由住宅負擔能力與補貼公平探討我國購屋貸款制度

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(4) (202). PJ fi J=l jt~fl3l:adf{ft!i~9!fi J=l iiJstlftlm~zj:tgljfti:lt~9!.filf1:~z Att~~m m ' .tt~Ji\~ , ~VRAifii\mm m.~~~~J.I~ , f1:~.JIHt!i~9!m~zj:t1?lJ ' JJI *ft~1iS'25%--30%pX"f~~9!mfi~~.=lf ; ;fiMHt!i30%JtU11ttfAifi~mz~ (tt9J iffif1:~jt~{I~f1:~.mz-$?t ' jI&f1:~jt~ft!i~9!m~zj:t1?lJJJlfIf1iS'25%ttf.U~~~ 0. 0. ~~o~~tfHrf1:~A.~nJz~~~~~~'*$~~~~f1:~m*~~~~~. m& ' ;U;mMIB=lftfttti r f1:~fIlf&A.fj~n J ,~mit7:1 (1989) ,~;U;~~Ria*. ~ : .~tmzmfllmltJ1!(:R*1iS'mf~mltzJ1!(:R ' J3.!Jt!mif!!~-S:~fJmJim.&JJl~ , IlP 'i'm!fH~m~-S:~~~1fif ' m~Z.~fi~n~fJ£ ' iffim:ft!!~ft~.~~ , JtU.~fi~n~ ~ IUliffiEt ' .~tm~Z.~t~ntf3!~r~m~ , J3.1iS'-S:~jWj~lfiftff!ijJ.lr~1W~ (tt10J tfttti r f1:~.ffl Aififign J =If '[email protected]; (1985) ,;U;if~lH~m~: it ft~m~Et ' f1:~m~ft!iiiJstlapfif'z.ttZP:Jfa~13.5% jt;;: • itf1:~m.stlfHt!iKim11l&AZj:tf91JZP:Jfa~19.57% CittllJ tfrnIlfif~lImfll .. ~M!I!M~fE1* .. f1:~.m • PJ&m.=lfti**mfllzmmfE1~~~II~:It=lf '~IJ~*~ifm (1990) ,~tpj!.W( mjWjtpfIfm~~9!z.mfi~n • JJI~~r9lJ~1i:1JA : 1. ~fIfjt~fU$ ; 2. ~:Rjt~ fl3lm~ ; 3. tDclt~jt.ut ; 4.• ~.~.Ji!3 fflf1:~fU! (tt12J m~m (1977 ) @.JJlPJ~1!J!1~ftpiJifflf1:~Attfj~n (itt13J fJ~~@@l1t~f1:BI (1981" 1982 .. 1983) '~~Uttti rf1:~M~lf*iStJ ~fJ?t:tJT ' ::tJ!?t:tJT~~tgm.m!3tf.~z.m .. mmjt~*lJj?t:tJT" f1:~.mstMtgn?t:tJT .. ti.mjt~1JJtl*z&JJI~ , ¥itf1:~. mst f"1f1gn iffiEt ' '=:'1i:ft!!lIz?t:tJTRia*PJ .~t~ 11t1ImjtstMIH5l& A.tt1?lHfl:jWj ~29. 68% 'Jt;;:~jWjm~11t1I27.10% ' ii~~.tp~11t1I26.05% '~z~7i--~~25%m iSt~~ Ctt14J *fmB (1991) ?ttlT• •:ft!!lIf1:~M!I!.Ria.!Jt!l!J!f(!.*~fim, ~~ :fi!I!flM.tif1:~m~zll!.~*fE1mfll*liliffitfJ.l:tf®t&* Citt15J mPLtJ.!l!IB!Jt!~~?t:ffii.1Jm ' M~A~jt~Afllfj~n zrp~m!.i.1JmiffiA~tif1:~z 0. 0. 0. 0. 0. 0. 0. 0. tf~~*;fE1~,~~;fi~mjt~~~~~MM:1JA~~A~!3tff1:~~7~~~.f1: ~1ftm®rJjRl7i-. '. jt~=lfzA.tgn~JJl1iS'~lIz9U. ffli1l!€l*1i.j!iliiA~z1tf.. 0. '. ~[}~::t~~~J1!(iI&~~tf~~. ~IlP~*~~E8 rf1:~AtfltgnJ. zftlti'. ,. ~~.mjt~rJj. RI::tJ!~.o. =,.~~e.~M~~.~~~~e~~· H.mjt~zMMz~ft. -~iffi~. , f1:~M"5~:tEj±11tftff®&bJt*~r '~ifJ! (Need) .m~tf~if * (Effective Demand) z-f.!Utfi Citt16J 'AIIEtz, mmf1:~MM • ~mil&~ ~~fJf1:~iI&m'~~~OO~ti~~ti~z~~stlliojI&f1:~MM~iiJ~~MMz~p ~tfff£1iS'!3 mm~mtl!mZ{t~m$1.m. Ctt17J. 0. f1:~MMnA~m:~~~~MM~(~mm,m~). ,am~~'f1:~• •~M. .. mm~jt~• • ~ §ft.mjt~iffi1!' 'iI&~@1ft~~®fIIM:1JA1.£fU$~z• •jt ~ , m~~m.w~ , ~~flj*z~JL1 ' PJ~@A~.filf1:~Zjt~AtfI ;It.~ , tfm mZ.mjt~;fIjJ@:~m:1JA ,.lltMMM.I~~'U:~PJ rj!)(~:9l&J ft:ff r~~stlliJ • ~ ~. 0. 0. -4.

