(Luận văn) an analysis of housing credit program for urban hoausehold case study in hcmc housing development bank(hdbank)

INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM =======oOo======= ng hi VIETNAM- NETHERLANDS ep PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS w n lo ad ju y th yi AN ANALYSIS OF HOUSING CREDIT PROGRAM FOR · URBAN HOUSEHOLD pl ua al n CASE STUDY IN HCMC HOUSING DEVELOPMENT BANK (HDBANK) n va fu ll BQ GIAO D~C E>AO Tl;\0 TRUONG Dl;\1 H9C KINH TE TP.HCM oi m at nh THUVIEN • z z vb DOHONGNGOC k jm ht A THESIS PRESENTED BY l.c gm om IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE an Lu DEGREE OF MASTER OF ARTS IN DEVELOPMENT ECONOMICS ey t re Ho Chi Minh City, February 2009 n DR TRAN TIEN KHAI va SUPERVISOR CERTIFICATION "I certify that the substance of this study has not already been submitted for any degree and is not being currently submitted for any other degree ng hi I certify that to the best of my knowledge any help received in preparing this thesis, and all sources used, have been acknowledged in this dissertation." ep Ho Chi Minh City, February 2009 w n lo ad Do HongNgoc ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re a th i ACKNOWLEDGEMENT i would like to express deeply my appreciation and many thanks to the following individuals and organization helped me to finish this thesis ng hi ep Doctor Tran Tien Khai, the academic supervisor who has spent much time to give me his guides, comments, assistance in this research w n lo ad All lecturer and staff of Viet Nam-Netherland master program which is helpful program for me to obtain the knowledge and the method of science studying with international standard ju y th yi pl n ua al All my classmates, especiaily my group have encouragement, cooperation and help during my stUdying and doing the thesis va n All ofmy family members have help and encouragement for me to try my best to finish this research ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th ii ABSTRACT ng hi ep w VietNam is going on the way of modernization, industrialization and especially of globalization with the purpose of economic development and enhancing the life standard of the resident This implies· to· increase further with a rise in the urbanization levels and in the population along with increasing the demand for housing in urban of VietNam To solve the d~mand of urban household, the government has many policies to support the resident such as housing finance system from bank or other financial institution, housing program for low inconie : This study only concentrates to analysis housing credit program from bank for urban household on two major aspects The first is the determinants of probability to get a housing loan And the second is the determinants of housing loan amount SO the household should improve their character and capacity to be able to borrow housing loan from bank Conversely, the bank also should have-suitable credit policy and condition for the customer to speed up effective and sustainable credit development n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th iii TABLES OF CONTENTS ·fi C ertl 1cat1on ··················~····· ng Acknowledgement : ii hi Abstract iii ep Contents :······· iv w List of tables and figures viii n lo ··Abbreviation ix ad y th CHAPTER I·: INTRODUCTION • · ~ ! ju yi 1.1 Prob-em statement ~········································································································· I pl 1.2 Objectives ofihe stlldy ~ l al n ua 1.2.1 General objective ~ va 1.2.2 Specific objective n · 1.3 Research questions ~·~··············································•···················································2 fu ll ·1.4 SuJi:J.macy on rese8.rch· methQdology- and data • m oi 1.5 ·The organization of the thCsis ···~····················································································3 nh at CHAPTER II: LITERATURE REVIEW z z TheOry ba~kground vb 2.1.1 Major concepts ht k jm Household Credit Borrowing Household credit market 2.1.2 Banking theory · l.c gm om Credit management Credit analysis and loan decision Issues in credit market 2.2' Experiences of housing development in some Asian countries •• • .