Riksbanken - How do house prices affect the economy?

Sveriges Riksbank/Riksbanken - How do house prices affect the economy?:
Economic commentaries: House prices and the economy by Peter Sellin and Karl Walentin

Changes in the housing market have only a small effect on inflation and GDP. However, the effects on monetary policy are reinforced by the fact that houses are used as collateral for mortgages. These are some of the conclusions reached by Peter Sellin and Karl Walentin in the Economic Commentary ”House prices and the economy”.