(5) .......... (203). J&.~Jiji&j(l:H. 18). '. m.~Jji&JMzJiji&J&)di~.C!f{~ 'i!&$37UA.mjf~ZfmJltiJ}1§. (iff. 0. (::)fi:~MM~lJ!rJjm?t;fff. tt~MJltitJJJl:JJ~J&mfftllJ zihtiifUtJJJl:z-. , i&J&~!t3lJlli:EfflJ-.MJltin~ '~LlPJ r11-lJ! J I.$::tJl! §. (Havery' 1986) ::(:Em.m11-lJ!~~q:.lfmill r*lJ!11 zP: J (Horizontal Equity) PJ& rJHR11-zp: J (Vertical Equity) (t9lf,t;t,: mill r *ZP:11-ZP: J 'JJm=A::(:EmfrJifr/iif/J*:tV!fflli'llmf' ~m~iifU1!!Llfflli'll ; $Nr.lfflli'llmfiJ(t9 A»!it:Jtffl~(t9mJ& ffijpfiml r~mr11-zp: J ,,QummfrJiifU*!f!l'li'll(t9A, ~m~iifIJ *!f!1!!Lll'li'll ; i!&m.mz~~Mll'~.mfrJmfiJifljire(t9*~ f.lutit:JtfJltnIDi ' pfifiJifIj (t9A ' ~mmit~H!iIfj:liS'pm*ire(t9A (iffI9) ::(:Eft~MJlti11-ZP:(t9gg-!tq:.$iiJLlJll.tilltm.m11-zp:~mfIt ' EB~MP.5~iI~zftl5 ' ~ 71tlIDiBJftt~MP.5z*zp:!iIft~mrz11-zp: : 1. *ZP:(t9~zP: : JJml§li'llmf~*:tV!~mIifiJtt~MP.5zll*!ilftfjJl:Llffl~ 2. ~mr(t911-zp: : JJml'li:iJ(t9mf~~Lllfl'li:iJ(t9ft~fmP.5 ' llirepfifiJ~mJlMJltiLl 0. 0. 0. 0. 0. ~~,~mfiJ~milfmJltiLl~~°fmJlti(t9~mr11-zp:ttiiJ~.~~MJIti~~zm~'$iiJ ~mf~(t9m~lfIHI!11Dlf~*. 0. Oti:20). §frJ~ • •mjf~MJIti~Jl:~~fflfl'~zp:m~?*~~~.tilltftml.$£~'~~ ~fMI~~Jf;§'.MJltin~ZfmJltiifiJl:. '. ~$J~• •m~MJIti*tlJl:z11-zp:rJlIi. 0. 4~~~~.&~t~L~m~~oc.~. - , ~i1.mR~~Hl ~.ztt~~~E~~~za~'E.~ffl~~.z~Jl:,*~~~Jj~.mjf~. lfrulzJl!J}1mB}1zo Hi&J&z{¥~W{¥jftJJlt. ~~.!f!WJ (1900~PJfrJ) (t9ft~~~tJJJl:'. :ffjf~~*. i&J&(t9ft- Al'~ , ::tJl!~31Jll~rdjziai (Savings and Loan Associations; S & Ls) 'PJIl!kJ&fMIAff~n~' Iii. ~*~Z~~ 'PJ1J!*~:IiS'.fllft~~· *€l7~~Z~jffj. 0. ffijm~~~ft~~~*UJl:z. ~~. • JJ:IiS'*'-rltk~m (the Great Depression) 1l~j)t~mtiU~(t9mfMI*'§'.: -~1932 ~~~z~fI)ft~jf~IH=r**1f (Federal Home Loan Bank Sys-tem ; FHLBS) , -~1934~~~~ft~tt (National Houding Act) ffij~~z~~IHt~m; (Federal Housing Administration ; FHA) (ltt21) ;Jtm*u~JJUmB)Hl[Jr : 1. ~fI)ft~jf~IHT*~ ; FHLBS : FHLBS{JJJt«i1t~iUJHJ(t9~*B~fMHlI* ( Federal Reserve System) '~S&Ls*PJA1f~ , MlmJ!Jfj~ffijlf~*(t9Jij~[t. ' EB~fI)ft~jf~IHTJm$* (Federal Home Loan Bank Board) it.lil1fjJIlAt~* 0. *1fzS&LsIl.,Jj~*aZff~~m{¥~'Ml:liS'~.Jll~~~*€l~jf~oEB:IiS'~lt~ [tZ~{jfi. ,. §frJlt.~&1iiz::tJl!Il.. '. Rair7.:t~15~.40%PJ.tzfi¥fJjf~. 2.•~ft~)iij ; FHA : FHA~U~7ft~jf~z{¥~tJJJl: ' -5. 0. ::tJHki~Jj~§mft~.