•• ; n a Lu va 2.2.1 In Singapore ; , n y 2.2.3 In Thailand 10 te re 2.2.2 In China , th iv 2.2.4 In Korea 11 2.3 Theoretical models and empirical studies for house demand 12 2.3.1 General observations 12 ng 2.3.2 Determinants ofhousingloan.- 13 hi ep 2.3.3.Determinants of loan amount 15 2.3.4 Theoretical models 16 w The basic models 16 n lo :The extended models ; 16 ad 2.3 Empirical models applied in previous studies 17 ju y th yi CHAPTER III: RESEARCH METHODOLOGV 20 pl ·3·.1 AnalyticiJJ· framework ········~······················•·····································································20 al ua 3.1.1 Hypotheses , 20 n 3.1.2Detenninants ofthe probability 20 va n 3, 1.3 Determinants of loan amount • 21 fu ll 3.1·.4 Specific empirical models • 22 m oi Model1 _ 22 at nh Description of the model1 22 Definition and explanation of variables of the model 22 z z Expected signs of the variables' coefficients 23 vb ht Model2 24 jm Description of the model , • ; 24 k gm ·Definition and explanation of variables of the model2 24 l.c Expected signs of the variables' coefficients 25 3.2 Data source· aild sa~pling 26 om 3.2.1 Data source 26 a Lu n Where is data source? : 26 Its va•I d.Ity? _ 26 What-Is t v y 3.2.2 Sampling • 27 te re Population : : ; 26 n va When are they collected? 26 .sample size 27 Sampling method 27 3.3 Analysi-s methods ······~····································································································29 3.3 !Statistical tests for descriptive analysis 29 ng hi 3.3 Correlation analysis 29 ep 3.3.3 Statistical tests for validity of specific models 30 3.4 Analysis· too1 _ ~ 30 w n lo ad y th CHAPTER IV: ~SU~TS AND DISCUSSION , 31 ju 4.1 Situation ofhousingcreditprogram for urban household in Ho Chi Minh City 31 yi pl 4.1.1 Housing demand of urban household : 31 ua al 4.1.2 National strategy on housing up to the year 2010 31 n 4.1.3 The overview of urban finaricial system, borrowing by urban households and housing finance project 32 n va Financial system and source of credit to urban households in VietNam 32 fu ll Overview ofborrowing by urban households 32 · m oi 4.1.4 HCMC Housing development program 35 nh ofHDBank 35 z ·4~2.l.Overview at 4.2 IiCMC Housing D-evelopment Bank ·························~······-············································35 z vb 4.2.2 Housing credit program ofHDBank 38 ht 4.3 HCMC ·aousing D.eveloprri.ent Bank ·····································································~·····40 jm 4J~1Analysis ofborrower' characteristics .40 k gm 4.3.2 Correlation.analysis 44 l.c 4.3.3 Statistical tests for validity of specific models 47 ~esting and explanation 49 a Lu ·4.4 Results ·of ~odels om 4.3 Description collecting data and choosing suitable method .48 n 4.4.1 ·:Empirical result- Model I ; 49 y te re 4.4.1.2 Backward LR method : ; ;· 50 n va 4.4.1.1 Enter method ; 49 th vi 4.4.1.3 Analysis the factor affect to the probability to get housing loan for household : 50 4.4~2 Empiricalresult- Mod.el2 : 54 4.4.2.1 Enter method 54 ng 4.4.2.2 Backward LR method 54 hi ep 4.4.2.3 Analysis the factor affectto the probability to get housing loan for household , 54 w n CHAPTER V: CONCLUSION AND IMPLICATION 58 lo ad 5.1 Conclusion on the applied methodology and limitation • • •.