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Real Estate Economics articles from March 2004
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 March 2004
An anatomy of price dynamics in illiquid markets: analysis and evidence from local housing markets.
March 22, 2004... This 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...
Is real estate becoming important again? A neo-Ricardian model of land rent.
March 22, 2004... Classical economists believed that land rent as a share of total income would increase with economic growth. This belief was important to many 19th and 20th century critiques of capitalism. Land rents as a share of national income apparently...
The economics of maintenance for real estate investments.
March 22, 2004... We propose a theory of urban decay. Following a negative real estate demand shock, property managers optimally suspend maintenance and the probability that they ever restart can be modest. