• Land and Housing Review
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• v.12 no.2
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• pp.13-32
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• 2021

Rapid urbanization has resulted in the unprecedented growth of population in Metro Manila, the Philippines and has led to a 'dual' housing crisis - vacant/unoccupied socialized housing and a chronic housing shortage or delayed housing supply. By developing two GIS-based statistical models, this study is to examine socialized housing in comparison with private housing with respect to location patterns, integration, accessibility, social and economic aspects, and vulnerability to environmental hazards. Multiple regression analysis was integrated with the GIS to identify significant variables that influence the spatial distribution of socialized housing. The comparison between the two regression models has shown that socialized housing is located in areas with inappropriate land use and poor accessibility to transportation facilities and built urban resources. Moreover, both regression models have proven the statistical significance of the vulnerability of socialized housing to environmental hazards. The finding explains how the current housing policies do not address the country's housing crisis, especially for the marginalized and low-income households. Thus, the findings provide implications for urban planners and local decision-makers in reforming the current policy interventions.

• Journal of the Economic Geographical Society of Korea
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• v.22 no.4
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• pp.592-609
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• 2019

This study attempts to expand the leverage cycle theory using the subprime real estate investors. The leverage cycle theory has demonstrated asset price fluctuations irrelevant to changes in fundamentals through the restructuring of transaction composition centered on optimistic buyers. However, it needs to understand how this theory works in the depressed housing market with low-income residential regions to explain the geographic origins of the financial crisis. In the depressed housing market, the subprime real estate investors focused on low-income residential regions. Through this spatial focus, the low-income residential regions solely have real estate investor-oriented composition of new purchase transactions in the depressed housing market. The discovery of the subprime real estate investors as new actors lays the foundation for applying the leverage cycle theory to the depressed housing market which has been a underserved area for capital investment. This attempt illustrates how the geographical reinterpretation of an economic theory reestablishes spatio-temporal context of economic phenomena.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.151-157
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• 2013

Since the sub-prime mortgage crisis from the US in 2008, the Korean housing market has plummeted. However, the deposit prices of the Korean local lease contract, Chonsei, had been increasing. This increase of Chonsei prices can be a threat to low-income people, most of whom prefer to live in houses with a Chonsei contract. In the housing and Chonsei market, there are many stakeholders with their own interest, hence, simple thoughts about housing and Chonsei market, such as more house supply, will decrease house price, would not work in a real complex housing market. In this research, we suggests system dynamics conceptual model which consists of causal-loop-diagrams for the Chonsei market as well as the housing market. In conclusion, the Chonsei price has its own homeostasis characteristics and different price behavior with housing price in the short and long term period. We found that unless government does not have a structural causation mind in implementing policies in the real estate market, the government may not attain their intended effectiveness on both markets.

• Architectural research
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• v.22 no.3
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• pp.85-95
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• 2020

While there has been a substantial amount of studies on public rental housing of Korea, most have focused on housing policy changes, international comparisons, and current characteristics and future prospects. This article aims to examine the evolving roles of the national and local governments, and the private sector in provision of Korea's public rental housing. The findings suggest that one, although the wave of neoliberalism and financial crisis have prompted the national government to reduce its role and to encourage engagement of other actors by utilizing incentivizing tools, it has continued to assume a central position in formulating and implementing housing supply plans. Two, local governments have played a marginal role throughout the history of public rental housing supply, although they have expanded their participation through redevelopment projects and utilization of existing housings. Three, private sector actors have expanded their role to delivering public benefits of making housing available for a wider range of populace leveraging various incentives that make projects financially more feasible. The study poses a question on how responsibilities and risks can appropriately be allocated among three key actors to achieve housing welfare going forward.

• Journal of the Korea Furniture Society
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• v.29 no.1
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• pp.8-17
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• 2018

Economic crisis in 2008 has changed South Korean market including furniture related field. Owing to Subprime Mortgage Crisis, new economic order, in other words, New Normal was established. Low growth rate, low interest, high unemployment rate, high risks, regulation strengthening, and all that sort of negative things have became generalized. South Korean economy has developed drastically since the Korean War, however recent economic crisis and Internet and smart phone have leading roles in shaping new consumption market. In a way, furniture market has expanded despite economic recession. Total service for housing is suited to South Korean consumers and shortened Product Life Cycle induces consumers to buy more furniture. In addition, Internet and smart phone allow people to show off their private spaces to unspecified masses. As a result, consumer prefers inexpensive and expendable furniture. It is certain that furniture market makes quantitative growth, but qualitative sides are questionable. Even though the study is focused on the existent circumstances, It will help to find out the proper ways of future furniture market in South Korea.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2009.05b
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• pp.131-135
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• 2009

Domestic construction industry is facing big difficulties by a worldwide financial crisis. Especially the deterioration of liquidity by the reject of banks for project financing and unsold housing project made a big problem on financing for the ongoing and new projects. To solve this, it is critical for construction companies. banking facilities and public organizations to cooperate and support each other. In this study, the methods which each part can do are investigated. Construction companies can do a price reduction, finance condition improvement for deposit and down payment, asset sale and cost reduction. And Public organizations can buy the assets of construction companies with proper price and ease the regulation to activate transactions of real estate. In the case of Banking facilities, they can support arrangement and liquidation of insolvent projects and so on.

