This paper develops a model of the housing market with search and credit frictions. The interaction between the two sources of friction gives rise to a novel channel through which the financial sector affects prices and liquidity in the housing market and leads to multiple equilibria. In a numerical exercise, we gauge the relative contribution of credit market shocks to the observed patterns in housing prices, time-to-sell, and mortgage debt-to-price ratio in the U.S. data prior to the 2007 housing market crash. Our results suggest that shocks associated with the credit frictions channel had a relatively larger impact on the observed build-up in mortgage debt and lack of change in time-to-sell than on the increase in prices.

本文建立了具有搜寻和信用摩擦的住房市场模型。两种摩擦源之间的相互作用产生了一个新颖的渠道，金融部门通过该渠道影响住房市场的价格和流动性，并导致多重均衡。在一项数值研究中，我们在2007年房地产市场崩溃之前的美国数据中，评估了信贷市场冲击对观察到的房价，卖出时间和抵押贷款债务与价格比率模式的相对贡献。我们的结果表明，与信贷摩擦渠道相关的冲击对观察到的抵押贷款债务积累和售出时间没有变化的影响，比对价格上涨的影响更大。