••.•.• • .•• 58 ju y th 5.2Conclusi0n On the studie.d results 58 5.3 Po.licy impli~ation in macro levCI • 59 yi pl 5.4 Policy implication for HDBank as well as housing credit program • • •• .•• 59 n n va Annex ua al References ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re th vii LIST OF TABLES Table 1.1: Compare mean of variable Table 1.2: Correlation Matrix Table L3: Durbin:_ Watson in model! ng hi Tahie 1.4: Durbin- Watson in model ep Table 1.5: Regression result of model from step to step by back ward method w Table 1.6: Regression result ofmodel2 froni stepl to step by back ward method n lo ad LIST OF FIGURES y th Figure 2.1: Structure ofprobability to get housing loan ju yi Figure 2.2: Structure of samples possibility to get a housing loan pl Figure 2.3: Growth oftotal assets and chartered capital in HDBank al n ua Figure 2.4: Growth ofloan outstanding debts in HDBank n va Figure 2.5: Outstanding ofhousing credit program and total loan outstanding in HDBank fu ll Figure 2.6: Regression standardized residual oi m at nh LIST OF ANNEXS: z Annex 1: T-Test result z k om l.c gm Annex 5: The result ofmodel2- Backward method jm Annex 4:Theresult ofniodel2- Enter method ht Annex3: The resultofmodell- Backward method vb Annex 2: The result of model 1- Enter method an Lu n va ey t re th viii ·ABBREVIATION HDBank: Housing Development Bank ng ADB: Asian Development Bank hi ep SBV: State Bank of VietNam SOB: State Owned Bank w · DLH: Department of Land and House n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re th ix Omnibus Tests of Model Coefficients Chisquare ng Step hi ep Step 2(a) w n lo ad Step 3(a) Step 346.401 10 000 Block 346.401 10 000 Model 346.401 10 000 -.052 820 Block 346.350 000 Model 346.350 000 -.131 717 346.219 000 346.219 000 -.984 321 345.235 000 345.235 000 -1.018 313 000 000 107 000 Step Step y th Block ju yi Model Step pl Step 4(a) n Block 344~217 Model 344.217 Step oi m -2.600 ll fu Step n va Step 6(a) ua Model al Block Step 5(a) Sig df 341.617 Model 341.617 at nh Block 000 z z a A negative Chi-squares value indicates that the Chi-squares value has decreased from the previous step ht vb k jm Model Summary Nagelkerke R Square 968 ~3.289(a) 697 968 23.420(a) 697 967 966 25.422(b) 695 964 28.022(b) 692 961 18 th · a EstimatiOn termmated at Jteratwn number 20 because maximum iterations has been reached Final solution cannot be found y te re 696 n 24.404(a) va n 697 a Lu 23.237(a) om l.c Step Cox& SnellR Square gm ~2Log likelihoo d b Estimation terminated at iteration number I because parameter estimates changed by Jess than 00 I Classification Table(a) ng hi 1Observed Predicted ep B 94 96.9 1 192 99.5 Percentage Correct w n Step B lo ad Overall Percentage y th B Step 98.6 ju yi 95 97.9 1 192 99.5 Overall Percentage pl 99.0 B n ua al Step 95 97.9 191 99.0 Overall Percentage Step4 B n va 98.6 0 99.0 94 B 94 3 96.9 191 99.0 98.3 z Overall Percentage z 96.9 ht 98.4 190 jm 97.9 k Overall Percentage vb Step 191 at 98.3 nh B 96.9 oi Step m Overall Percentage ll fu 94 gm a The cut value IS 500 om l.c an Lu n va ey t re t 19 Variables in the Equation B ng hi 009 12.523 000 967 029 015 3.626 057 1.030 SEX -1.412 1.423 985 321 244 AGE -.181 146 1.552 213 834 EDU -.613 2.752 050 824 542 903 309 8.553 003 2.467 -1.727 1.145 2.275 131 178 1.110 2.972 139 709 3.034 007 003 6.612 010 1.007 19.476 4396.54 000 996 2873999 26.014 -13.519 4396.55 000 998 000 009 12.518 000 967 015 3.577 059 1.029 1.424 921 337 255 145 1.449 229 840 305 8.564 003 2.442 2.273 132 