• Land and Housing Review
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• v.5 no.4
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• pp.259-269
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• 2014

After global financial crisis, the ratio of household debt to GDP was decreasing in other advanced countries such as the U.S., and the U.K. and so on. But, in Korea, household debt (of which residential mortgage loan account for a large part) ratio is still increasing. This paper focuses on the scale and characteristics of households in negative housing equity (those are called House-poors in Korea), and also the socio-economic backgrounds of the formation process. In financial perspective, the problem of negative housing equity depends on financial debt repayment capability. We used DSR (Debt Service Ratio) and LTA (Loan to Asset ratio) as financial indicators to evaluate the debt repayment capability. The critical value of DSR is assumed as 40%, and LTA 100%. The socio-economic backgrounds of the House-poors are as follows : increasing households debt dependency, over lending competition of financial institutions and unreasonable loan in household economy, instability of real estate market, week regulation on mortgage loan. Finally, this paper suggests some implications about the range and the target of public intervention.

• Land and Housing Review
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• v.2 no.4
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• pp.415-427
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• 2011

This study is aiming at estimating the demolition cost of deterioration housing by the rational method in order to provide for the demolition and new build project of the rental multi-family housing of LH. We investigated the actual state of demolition construction and work process of small size housing, and analysed an actual condition of estimation for the demolition cost through an advice by the expert of construction cost estimate. Furthermore, the 'estimation standard for the predetermined amount', 'estimation standard for the disposal cost of construction wastes' and precedent studies in public construction work were considered. As one of results in this study, cost accounting system, breakdown system and construction cost for the demolition work based on the standard of estimate were proposed and the predetermined amount of demolition construction for the multi-family housing with 2 or 3 floors could be produced by them. Eventually, It is estimated that the demolition cost per a multi-family housing is about 18,331,000(won) and 104,000(won) per floorage($m^2$). To the details, the result indicated that the direct demolition cost needs about 14,339,000(won) per a multi-family housing and the consignment disposal cost of wastes needs 3,992,000(won) per one. The results of the study will be used as the fundamental data to estimate the project cost in the phase of budget establishment for demolition and new build project of the deteriorated rental multi-family housings, and also cost accounting system of demolition construction and breakdown system are expect to be used effectively at the ordering of public construction work.

• Land and Housing Review
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• v.5 no.4
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• pp.247-257
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• 2014

This study proposes a new housing need and demand assessment model centering on small-scale housing development projects and happy house development projects that reflected the recent changes in rental and small sized apartment centered public housing policies and development paradigms. The housing need and demand assessment model of public housing development projects consists of quantitative evaluation factors such as potential need indicator and demand pressure indicator and qualitative evaluation factors such as local condition indicator. The potential need indicators of small sized housing development projects are calculated by subtracting the stock of already-supplied constructed rental and purchased rental housings from the potential quantity of need drawn from the small regions such as -eup, -myeon, and -dong. In the potential need indicators of happy house development projects, the potential need is calculated from those who are expected to receive a happy house in the unit of -si, -gun, and -gu. In small-sized housing development projects, demand pressure indictors are the number and the proportion of those who opened a subscription deposit, the number of those who received basic livelihood security and the number of those who were patriots and veterans. The demand pressure indicators of the happy house development projects are stock ratio of small-sized houses, rate of rise in housing rent price, level of housing rent price, and rate of monthly rent house.

• International Area Studies Review
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• v.16 no.3
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• pp.135-155
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• 2012

The objective of this study was to empirically analyze how Chinese urban residents use mortgage loan in their purchase of houses. For the research purpose, 205 households were surveyed on use of housing finance in Beijing, using prepared questionnaires in advance. The survey result showed that 39.5% of the respondents used mortgage loan in their housing purchase in Beijing. Most of the mortgage loan users got their loans from four state-owned commercial banks. This implies that the government could effectively govern the housing market by managing qualifications and interest rates under the government control. The households who did not use mortgage loan raised the fund mostly from own capital and their parents' money. In general, it was found that the Chinese, besides mortgage loan from commercial banks, rarely depend on outside sources. The dichotomous logistic analysis by logit model showed that socio-economic variables such as age, income, housing price and entry into the housing provident fund had significantly positive effects on the use of mortgage loan in the purchase of housing.

• Journal of Korean Society of Transportation
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• v.36 no.2
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• pp.129-140
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• 2018

In this study, we analyzed the electric vehicle (EV) purchasing behavior with market segmentation in Seoul using the binary logit model. For the model estimation, the experimental design of SP survey generated 24 scenarios with purchase price, charging station availability, and driving range of EVs. The results of market segmentation analysis indicated that the owners of subcompact and compact size cars were primarily affected by the purchasing price while those of mid and full size cars were more sensitive to the charging station availability. By housing type, the charging station availability was the most important factor for the residents of apartment while the purchase price was the most important factor to choose the EVs. These results presented that the EV supply strategy of the automobile manufacturer should be diversified according to the marketing target and the expansion of the public charging infrastructure should be the top priority in the government policy.

