East European Regional   

22

Housing Sector Assistance Project   

Type of Estimation

Required Data

Major Uses/Users

Comment For Poland

Life Cycle Models of

Household survey data Understanding the long 

A secondary and long 

Savings and Assets

with complete data on

term role of housing as the term goal for modeling 

income, assets, and

main (or a major) asset in

more complex models of

wealth; cross 

household life cycle

demand.

section/time series

decisions about assets. 

data desirable

Users include PBA, NBP,

banks, MOF and research

institutions. 

Demand for Housing

Household survey with

Used extensively for

Will be widely useful in

Types/Components:

detailed descriptors of

valuations and appraisals

Poland in areas of

Hedonic Models 

housing and location

and for understanding

demand estimation, real

characteristics;

household preferences

estate valuation, rent

adequate valuation is

and marginal valuation of

restructuring, and setting

crucial

unit and locational

land and real estate

characteristics. Users

taxes.

include valuers, builders,

gminas, real estate

experts, and researchers.

3.3

Literature Review: Theoretical Basis of the Demand for Mortgage Credit and

Estimation in Practice

This section briefly discusses some of the types of studies of the demand for

mortgage credit undertaken in the United States.  Some are macroeconomic, but the

majority are microeconomic (and furthermore, most of these latter are based on data from

the AHS and SFC, as discussed in annex IV).

The empirical investigations into mortgage credit in the United States have tended

to focus on five basic questions:

1. How much housing do different types of households want?

2. What are the factors in the  leveraging decision  that is, the amount of credit

in relation to the house price, or the LTV?

3. What is the impact of borrowing constraints on the ability to obtain credit?

4. Have alternative mortgage products (adjustable rate mortgages in the United

States) impacted the demand for credit?

5. What is the impact of the U.S. tax deduction for mortgage interest on the

demand for housing and credit? (While this is a U.S. policy, similar policies

elsewhere would also require evaluation.)