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(7) (205). ~i€f*ilI~k01Mf1t:tE~~:iltt*~mt.f1. ' m.tifl~itf*ilI~k0$1Jf1tzfi:tE ' !1~:a J::r~fl1*~ , ~;1tii.rt1Ht:g;Jf!f&,Ma. (Foreclosure) Z~~, .§.iij"~1.re:a~~ZJ!l. .. 'i~!(ii:rPJ~~~-J1&1.re¥fl~~f~1tt: (tID : ~iI£'!J$) ~~ mngJ!m~J1';fJfmi€1*ilI~k0$11f1tft-J1&g;Jf!f:a~$I1f1tZ;f~• • ' lm;ttVit~.ft~PJ 11(1) (A) "& (B) 7Rz 0. 0. (A). -liIlIlijlptitll:li1il@ (2) titll:~11 (Money loaned). r-------. (2)--------,. ()) lIli jIp tittl:"'.. ( Hote and Mortgage). .-----L-C--, (I)~". _ _ _- - ' - _ - ,. ilIlI::8 (Borrower). .UlA. titl':::8 (Lender) /lfiA (Creditor) lIlijlpfiA (Mortl!8l!ee). (Debtor). tllftlllijlp:8 (Hortgal!orl. r. ~(4)~ "Iillllijlpfl (4). (Release of Mortgage) ' - - - - - - - (3)------'. (3)ftllRII: (Money Repaid). (B). I. l55f.lIiI~t.1Ii1il@. (3). 0). (BOrrOVer)~ ~. ! 1111:* /lilA ( O e b t o r ) '. .ltA (T,~"d. (4). ~. (5). l. ! fA'1I:'it (lender). /l_A (Creditor). I,,,,UA ,~•• "oi",1 I. (2)~~ (Trustee) ,. (7). j. (S). ~. I. lil~lIlijlpci'.. (Property Sold). #;t§fl*4 : Maise (1987) ." Real Estate Finance" ,P.26. III (I) -:At.M.;Jf it .,tt~-n-ff.{'%lf ~ ~ $1.i.:f.i. III :t.. };I:..tt (:::)~HI~~:n~7t;fJf. ~51-z~iltti!illf1tmftDft~~=lf*!a'z:A.ngtJ. ' !1~:a~f1t~:n~~jf~'IJ~ztk ~tIl!~7~~=lf~fl1t:z~~ '*iI~z~-J1&flJfW,\?$Z~~Im~'ll~*,~,~~1I'jf! ( Standard Fixed-Rate Mortgage' XM : Amortization) 51-' fiiJ1f~7U;!fI:n~ , ~tdBJ79~imltijtI[I~: Ctt24) 1.ITjfj1l'jf!l?i.H~;Jf!fil~ (Graduated Payment Mortgages, GPMs) : lItfl1l' 31:n~Z::E~~l.Iiffit~~fJ1MzfJt3ll?iMft:.P ' .~~WJjfj1J01l'3Il?iM ' ;ttiWtIl!&:\~1IN ~il~=lfZflJf~$~~jfj1JDolltfl:n~Bft~.mil~~~~Wft~~l?i~m.~~, lE~!f!WJJt~=lf{ljl:lft:M~:'p:f§!1(f3jfj1J[l7l?i~m.zJi\/i;t. -7. .... , .§.;tt&:\~m:u':{Ejf~=lf Z.

