Real Estate Economics articles from June 2002

Real Estate Economics archives from June 2002

Estimation of the rental adjustment process.(Statistical Data Included)
June 22, 2002... Rental adjustment equations have been estimated for a quarter century. In the United States, models have used the deviation of the actual vacancy rate from the natural rate as the main explanatory variable, while in the United Kingdom, drivers...

UK fixed rate repayment mortgage and mortgage indemnity valuation.(United Kingdom)(Statistical Data Included)
June 22, 2002... We use a mean-reverting interest rate model and a lognormal house price diffusion model to evaluate British fixed rate repayment mortgage contracts with (embedded) default and prepayment options. The model also provides values for capped...

Listing price, time on market, and ultimate selling price: causes and effects of listing price changes.(Statistical Data Included)
June 22, 2002... Information about price changes during a home's marketing period is typically missing from data used to investigate the listing price, selling price, and selling time relationship. This paper incorporates price revision information into the...

GMM repeat sales prices indices.(Generalized Method of Moment)(Statistical Data Included)
June 22, 2002... Illiquid assets are widely spread within the economy but their indices are difficult to measure. This paper proposes a Generalized Method of Moment (GMM) repeat sales regression for estimating illiquid asset price indices. This method has...

Regime shifts in Asian equity and real estate markets.
June 22, 2002... This paper applies a new statistical technology for identifying regime shifts to analyze recent data on real estate and equity markets in eight developing Far Eastern countries in the 1992-1998 time period. We find that regime shifts in...

Commercial real estate leasing, asymmetric information, and monopolistic competition.(Statistical Data Included)
June 22, 2002... We model the choice of lease type, gross lease versus net lease, in an environment in which lessees have private information with respect to their expected intensity of utilization of the leased space, and in which lessors have market power...

Office rent processes: the case of U.S. metropolitan markets.(Statistical Data Included)
June 22, 2002... This paper synthesizes elements of the traditional and contemporary theory of real estate markets to formulate an empirical framework for exploring metropolitan office rent processes. Such a framework is then applied to the analysis of office...