In recent months, the housing sector has seen a sudden decline, which, in accordance with the business laws, is a resultant of a major global meltdown. Well, given below are a few important factors that influence the overall growth and decline of housing markets. (Myers)The air pollution norms set by the state authorities, with specials regards to the United States Air of America, play a vital role in deciding whether a particular housing society is all set to improve or not. The EPA levels, which are in turn dependent on the total suspended particle pollution, indicate whether a place is fit for a stay or not. According to the statistical data accumulated in the 1970s, it was found that the air pollution, with special regards to the TSP levels, were relatively more in undeveloped and developing countries as compared to those detected in the regulated nations. It has been identified that a decrease of 1 ug/m3 in the level of particulates leads to a 0.4% to 0.5% increase in the overall value of homes (McDonald). This clearly states why individuals are willing to pay a higher price for cleaner locales, with special regards to housing societies, as compared to places which are stricken by higher air pollution. The economic benefits in regulated counties, with special regards to the homeowners, are stated to have benefited owning to the Clean Air Act regulations. Hence, countries that have a higher level of pollution are said to lose out when it comes to accumulating profits from building profitable housing societies. (Muth)Although the studies have been carried out in relation to the Federal air pollution guidelines yet the absence of convincing empirical evidence has placed a big question mark on the costs and benefits of these so-called ‘efficient regulations’.The economic viability of clean air has always been of great interest to leading economists and policymakers and they have asserted that the role of clean air is symbolic to the growth of housing societies.
Growth and Decline Housing Markets