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(26) (224). =:" tl3IWJ~~5--201Frm~.~* ' ~301FP.LI:Gifl&.~W Il9 " tEtl3I1J~z:fHfftf:t ' am3!~::f~tl3I1J~zmtm- ' i1J~ffiti\ttti~tJ::fJEz ~~.~.,~.tJ.JE.m~z • • • ~o P..U:pfi~J!Jk:Jt!~JlI~.~.zjf~i\ ittietJ filJKmj~ , ?&1titE~ikltmz ftj gt?I~:tt , fJ£fU~ " ~milf " ~~tl3IWJ~P)J~tGPMsZtl3l1J~ , :I$]..m1Jo;ftjf~Jl1.~ , ~fJ£ ~~'H\lt'~ , tt~fI~~m\:jJ:.{~ \ltit1iffllf-f~w.:.~m~~t\~lJ..Z.~~~AW.\.fu~'JE'!Mit. m' ~~l&lRfz1*~1*~ftljlfPJ1?d3~;rd]Z~~1*~~f>J*U ' l~jHlJ!~-tvfiff~~til~~ RzifJ1j'li ~JlI.jf~MM1}Zfi1Jmz'Hfi ' J!Uii~PJ T*Srnti : 0. 0. 0. -,,~~~m~~~z~.'.~MM~$m~~~~A.i\it.tJ::fJE~~'~ .:bt!!Rl(;~1'*o. - " jf~fm~li*,Jlffi{f"fftE*ZP::&~wr::f1}zp:m* '. ffltffl~~. 0. =:"tE*~~~JlI.zm~jf~1Joo'~lRf.mm~ik• •jf~.~,~rn~ffi\ t!.JMilj,~Z~mi. ' :ML::f1}ZP: '§'~.~JHj~jflllt '. II~J:lrnl&lRfi\t!:fmM~~• • •. , PJm~.11fgff~* Il9 " .~MMWA$ti~ , ~*mJI ' IIfiff~MH~ 1i " ~1iIl&lRfzJll~jf~1*1!t " ~m*Ulfir1t.ifJSWJ~5E~*PJ.#'x1J~JlIit~~ , ttllrli5lJ{ifiU~11til ~ 1\" i5llRf~tt~zfmM~JlI• •~W~~IUlt! ' ~~*iI• •r'& ' 1IW$WJlI~jf 0. 0. 0. #'x.:!¥=~~~z:fmMo i5llRf.1r*~J:~rJj~ ,jJUfl~!§~~tti'Jz~~fmMi5lm 'WJfmfi{f.~~SWJA ~§~fi~o. ~~,~rn*xti~RJlI.jf~zm~*m*5*,am~~ik.m~_*~~IUlJll .jf~~~lbift::f+*~m, ~1jB5i\j(gm1lZ.' ii.~:/m~ffz1Dt#X.~m~. ~tt~~ilrllmzff1Dtlt{9tl. '. '§'~A~m::fmtJ~3C~m:llZ1Jl~. ,a. , Ml.~ilPJ~M!l!tf*u. =f3tfrA::fmtJ~m:llZ~W~.o. lit 1 : Maisel (1987)," Real Estae Finance" , Harcout Brace tt2 : Cam, Rabianski,"Racster, Seldin (1988) , .. Real Estate Market Analysis-Techiques and Applica· tions", P. 119· tt 3 : Bertrand (1991) ,.. Housing Affordability and Housing Finance, An International Perspective". Proceedings of International Conference on Korean Housing Poldes. it: 4 : fliltt (it1) ,PP. 251-257 tt 5 : ('iiJ (tt3) tt 6 : flil (it1) • PP.31-33 • lit 7 : Pozdena (1988) • "The Modem Economics of Housing", Quorm Books, P26 0 !t 8 : Holloway (1990) , "Economic Trends", Mortgage Banking Vo1.51,P.57-58· 0. 0. -26.

