Interestingly, most of the evidence tends to suggest a strong impact from housing prices to credit than from credit to housing prices. In this respect recent evidence has also shown that subprime credit activity did not seem to have had much impact per se on subsequent housing price returns, as shown by Coleman et al. (2009) for the United States. On the other hand, securitization seems to have strengthened the impact of housing prices on mortgage credit (as shown by Carbó and Rodriguez, 2010 for Spain). This latter factor seems to be particularly important in light of.
