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Real Estate Economics articles from December 2006
This journal publishes articles on real estate related topics, including covering homes loans and economic reports for developers, builders, finance companies or homeowners.
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Real Estate Economics archives from December 2006
The inevitability of marketwide underpricing of mortgage default risk.
December 22, 2006... Lenders are frequently accused of mispricing the put option embedded in nonrecourse lending. Prior research shows one lender's incentives to underprice. Here, we identify the conditions for a marketwide underpricing equilibrium. We demonstrate...
Errors in variables, links between variables and recovery of volatility information in appraisal-based real estate return indexes.
December 22, 2006... The present article proposes a multivariate approach to unsmoothing appraisal-based real estate return indexes to recover the true market volatility information in real estate returns. It scrutinizes the role played by errors in variables, in...
Risk and return in the U.S. housing market: a cross-sectional asset-pricing approach.
December 22, 2006... This article carries out an asset-pricing analysis of the U.S. metropolitan housing market. We use ZIP code-level housing data to study the cross-sectional role of volatility, price level, stock market risk and idiosyncratic volatility in...
Housing density and the effect of proximity to public open space in Aberdeen, Scotland.
December 22, 2006... We consider whether public recreational open space is a substitute for private open space by testing whether price effects from proximity to an urban park are increasing in housing density. Aberdeen, Scotland features three owner-occupied...
Housing renovations and the quantile repeat-sales price index.
December 22, 2006... A median-based quantile estimator suffers less bias from positive outliers, such as unobserved renovations, than a standard mean-based estimator. Quantile repeat-sales estimates for single-family homes in the city of Chicago show nominal price...