Real Estate Economics
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REIT and Commercial Real Estate Returns: A Postmortem of the Financial CrisisIn the years surrounding the financial crisis, the share prices of equity Real Estate Investment Trusts (REITs) were much more volatile than the underlying commercial real estate prices. To better understand this phenomenon we examine the cross‐sectional dispersion of REIT returns during this time period with a particular focus on the influence of their capital structures. By looking at bo... ...
Real Estate Economics - Tập 43 Số 1 - Trang 8-36 - 2015
Green Buildings in Commercial Mortgage‐Backed Securities: The Effects of LEED and Energy Star Certification on Default Risk and Loan TermsAbstract We study the impact of green building on loans in the CMBS market. A hazard model shows green buildings carry 34% less default risk, all else equal. A matched‐sample analysis gives similar results. We attribute the effect to a loan‐to‐value channel, where risk is lowered by a green price premium. The benefit comes at least partly from the level of green ach... ...
Real Estate Economics - Tập 48 Số 1 - Trang 7-42 - 2020
The Long-Run Relationship between House Prices and Income: Evidence from Local Housing Markets
Real Estate Economics - Tập 34 Số 3 - Trang 417-438
Private mortgage securitization and loss given defaultAbstract Loan performance varies by default probability and loss given default (LGD). While the relationship between securitization and default probability has been studied intensively, the effect of securitization on LGD remains unexplored. Using a unique data set containing over 40,000 mortgage liquidations, this article studies the effect of private securitizatio... ...
Real Estate Economics - Tập 50 Số 5 - Trang 1334-1359 - 2022
Search and Liquidity in Single‐Family HousingA two‐stage least squares model of housing prices is estimated with data collected from 3358 single‐family home transactions. The results provide evidence for an optimal marketing period and indicate that a liquidity premium is priced in single‐family home sales. Consistent with the hypothesis derived from economic search models, the model shows higher selling prices for houses having long... ...
Real Estate Economics - Tập 24 Số 3 - Trang 273-292 - 1996
Appraising home purchase appraisalsAbstract Home appraisals are produced for millions of residential mortgage transactions each year. In addition to preventing fraudulent transactions, an important benefit of appraisals when they report a value below the contract price is that they help borrowers renegotiate prices with sellers. However, appraised values are rarely below the purchase contract price: ... ...
Real Estate Economics - Tập 49 Số S1 - Trang 134-168 - 2021
An Anatomy of Price Dynamics in Illiquid Markets: Analysis and Evidence from Local Housing MarketsThis research analyzes the dynamic properties of the difference equation that arises when markets exhibit serial correlation and mean reversion. We identify the correlation and reversion parameters for which prices will overshoot equilibrium (“cycles”) and/or diverge permanently from equilibrium. We then estimate the serial correlation and mean reversion coefficients from a large panel dat... ...
Real Estate Economics - Tập 32 Số 1 - Trang 1-32 - 2004
Time on the Market and Selling PriceThis study is primarily an analysis of tradeoff between selling time and price, both on a nominal and real basis. Sellers are seen as desiring to maximize their discounted real selling price and trading off the nominal selling price with expected selling time. The time a property remains on the market is important, not only because of its reflection on price, but also because of its possib... ...
Real Estate Economics - Tập 6 Số 2 - Trang 164-174 - 1978
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