176 726 2.836 010 1.007 997 1795480 85.712 ep MATUR w n lo ad INCOME y th SIZE ju HHNO yi HOUSEVAL pl n · Constant ua al COLL LA ll 028 -.174 at 893 nh AGE oi -1.366 m SEX INCOME z 1.152 1.043 2.971 ;123 007 003 6.582 19.006 4540.62 000 -13.650 4540.62 000 -.033 009 12.492 000 967 028 015 3.597 058 1.028 SEX -1.303 1.411 852 356 AGE -.171 143 1.442 230 843 305 9.072 003 2.508 -1.538 980 2.460 117 215 007 003 7.707 005 1.007 18.421 4617.60 000 997 1000706 272 n n va y te re th 20 a Lu COLL om HOUSEVAL 000 998 l.c SIZE 919 INCOME gm MATUR k LA jm Constant ht COLL vb HOUSEVAL z -1.737 SIZE HHNO Step J(a) -.033 fu MATUR n va Step 2(a) Exp(B) Sig df -.033 LA Step 1(a) Wald S.E S.E B Sig df Wald Exp(B) 75374 Constant ng ep 4617.61 000 998 000 -.031 008 13.848 000 969 024 012 3.638 056 1.024 -.151 134 1.269 260 860 873 286 9.296 002 2.394 -1.584 944 2.813 093 205 006 002 8.703 003 1.006 17.990 4795.83 000 997 6501364 7.068 000 998 000 LA· Step 4(a) hi -12.298 MATUR AGE w INCOME n lo SIZE ad HOUSEVAL y th COLL ju yi Constant pl 16.098 000 966 024 011 4.431 035 1.024 -.245 093 6.971 008 782 1.007 n 279 12.991 000 2.738 -1.239 837 2.192 139 290 002 002 1.007 041 780.672 17.913 000 968 z 028 1.025 006 742 000 2.437 002 1.007 089 218.605 va AGE SIZE ll fu INCOME 6.660 3.261 4.171 LA -.033 008 025 011 -.298 109 7.474 INCOME 891 235 14.340 HOUSEVAL 007 002 9.155 5.387 3.171 2.887 ht vb k jm Constant 4.844 z AGE at MATUR gm Constant 007 nh oi m 9.818 HOUSEVAL Step 6(a) 009 n MATUR 4795.83 -.035 ua LA al Step 5(a) -12.559 a Variable(s) entered on step 1: LA, MATUR, SEX, AGE, EDU, INCOME, SIZE, HHNO, HOUSEVAL, COLL~ om l.c a Lu n Model ifTerm Removed th Sig ofthe Change y 21 df te re Change in -2Log Likelihoo d n va Variable Model Log Likelihoo d ·step ng hi ep w n lo ad -54.513 85.788 000 MATUR -14.261 5.284 022 SEX AGE -12.178 1.119 290 -12.446 1.655 198 EDU -11.644 052 820 INCOME -28.774 34.310 000 SIZE -13.130 3.023 082 HiiNo -11.693 148 700 -17.706 12.176 000 COLL -12.227 1.217 270 LA -55.937 88.586 000 -14.306 5.323 021 -12.178 1.067 302 -12.466 1.643 200 -31.260 39.232 000 3.017 082 131 717 12.358 000 1.231 267 000 021 321 HOUSEVAL ju y th Step LA MATUR yi I pl SEX -11.710 HOUSEVAL -17.823 COLL -12.260 LA -58.543 93.665 nh MATUR -14.363 5.307 SEX -12.202 984 AQE -12.524 1.628 vb 202 INCOME -31.336 39.252 000 SIZE -13.350 3.281 HOUSEVAL -18.816 14.213 gm ·caLL -12.260 1.101 294 LA -58.544 92.685 000 MATUR -14.571 4.739 029 AGE -12.893 1.381 240 INCOME -31.363 38.322 000 SIZE -13.922 3.441 064 iiOUSEVAL -18.930 13.456 000 COLL -12.711 1.018 313• LA -66.759 108.097 000 ll oi m at z 070 k jm ht 000 om l.c an Lu n va ey t re th 22 z Step HHNO fu Step4 -13.153 n Step3 va SIZE n ua INCOME al AGE ng hi ep Step6 MATUR -15.402 5.383 020 AGE -20.020 14.618 000 INCOME -49.005 72.588 000 SIZE -14.011 2.600 107 HOUSEVAL -20.386 15.351 000 LA -69.172 110.322 000 -17.041 6.059 014 AGE -22.800 17.578 000 INCOME -49.013 70.005 000 HOUSEVAL -21.572 15.123 000 · MATuR w n lo ad y th Variables not in the Equation ju yi pl Score al Variables ua Step 2(a) EDU n Overall Statistics Variables va Step 3(b) EDU n Variables SEX 033 856 122 727 17J 918 907 341 000 993 046 830 774 359 1.114 EDU 096 HHNO 018 COLL 722 1.620 805 SEX 1.046 306 EDU 003 955 SIZE 2.460 117 ·HHNO 618 432 COLL 101 751 4.461 485 ht 840 jm 756 k 895 gm 395 om l.c n a Lu n va y te re Overall Statistics t a yanable(s) removed on step 2: EDU b Variable(s) removed on step 824 vb Variables SEX Overall Statistics Step 6(e) 049 z Variables 824 z Step 5(d) at HHNO Overall Statistics 049 nh EDU oi Step 4(c) m Overall Statistics ll fu HHNO Sig df 3: HHNO 23 c Variable(s)removed on step 4: SEX