• The Journal of the Convergence on Culture Technology
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• v.7 no.4
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• pp.1-7
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• 2021

The purpose of this study was to analyze the effect of household loan share on bank management soundness. The results of the empirical analysis are summarized as follows. First, as a result of estimating coefficient of the mortgage loan ratio shows a significant negative relationship with the BIS equity capital ratio of banks. In addition, it was found that the mortgage loan ratio had a significant positive (+) effect on Eunhae's BIS and equity capital ratio after the financial crisis. Second, as a result of the estimation coefficient of the mortgage ratio showed a significant positive (+) relationship with the NPL of the bank and below. In addition, it is estimated that the bank's secured loan ratio changed significantly before and after the financial crisis in the effect of banks' NPL and substandard-and-below loans. It is expected to make implication to financial policy and banking regulation and supervision. We believe that more efforts should be made to increase the soundness of household loans in preparation for risk factors that may arise from exogenous factors such as changes in the international financial environment and falling property prices.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.42 no.6
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• pp.869-877
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• 2022

This study aims to analyze the factors affecting the re-subscription period upon initial termination of the reverse mortgage subscription. The study utilized the Korea Housing Finance Corporation's database to extract the information regarding re-subscribers of the reverse mortgage from July 2007 to June 2021. The ordered logit model was employed and found that a set of user (subscriber) characteristics are influential towards the re-subscription period. Among the individual characteristics, changes in age group, marital status from married to single-living, maintaining single-living, and the initial subscription period were found statistically significant, highlighting that the increase in the initial subscription period decreased the re-subscription period. Among the housing (home equity) characteristics, changes in housing price and ownership type (single and partial ownership) were statistically significant, indicating that the change in ownership type decreases the re-subscription period. Lastly, the variables related to loan terms were found significant, revealing that changes in payout method and schedule were both increasing factors of the re-subscription period. Based on the findings, necessary policy implications can be considered to secure the returning subscribers of the reverse mortgage effectively.

• Korean Journal of Construction Engineering and Management
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• v.12 no.2
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• pp.81-88
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• 2011

Providers haven't recently had a flexible construction cost estimation system to meet various needs of consumers about public housing. So the subject of this study is to estimate construction cost reasonably in early project stage of public housing and then develop reliable means which is able to support construction cost management and establish a adequate funding investment plan as a provider. In this study, Regression analysis was performed by the case on 20 public apartment complex which were designed from the first half of 2007 to the first half of 2008. A total construction cost of construction, civil engineering, machinery, elevator, land scape, electricity and communication work was used as one sample for increasing explanation and representativeness of the case. In addition, The total construction cost which is devided into design, contract and completion cost was variously analysed for increasing relevance of model and actual utilization. The result of estimation model based on a total construction cost set up completion and design cost showed that error rate is within 2%, which is a excellent result. The estimation model of the construction cost developed by this study is expected to estimate approximate construction cost which is adjacent real construction cost in early stage of the project by using some data.

• Management & Information Systems Review
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• v.37 no.1
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• pp.155-175
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• 2018

Lots of previous researches on determinants of apartment prices in Korea consider spatial dependence while few studies regard endogeneity of spatial lag by adding a spatial lag to an OLS regression. Thus, this study intends to include this spatial lag in its analysis of determinants of apartment price in Busan by using a two-stage quantile regression. The empirical results are : the coefficient of spatial lag variable is more than 0.5 and is statistically significant at 1% level. From this result we can confirm that the effect of the price of nearby apartment on that of another apartment is very big. We also find that apartment buyers prefer larger size, height in both the total floors and living floor, south-facing living room with a ocean view, and proximity to metros, high school and coast. Unlike our expectation, however, mountain view is less favored than building view, which we can guess is because apartments with mountain views are mostly located in the low-priced apartment area where some of their living rooms face north. Quantile regression also explains the effect of hedonic characteristics on apartment price better than OLS estimation. For instance, the effect of south facing living room variable on the price is twice larger in high-price apartments than in low-price counterparts. And the effect of vicinity to the coast or the ocean is ten times bigger in high priced apartments.

• Land and Housing Review
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• v.12 no.3
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• pp.11-26
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• 2021

With the increasing demand for office space, there have been questions on how office rent distribution produces a change in the urban spatial structure in Seoul. The purpose of this paper is to investigate a relative price gradient and to present a time-series model that can quantitatively explain the dynamic changes in the urban spatial structure. The analysis was dealt with office rent above 3,306 m² for the past 10 years from 1Q 2010 to 4Q 2019 within Seoul. A modified repeat sales model was employed. The main findings are briefly summarized as follows. First, according to the estimates of the office price gradient in the three major urban centers of Seoul, the CBD remained at a certain level with little change, while those in the GBD and the YBD continued to increase. This result reveals that the urban form of Seoul has shifted from monocentric to polycentric. This shows that the spatial distribution of companies has gradually accelerated decentralized concentration implying that the business networks have become significant. Second, contrary to small and medium-sized office buildings that have undertaken no change in the gradient, large office buildings have seen an increase in the gradient. The relative price gradients in small and medium-sized buildings were inversely proportional among the CBD, the GBD, and the YBD, implying their heterogeneous submarkets by office rent movements. Presumably, those differences in the submarkets were attributed to investment attraction, industrial competition, and the credit and preference of tenants. The findings are consistent with the hierarchical system identified in the Seoul 2030 Plan as well as the literature about Seoul's urban form. This research claims that the proposed method, based on the modified repeat sales model, is useful in understanding temporal dynamic changes. Moreover, the findings can provide implications for urban growth strategies under rapidly changing market conditions.