2015, Vol.87, No.

The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2

pISSN : 1229-8638
https://journal.kci.go.kr/krihs

Unlike previous public housing policies, the Happy House Construction Program (HHCP) focuses on remedying the unstable dwelling of young people, such as beginning working professionals, newlyweds, and university students. The purpose of this study is to understand various policy factors of the central government with regards to HHCP and to recommend policy implications for the unstable dwelling of young people by suggesting the priority of HHCP policy factors. This study uses the Analytic Hierarchy Process (AHP) to prioritize HHCP policy factors. The results from this study indicate that the complication management factor is an influential factor that obstructs the success of HHCP. In addition, additional programs are needed to prevent complications between the central or local governments and residents by reflecting the opinions of local residents and the need to improve physical living environments.

This study empirically analyzes the timing and hazard rates of arrears and default as well as the cross effects between the original DTI and LTV ratios, using individual residential mortgage dataset from a large commercial bank in Korea. This study utilizes the Cox’s proportional hazard model for its empirical research methodology. First, the results demonstrate that the arrears hazard rate stably maintains 0% from the issue date of mortgages for up to 12 months, gradually increases after that, and then sharply accelerates after 60 months. Moreover, the default hazard rate steadily retains 0% from the issue date of mortgages for up to 17 months, slowly grows after that, and then dramatically rises after 60 months as well. Second, the results show that both the original DTI and LTV ratio have critical values. The critical values of the original DTI ratio may be 30% in the arrears hazard rate and 40% in the default hazard rate. In addition, that of the original LTV ratio may be 40% in the arrears hazard rate and 50% in the default hazard rate. Third, the results demonstrate that more than 30% of the original DTI ratio and more than 40% of the original LTV ratio individually may be a trigger factor that ultimately increases arrears hazard rate. Furthermore, the results show that more than 40% of the original DTI ratio and more than 50% of the original LTV ratio respectively may be a trigger factor that rapidly swells default hazard rate. More importantly, the highest peak of default hazard rate is depicted when these two trigger factors appear simultaneously, which may therefore be called the “double-trigger effect”. Also, the results illustrate that the arrears hazard rate is more affected by the original DTI ratio than LTV ratio, and the default hazard rate is influenced thanks to both of them.

The purpose of the present study is to identify determinants of the housing expenditure. This study pay special attention to loan repayment for housing sustenance. We apply a multi-level model for the study utilizing the housing survey data from 2006 to 2014 in Seoul metropolitan area. The main findings are as followings. First, housing expenditure increases during the periods. The ratio of housing expenditure to permanent income decrease as permanent income increases. Householders with lower education and job level pay more housing expenditure than the counterparts of the variables. These results show that Schuwabe’s law is working in the Seoul metropolitan area. Low income group has harsher burden in housing expenditure than the high income group and people socially and economically weaker are easy to get in debt to pay housing price. This study also found that housing expenditure is regionally differentiated in the Seoul metropolitan area.