(27) (225). i:I: 9 : Wynn and Douglas (1990) , "Assessingthe Costs and Benefits of Accelerated Payment Mortgages". Real Estate Issue Vo1.15.No.1. •. tHO : 1iI'J~)S' (1989). '.~tm~tt~.AI~llIi~fJB;lJZ.Jiff:J'i!'. f{f€:tj;;$Ul!iJiffffilil• • i:l:ll : .lIt~ (1985) ' • •J:1!IJlitt~.Jj<Z.Jiff3'i:· t:Pft.:k!J!tIJiffffiliiUIill tt12: ,,~:k~ilJiffJ5fi (1990) , .~tm1t~x~1Jz'Jiff:J'i!' fJ~~IiI~htllIUvf3'i:· i:l:13 : ~i!Am (1977) , • •J:1!I!ilfi1tltirJ]III!z.~iJlf7H1T~tt. ' • •j&fjififlJ Vo1.28, No.4· tt14 : fi~~~~.!tIttnlt (1981' 1982' 1983) .~t!tl.JIi' il1iim.m!tl.JIi ' .t:P!tI*li:1tlti~i5t1dJ:tiii1iU!li!r 0. ttI5 : *Fila (1991) , • •J:1!Ili:1t~I!Ji~tI~liiiU1it;j(Z.:fr~' 1tltii&:.~~f;JiffiM1i"»Jt. • i:l:16 : Monttomery 'Mandelker (1979) , "Housing in America, Pro dIems and Perspectives". THE BOBBS -MERRILL Company, P.295 tt17: Harvey (1986) • "The Econoomics of Real Property", MACMILLAN DEUCATION LTD, PP.218-219 0. ~:.. ~. ,t. t, ~'. ~'. ,. '\. !:l ~{,. ~.. ~,. it~". ,~, ~x. r. r'. '. ll:t18 : ,*1l:~::E*Jiff3'i: (1991) '~1l:P.A1tlti~ • .m.(r;JZ.1tltiJii!M~¥f' t:P¥*'l!iJlflill3'i:~ • P89 tt19 : *F¥~ (1989) ,'litRlI:f~.' :kt:PlillllfffHiJ • P.230' PP.251-252 tt20 : fj~~~II!*!tIttnlt (1990) • "1tltiii!ilVJ:n*z.ft!fi!i" , P.6 • ll:t21 : Grigsby (1990) • "Housing Finance and Subsidies in the United States", Urban Studies. Vol. 27, No. 6,PP.835-836 • tt22: Hines (1987) "Real Estate Debt Financing", John wiley & Sons, Inc., PP.271-272· 1'1:23 : Ji'ij (ttl) 'P.22-27· tt24: Chang (1985) • "Micro View of Housing Economics", (unpublished) • PP.12-15· ll:t25 : lIil'5i'm (1986) • Wdlt'lfiUtZ.~J.!I!~IH!}:~~ • mfJimR'lfi'Ut• •m1L1if ' lI:flll~A~Iii)"Jllllll.t:P/t, • P.97· 0. 0. ll:t26: mlllJltllieit ,ttfUt:eUtfj~:IJ.m27.97% • .fj~~Ml!.l!.~Jj!jgllj70tf:12F1 '71tf:8F1 '72tf:6F1 '7HJtlJ;HI~t!tl. 1i"JIi'il1ii.llm~.!ilfi'.t:P~.!ilfiJ5fi~r1tlti~~1dJ• • ~:fr~fti!rJ.m:JIt=M~.!ilfi~~~~~Z.~ lIjUt:frM• • •f~!&;\,Z'8.lt (.I!~*Iill3'i:mMz. r1t~jt.~1JJ) • ZiSl!JJI!t1ti:?X.m29.68% ' 27.1% '26% '~~*~~fJ~~~:fr~'~~~R~tto ~7:m~~J5fi~~'If·~*ti~~!&A~~·~~J5fi.~Z.1tlti~.~eit.m-~t:P~m.m,~~~-~m~mz. •• 0. ti28 ; Ji'ij (8:1:20) 'PP.50-51. l. 0. j:-;;f5tit -'S:P3tatl5t: 1.1T~~U~!lI!fI~{tl!l (1981' 1982 '1983) .~t~.!ilfi' i\!!i$llmlllfllil ' .t:P~flJ.ltt~~iR1dJt¥i!IIiIl!n&i!r 2. fJ~~~II!.lIl1tnlt (1990) • 1tltiii!ilVJ:H~Z.JIIfi!i 0. 3. fj~~~II!.