESHAVEFOCUSEDONMACROECONOMICFACTORSWITHOUTANYCONSIDERATIONFORGOVERNMENTALREALESTATEANDHOUSINGPOLICIESTHATMAYHAVECAUSEDHOUSINGPRICESTOFLUCTUATEINKOREAGOVERNMENTINTERVENTIONINTHEHOUSINGMARKETISPERVASIVEANDUBIQUITOUS,ASCENTRALIZEDGOVERNMENTALPOWERPROVIDESEQUALOPPORTUNITIESANDPRIVILEGESFORALLKOREANSHOWEVER,BECAUSEOFTHECOMPLEXITYOFHOUSINGPROCESSES,HOUSINGRELATEDISSUESCANNOTALWAYSBEDEALTWITHCENTRALLY,SOGOVERNMENTACTIONMAYLEADTOUNINTENDEDCONSEQUENCESKINGSTIVERS,1998CHO1996EMPHASIZEDTHATTHEGENERALRATIONALEFORGOVERNMENTINTERVENTIONINACAPITALISTSOCIETYLARGELYRELIESONMARKETFAILURE,ASTHEMARKETMECHANISMOFTENFAILSTOPROVIDESOCIALGOODSANDSERVICESFORPEOPLEWHONEEDTHEMMORESPECIFICALLY,HEPOINTEDOUTTHATFAILUREINTHEHOUSINGMARKETMIGHTBEASSOCIATEDWITHITSPARTICULARCHARACTERISTICS,WHICHINCLUDELOCATIONFIXITY,DURABILITY,HETEROGENEITY,HIGHTRANSACTIONANDMOBILITYCOSTS,ANDACLOSELINKBETWEENTHEHOUSINGANDCREDITMARKETSZHU1997EXAMINEDTHEISSUEOFEFFECTIVENESSOFGOVERNMENTINTERVENTIONINANINEFFICIENTPROPERTYMARKETWITHINTHEFRAMEWORKOFAFREEMARKETECONOMYANDEMPHASIZEDTHEROLEOFGOVERNMENTKIM2005POINTEDOUTTHATANALLEGEDREASONFORGOVERNMENTINTERVENTIONTOREDUCEKOREANHOUSINGPRICEFLUCTUATIONSISTHEFEAROFANABRUPTBUSTOFTHEHOUSINGPRICEBUBBLETHATCANSERIOUSLYDAMAGETHEFINANCIALSYSTEMANDEVENTUALLYTHEENTIREECONOMYOFTHENATIONHISSUBSEQUENTSTUDYKIM,2005SHOWEDTHATEFFECTIVEGOVERNMENTALPOLICIESHADAPOSITIVEIMPACTONHOUSINGMARKETSTABILIZATIONHEFOUNDTHATMANYGOVERNMENTALHOUSINGPOLICIESINTHEHOUSINGMARKETWERECHANGINGANDRESEARCHEDIMPLICATIONSFORPRESENTINGANEFFECTIVEDIRECTIONFORTHEHOUSINGPRICESTABILITYJUNG2007,HOWEVER,EXAMINEDTHEEFFECTIVENESSOFGOVERNMENTALMEASURESFORHOUSINGPRICESTABILIZATIONINSEOULTHROUGHAQUANTITATIVEANALYSISWITHACTUALDATAANDCONCLUDEDTHATGOVERNMENTALMEASURESWERENOTEFFECTIVEATSTABILIZINGHOUSINGPRICESHEPOINTEDOUTTHATGOVERNMENTAUTHORITIESNEEDTOINTERVENEINTHEHOUSINGMARKETINDIRECTLYANDENFORCEHOUSINGPOLICYTIMELYDESPITESUBSTANTIALRESEARCHONHOUSINGMARKETINSTABILITYANDITSDETERMINANTS,PREVIOUSSTUDIESHAVEMENTIONEDSEVERALLIMITATIONSPREVIOUSSTUDIESOFHOUSINGPOLICIESORHOUSINGPRICESARESTATISTICALLYVERYRESTRICTIVE,ANDSOMEOFTHEMDEALTWITHTHEIMPACTOFHOUSINGPOLICIESONHOUSINGPRICESINEACHADMINISTRATIONONTHEBASISOFTHEORETICALPERSPECTIVES,THATIS,WITHOUTEMPIRICALEVIDENCETHISSTUDYDEFINESHOUSINGPRICEINSTABILITYASTHEDIFFERENCEBETWEENHOUSINGPRICESOFTHEPASTANDTHOSEOFTHEPRESENTINALONGITUDINALTIMEFRAMETHEN,WESELECTSIGNIFICANTINDICATORSFROMEXISTINGSTUDIESANDANALYZEHOUSINGINSTABILITYUSINGUSEFULSTATISTICALMETHODSCONTROLLINGFORMACROECONOMICVARIABLES,WEFOCUSONWHETHERTHEOFFICIALANNOUNCEMENTOFTHEHOUSINGSTABILITYPOLICIESBYTHEROHADMINISTRATIONEXHIBITSANOBSERVABLEEFFECTONH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簡介：6900英文單詞，英文單詞，36萬英文字符，中文萬英文字符，中文11萬字萬字文獻(xiàn)出處文獻(xiàn)出處JONESC,RICHARDSONHWHOUSINGMARKETSANDPOLICYINTHEUKANDTHEUSAAREVIEWOFTHEDIFFERENTIALIMPACTOFTHEGLOBALHOUSINGCRISISJINTERNATIONALJOURNALOFHOUSINGMARKETSANALYSIS,2014,7112914416HOUSINGMARKETSANDPOLICYINTHEUKANDTHEUSAAREVIEWOFTHEDIFFERENTIALIMPACTOFTHEGLOBALHOUSINGCRISISCOLINJONES,HARRYWRICHARDSONABSTRACTPURPOSE–THISPAPERAIMSTOEXAMINEHOWTHEEXOGENOUSSHOCKOFTHEGLOBALFINANCIALCRISISHASHADADIFFERENTIALIMPACTONTHEHOUSINGMARKETSOFTHEUSAANDUKDESIGN/METHODOLOGY/APPROACH–THEPAPERBEGINSBYEXAMININGTHENATUREANDDYNAMICSOFTHEGLOBALFINANCIALCRISISITPRESENTSADETAILEDCOMPARISONOFINSTITUTIONALANDHOUSINGMARKETCHARACTERISTICSINEACHCOUNTRYAPARTICULARFOCUSISTHEDIFFERENCESINMORTGAGEFUNDINGANDSUBPRIMELENDINGTRENDSOVERTHEDECADELEADINGUPTOTHEFINANCIALCRISISFINDINGS–THEANALYSISDEMONSTRATESTHEDISTINCTIVENESSOFTHERECENTHOUSINGCYCLESANDTHEGEOGRAPHYOFTHEDOWNWARDPRICEADJUSTMENTSRELATIVEUNEMPLOYMENTRATESPLAYAKEYROLEINTHESEOUTCOMESDESPITETHEDIFFERENTDYNAMICSOFTHEBOOMANDBUST,THEREISACOMMONLEGACYINTERMSOFTHECOLLAPSEOFHOUSEBUILDING,REPOSSESSIONS/FORECLOSURESANDFALLINGHOMEOWNERSHIPRATESTHESHORTTERMPOLICYRESPONSESBYBOTHGOVERNMENTSADDRESSEDTHESAMETARGETISSUESINALTERNATIVEWAYSBUTWITHDIFFERENTOUTCOMESLONGERTERMSOLUTIONSARESTILLBEINGDEBATEDINBOTHCOUNTRIESORIGINALITY/VALUE–INNOVATORYINSIGHTSAREPROVIDEDBYTHECOMPARISONOFTHESUBNATIONALSPATIALPATTERNOFTHERECENTHOUSEPRICECYCLEINTWOCOUNTRIESKEYWORDSUSA,UK,INTERESTRATES,HOUSINGFINANCESYSTEMS,INTERNATIONALHOUSINGMARKETS,RENTORBUYINTRODUCTIONTHISPAPEREXAMINESHOWTHEEXOGENOUSSHOCKOFTHEGLOBALFINANCIALCRISISHASHADADIFFERENTIALIMPACTONTHEHOUSINGMARKETSOFTHEUSAANDUKBOTHCOUNTRIESHADSIMILARHOMEOWNERSHIPRATESINTHEUPPER60PERCENTILEANDMATUREMORTGAGEMARKETSWITHLIBERALREFINANCINGREGIMESPRIORTOTHECREDITCRUNCHTHERELATIVEAGGREGATEHOUSINGMARKETDOWNTURNSAREALSOONAPARBUTTHEUSASUFFEREDHIGHERRATESOFREPOSSESSIONSWITHSEVERELOCALIMPACTSSUGGESTINGSUBTLEBUTFUNDAMENTALDIFFERENCESINTHEUNDERLYINGDYNAMICSTHEPAPERSEEKSTOEXPLORETHESEDIFFERENCESBYLOOKINGBEYONDSIMPLEMACROECONOMICINFLUENCESHOUSEPRICECYCLESAREALMOSTALWAYSASSOCIATEDWITHTHEFUNDAMENTALSOFTHEECONOMY,NAMELYINTERESTRATESANDREALINCOMESSIMILARLY,DOWNTURNSINHOUSINGMARKETSAREHISTORICALLYLINKEDTOTHEOVERHEATINGOFTHEMACROECONOMYTHISTIMETHESTORYISMORECOMPLEX,WOUNDUPINITIALLYWITHSUBPRIMEMORTGAGELENDING,WHOLESALEFUNDINGANDTHEINTERNATIONALFINANCIALCRISISTHISISTHESTARTINGPOINTFORTHEPAPERITTAKESADISAGGREGATEDCOMPARATIVEAPPROACHTOTHETASKTHATSEEKSTOOFFERADEEPERUNDERSTANDINGTHANOBTAINEDFROMAGGREGATEMACROMODELLINGSUCHASADAMSANDFUSS2010SUCHACOMPARATIVEAPPROACHHASSUBSTANTIALADVANTAGESOVERASIMPLEQUANTITATIVEANALYSISBECAUSEOFDIFFERENCESINDATADEFINITIONSANDINSTITUTIONALFRAMEWORKS,ANDTHEABILITYTOPROVIDEANUNDERSTANDINGOFTHEDIFFERENTPOLICYCONTEXTSHANTRAIS,2009ITALSOENABLESTHEANALYSISTOEXAMINESUBNATIONALIMPACTSTOHIGHLIGHTDIFFERENCESINMARKETOUTCOMESFINALLY,THERESEARCHISSUBSEQUENTPOSITIVEBOUNCE,ANDUSANDUKUNEMPLOYMENTRATESREMAINEDABOVE9AND8PERCENT,RESPECTIVELY,INTOLATE2011GOVERNMENTSRESPONDEDBYAFISCALSTIMULUSTOAMELIORATETHEWORSTOFTHEDOWNTURNINTHEUSATHEBUSHADMINISTRATIONIN2008INTRODUCEDA168BILLIONSTIMULUSPRIMARILYINTHEFORMOFTAXREBATES,ANDTHISWASFOLLOWEDBYATHREEYEAR787BILLIONFISCALPACKAGEANNOUNCEDBYOBAMAINFEBRUARY2009IN2010OBAMA,UNDERSTRONGPOLITICALPRESSURE,EXTENDEDTHEBUSHTAXCUTSTO2012ANYSUBSEQUENTRECOVERYWASDAMPENEDBYPRESSURESTOREDUCETHEINCREASEINPUBLICDEBTREFLECTINGBANKRESCUESANDCOUNTERCYCLICALSPENDING/TAXCUTSTHESWITCHFROMFISCALSTIMULUSTOFISCALDISCIPLINE,WHILECONTINUINGTOBEDEBATEDINTHEUSA,WASCLEARINTHEUKWITHTHECHANGEOFGOVERNMENTSUBSTANTIALCUTSINPUBLICSPENDINGWEREANNOUNCEDBYTHENEWCOALITIONGOVERNMENTINOCTOBER2010TOREMOVETHEWHOLEOFTHESTRUCTURALFISCALDEFICITBYSPRING2015THEPREVIOUSLABOURGOVERNMENTHADPLANNEDTOHALVETHISDEBTOVERTHESAMEPERIODTHISBRIEFOVERVIEWREVEALSTHECOMPLEXITYOFTHERECENTINTERRELATEDEVENTSATTHEOUTSETOFTHISPAPERITISIMPORTANTTOMAKEADISTINCTIONBETWEENTHEIMPACTOFTHESUBPRIMEMORTGAGESCRISIS,THESUBSEQUENTINTERNATIONALBANKINGLIQUIDITYCRISISTHATFOLLOWEDBECAUSEOFTHESECURITISATIONOFSUBPRIMEMORTGAGES,THERECESSION,ANDTHEEVENTUALFISCALTIGHTENINGATLEASTINTHEUKINTHISREGARDITISIMPORTANTTONOTETHATTHEMAJORAMERICANBANKFAILURESAROSEFROMTHESUBPRIMELENDINGCRISISWHILETHEBRITISHBANKSSUCCUMBEDTOTHEINTERNATIONALBANKINGLIQUIDITYCRISISTHEFINANCIALCRISISISTHEIMMEDIATECONTEXTBUTTHESEEDSOFTHEHOUSINGMARKETBOOMANDBUSTSTEMFROMMUCHLONGERTERMFORCESLINKEDTOTHEHOUSINGANDMORTGAGEMARKETSCONSIDEREDINTHENEXTTWOSECTIONSCOMPARISONOFHOUSINGMARKETANDPUBLICPOLICYCONTEXTSTHELEVELSOFOWNEROCCUPATIONINTHETWOCOUNTRIESAREBROADLYONAPARATBROADLYJUSTUNDER70PERCENTATTHETURNOFTHEMILLENNIUMHOWEVER,THEREARECONSIDERABLEDIFFERENCESBENEATHTHISHEADLINESIMILARITY,BOTHINTERMSOFTHEWIDERTENUREDISTRIBUTIONOFTHESTOCKANDALSOTHEHISTORICALDEVELOPMENTOFTHESEPATTERNSINTHEUSATHEREISAMUCHHIGHERPROPORTIONOFPRIVATERENTEDHOUSING,ALMOST30PERCENTWHEREASINTHEUKITISONLYJUSTOVER10PERCENTTHECONTRASTISCOMPLETEDBYTHEDIFFERENCESINTHEROLEOFSOCIALHOUSING–INTHEUKITCONTRIBUTESAROUND20PERCENTINCOMPARISONWITH15PERCENTINTHEUSAINTHEUSASOCIALHOU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