• International Commerce and Information Review
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• v.12 no.3
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• pp.267-288
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• 2010

The collapse of housing market bubble in United States had a considerable impact on the world economy. The collapse of housing market bubble in United States generates the global financial crisis at the worldwide level. The housing market bubble question the efficacy of fundamental proposition of orthodox economics based on the rationality of human choice. According to neuroeconomics and neuroscience, emotion and affect play the important role in purchasing the commodity in retails market. On the basis of the neuroeconomics, this study focuses on the role of affect and emotion in the purchase of subprime loan in United States. Robert Schiller suggests that one of the causes of housing market bubble is the contagion effect of human belief in the society. The structure of this paper is as follows. First, this study investigates the mechanism of human brain and role of various neurons to influence the human behavior in the purchase of house in United States, such as Dophamine neuron and mirroring neuron. Second, this study shows the possibility that the mirror neuron might explain the contagion of human belief in housing transaction market. It can be a seed of housing market bubble. Furthermore, this study show the implications of neuroeconomics is suggestive to the negotiation process in commercial policy in United States.

• Korean Journal of Social Welfare
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• v.35
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• pp.289-317
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• 1998

This study aims to review and evaluate the changes of the British social housing policy under the Conservative government(1979-1997), and to get some implications for the Korean case. The Conservatives tried to diminish the role of state in the realm of social welfare :in general, and to retreat the social housing policy in particular as a reaction to the' welfare state crisis' started from the early 1970s. In the realm of housing policy, privatisation and marketisation including the massive sale of council houses were driven enthusiastically. Public expenditure cut and redirection of the housing subsidy scheme were also implemented according to the changed policy orientation. The clear visible results of the policy changes can be seen as follows; radical changes of the housing tenure distribution, changing role of local authorities, and the worsening housing problems- housing shortages, residualisation, affordability problem, deepening dependency and the negative distribution of housing subsidy etc. Furthermore the goal of public expenditure cut, in fact, was not accomplished successfully. The results of this study support the argument that the Neo-liberalistic approach to the 'welfare state crisis' have resulted in reconstruction and redirection rather than total abolition of the role of state in welfare provision. This conclusion could provide important implications to Korean case, especially concerning the role of state in the social housing policy.

• Journal of Agricultural Extension & Community Development
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• v.17 no.3
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• pp.549-585
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• 2010

Our global environment and ecology are now facing crisis due to the hrincreased waster materials caused by reckless abuse of resources and energy with the continuous development of our society. Therefore the whole nation should recognize the environmental pollution seriously and should accept sustainable development principles. The country is looking for actions against the problems in various ways. The introduction of reckless and duplicating western housing plan should be ceased but a new housing plan conforming to our nature should be found. In this regard, it is believed that it is a good alternative to succeed tradition and identity of Korean housing plan and suggest a new plan for better ecological housing by analyzing the environment friendliness of our traditional Korean houses. In this study, the traditional residential components were divided into physical and design aspects and the characteristics of environment friendly Korean traditional houses were analyzed.

• Journal of the Korean housing association
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• v.22 no.1
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• pp.11-23
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• 2011

The purpose of this study is to explore cohort changes in first-time homeownership in Korea. The study collected qualitative data from individual interviews to explore the housing trajectories of different birth cohorts. As a result, Individual interviews facilitated an exploration of the decision making process of first-time homeowner with in a cohort context. The cohorts born in the 1950s seek a sense of security through homeownership, and have strong Korean sentiments of ownership. They tried various means to buy a house, and real estate market boom at that time played a role in the driving force. The cohorts born in the 1960s have less insecurity of tenure than the previous cohorts, but they still feel the need for homeownership. Since the currency crisis in 1997 caused the fluctuation of housing price, the 1960s cohort experienced a dramatic decline and rebound of assets while the previous cohorts had experienced a steady rise in housing prices. Finally, the attitude towards housing in the group of 1970s cohorts has changed from ownershiporiented to use-oriented.