~1t* (1989) • Jlllti't!!Wijgllj~1tltij!eit • 4. ,,~:k~3IIillJ5fi (1990) '.~tm1tltixMfjg1JZ.Iill3'i:' fi~~IiilM1i"mlill3'i: 5. ~1i%' (1990) ,.lIt:;r-lIJillli:liim~Z.Iill~· ±mlill3'i:fti!i 6. #:Tf:;W (1976) • 1tltir..'Il!I&1t~sfL8 ' ±j&Iill~~ 7. #~fD (1983) '1iil~1tltilU:t:~~Z.Iill~' • •±i't!!lli:Iii*f!J 8. #iiillll (1991) ••lItfflllil1tltiIiiJii5t1WIiiJiIl>1tZ.:frffi • 1tltii&.~i*~Jiff~*IiIiiJtj\ 9. #illl (1990) • JllltJ:1!lIil~mW~.gIH~Z.Iill3'i: • ~:k*'l!iJlfJiff3'i:J5fi • 10. *F~JlI (1990) 'Jtt:P~!&A1!IU?J fflttlti:lf.1i&1If;ti:r.. ±mJiff3'i:fti!r 11. *F¥fJ!! (1989) • 'litRlI:f~. • :kt:PillII.~~ • 12.1iI'Jzt)S' (1989) 'll~tm~1tltiiD~~.ltitm1JZ.Jiff3'i:. ~f€:t:k.i't!!JiffJ5filiiiU~ 0. 0. 0. 0. ,m .. 0. 0. -27. 0. 0.

(28) (226). t;,. 13. I!lk~. (1986) 14. ~il • .:t:mif~ 15. ~il.::Ef'\?if~ 16. !H4Utt (1977) 17. ~J.II!~ (1985) 18. ~tz:.f'\?Sf:J\!. 'm.Ultz:!tJJ!".:m:~.,. ItfIllH;AilItA.JilI/ll.tfl,c., (1900) 'ttJt1r.{l."ttJt1i1it.ZSf~' l'9i1itilStfllUI£ (1991) 'J.II!.NfUt"IIUI"JJ!1Hl'.JtfJJ!!lillli:ZSf~' l'9i1itilStfJlW~R£ ' • •JtkWlttJt1f11f.ZlfiJlf~f1i"tt., • • •ff.flJVo1.28 ' No.4 , • •;It!!lIittlti.;!JtZSf~' tfl.*.~if1'JifiJ{. 0 (1991) 'Iltz:P...{ttJt1i1it1.l:ua.JtilzttJt1.Ii'\.~fIf' tfl.@iJlfif:J\!1&'c 0. 0. 0. 0. 0. ='~Jtlll~:. 1. Bertrand (1991) ," Housing Affordability and Housing Finance. An International Perspective". Pro·. ceedings of International Con-ference on Korean Housing Polcies. 2. Carn • Rabianski • Racster 'Seldin (1988) ." Real Estate Market Analysis-Techiques and Applica· tions" • 3. Chang (1985) ," Micro View"of Housing Economics" , (unpublished) 0 4. Grigsby (1990) ." Housing Finance and Subsidies in the Uneted States" 'Urban Studies. VoJ.27. No.6· 5. Harvey (1986) ." The Econoomics of Real Property" MACMILLAN EDU-CATION LTD 6. Hines (1987) ," Real Estate Debt Financing". John Wiley & Sons' Inc. 0 7. Holloway (1900) ," Economic Trends" , Mortgage Banking Vol.51 0 8. Maisel (1987) ," Real Estate Finance" • Harcourt Brace 0. 9, Monttomery 'Mandelker (1979) ." Housing in America' Problems and Perspectives" ,THE BOBBS. MERRILL Company 0 lO.Pozdena (1988) ." The Modern Economics of Housing" , Quorum Books· Il.Wynn and Douglas (1990) ." Assessing the Costs and Benefits of Acce-Ierated Payment Mortgages" , Real Estate Issue Vo1.15 • No.1. 0 0. -28.

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