d Variable(s) removed on step 5: COLL e Variable(s) removed tm step 6: SIZE ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re t 24 ANNEX 4: THE RESULT OF MODEL 2- ENTER METHOD Regression Notes ng 09-DEC-2008 17:04:02 hi Output Created ep Comments Input w n lo ad ju y th ' yi Weight Split File N ofRows in Working Data File 193 Definition of Missing User-defined missing values are treated as missing pl Missing V~ilue · Handling Filter al Statistics are based on cases with no missing values for any variable used n ua Cases Used n va Syntax ll fu REGRESSION /MISSING LISTWISE /STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.l 0) /NOORIGIN !DEPENDENT LA /METHOD=ENTER MATUR SEX AGE EDU INCOME SIZE HHNO HOUSEVAL oi m Elapsed Time nh Resources at 0:00:00.07 z Additional ·Memory· Required for Residual Plots bytes ht vb 3980 bytes z Memory Required k jm om l.c gm n a Lu n va te re y yariables Entered/Removed(b) t 25 Variables Removed Mode Variables Entered I Method HOUSEV AL, SEX, MATUR,· EDU, HHNO, INCOME AGE,.· 'SIZE(a) I ng hi Enter ep w n ·a All requested variables entered lo b Dependent Variable: LA ad y th Model Summary ju yi Std Error of the Estimate pl 724 736 va 858(a) n ua R Adjusted R Square R Square al Mode I 75.596 n a Predictors: (Constant), HOUSEVAL, SEX, MATUR, EDU, HHNO, INCOME, AGE, SIZE ll fu 365913.057 64.030 OOO(a) z k gm 192 jm 3978806 561 5714.685 ht 184 vb Residual 1051502 108 Total Sig F z Regressi 2927304 on 453 df at Mean Square nh Sum of Squares Model oi m ANOVA(b) a Predictors: (Constant), HOUSEV AL, SEX, MATUR, EDU, HHNO, INCOME, AGE, SIZE om l.c b Dependent Variable: LA n a Lu n va Coefficients(a) Standardized Coefficients t 26 Sig th y Unstandardized Coefficients te re Model Std Error B -220.666 60.377 353 140 SEX·· 1.799 AGE EDU (Constant) -3.655 000 097 2.526 012 11.266 006 160 873 1.370 1.503 058 911 363 44.821 33.372 054 1.343 181 15.146 1.300 562 11.653 000 -10.074 10.446 -.067 -.964 336 35.802 18.183 101 1.969 050 131 014 394 9.356 000 ng MATUR hi ep w INCOME n lo SIZE Beta ad HHNO y th HOUSEVAL ju a Dependent Variable: LA yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re t 27 ANNEX 5: THE RESULT OF MODEL 2- BACKWARD METHOD Regression Notes ng 09-DEC-2008 17:05:45 Output Created hi ep Comments Filter Weight Split File NofRowsin Working Data File 193 Definition of Missing User-defined missing values are treated as missing Input w n lo ad ju y th yi Missing Value Handling pl Statistics are based on cases with no missing values for any variable used n Syntax ,, ua al Cases Used n va ll fu REGRESSION /MISSING LISTWISE /STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.1 0) /NOORIGIN /DEPENDENT LA IMETHOD=BACKWARD MATUR SEX AGE EDU INCOME SIZE HHNO HOUSEVAL oi m Elapsed Time 0:00:00.17 Memory Required· 4516 bytes Additional Memory Required for Residual Plots bytes at nh Resources z z k jm ht vb om l.c gm an Lu n va ey t re th 28 Variables Entered/Removed(b) Variables Removed ng Mode Variables I Entered Method HOUSE\TAL,· hi ep SEX~ MATUR · · ' EDU,HHNO, INCOME, AGE, SIZE(a) w n lo ad SEX Backward (criterion: Probability ofFto-remove >= 00) AGE Backward (criterion: Probability ofFto-remove >= 00) SIZE Backward (criterion: Probability ofFto-remove >= 00) y th ju Enter yi pl n ua al Backward (criterion: Probability ofFto-remove>= 100) n va EDU ll fu a All requested vanables entered oi m b Dependent Variable: LA nh Model Summary at Std Error of the Estimate z 858(b) 736 726 75.396 857(c) 735 726 75,358 857(d) 734 727 75.204 855(e) 732 726 75.343 l.c 75.596 gm 724 k 736 jm 858(a) ht vb Predictors: (Constant), HOUSEVAL, SEX, MATUR, EDU, HHNO, INCOME, AGE, SIZE om a R Adjusted R Square R Square z Mode I c Predictors: (Constant), HOUSEV AL, MATUR, EDU, HHNO, INCOME, SIZE n e Predictors: (Constant), HOUSEV AL, MATUR, HHNO, INCOME va d Predictors: (Constant), HOUSEVAL, MATUR, EDU, HHNO, INCOME an Lu b Predictors: (Constant), HOUSEVAL, MATUR, EDU, HHNO, INCOME, AGE, SIZE ey t re ANOVA(f) th 29 Sum of Squares Model Mean Square df ng Regression 2927304.453 Residual 1051502.108 184 3978806.561 192 hi Total 2927158.717 Residual· 1051647.844 185 Total 3978806.561 192 Regression 2922545.608 ad ep Residual 1056260.953 186 3978806.561 192 w 64.030 OOO(a) 73.561 OOO(b) 85.7'73 OOO(c) 103.303 OOO(d) 128.232 OOO(e) 365913.057 Regres.sion Sig F 5714.685 418165.531 5684.583 n lo y th Total ju Regression 5678.822 584240.968 2921204.838 yi Residual 1057601.723 187 Total 3978806.561 192 2911625.704 727906.426 1067180.857 188 5676.494 3978806.561 192 pl Regression n Total va Residual n ua al 487090.935 5655.624 fu ll a Predtctors: (Constant), HOUSEVAL, SEX; MATUR, EDU, HHNO, INCOME, AGE, SIZE m b Predictors: (Constant), HOUSEVAL, MATUR, EDU, HHNO, INCOME, AGE, SIZE oi c Predictors: (Constant), HOUSEVAL, MATUR, EDU, HHNO, INCOME, SIZE nh at d Predictors: (Constant), HOUSEVAL, MATUR, EDU, HHNO, INCOME z e Predictors: (Constant), HOUSEV AL, MATUR, HHNO, INCOME z f Dependent Variable: LA k jm ht vb om l.c gm an Lu va n Coefficients(a) 30 Standardized Coefficients t Sig th · Unstandardized Coefficients ey t re Model Std Error B l -3.655 000 097 2.526 012 11.266 006 160 873 1.370 1.503 058 911 363 EDU 44.821 33.372 054 1.343 181 INCOME 15.146 1.300 562 11.653 000 -10.074 10.446 -.067 -.964 336 35.802 18.183 101 1.969 050 131 014 394 9.356 000 J.736 000 2.531 012 -220.666 60.377 353 140 SEX 1.799 AGE (Constant) MATUR ng hi ep w n SIZE lo ad HHNO HOUSEVAL -218.346 ju y th (Constant) - 351 139 1.341 1.489 .057 901 369 44.316 33.134 054 1.337 183 15.136 1.295 11.691 000 -9.852 10.326 -.066 -.954 341 fu yi 35.787 18.135 101 1.973 050 131 014 395 9.394 000 -3.930 000 pl EDU 099 2.611 010 39.720 32.722 048 1.214 226 INCOME 15.272 1.285 567 11.883 000 SIZE -3.815 7.852 -.025 -.486 628 HHNO 36.178 18.121 102 jm 1.997 047 131 014 395 9.399 ;000 -189.006 47.747 -3.958 000 360 138 099 2.614 010 EDU 42.043 32.305 051 1.301 ·INCOME 15.11() L239 561 12.197 HHNO 31.498 15.317 089 2.056 a Lu 131 014 394 9.407 000 -'140.962 30.339 -4.646 000 346 138 095 2.511 013 15.345 1.228 570 12.496 000 om l.c 195 000 041 n n va y te re MATlJR gm (Constant) k HOUSEVAL ht MATUR vb (Constant) z HOUSEVAL z EDU 361 at nh 47.876 138 MATUR -188.173 562 oi (Constant) m · HOUSEVAL ll iiHNo n SIZE va INCOME· n ua al AGE 58.449 096 MATUR Beta 31 th INCOME Unstandardized Coefficients Std Error B Model ng HHNO Standardized Coefficients Beta t Sig hi 26.925 14.936 076 1.803 073 129 014 389 9.308 000 HOUSEVAL ep a Dependent Vanable: LA w n Excluded Variables(e) lo ad ju y th Mode I Beta In T Partial Correlation Sig Collinearity Statistics Tolerance SEX · 006(a) 160 873 012 955 SEX ;002(b) 053 958 004 968 057(b) .901 369 066 362 SEX 001(c) ua 017 987 001 973 AGE 018(c) 370 712 027 626 SIZE -.o25(c) -.486 ·.628 -.036 522 SEX -.004(d) -.098 922 -.007 981 AGE 004(d) 088 930 006 655 SIZE -.035(d) -.670 504 nh -.049 533 EDU 051(d) 1.301 195 :095 932 n AGE al n va ll fu pl yi oi m at z z a Predictors m the Model: (Constant), HOUSEV AL, MATUR, EDU, HHNO, INCOME, AGE, SIZE vb b Predictors in the Model: (Constant), HOUSEVAL, MATUR, EDU, HHNO, INCOME, SIZE ht c Predictors in the Model: (Constant), HOUSEVAL, MATUR; EDU, HHNO, INCOME jm d Predictors in the Model: (Constant), HOUSEVAL, MA TUR, HHNO, INCOME k om l.c gm e DependentVariable: LA an Lu n va ey t re th 32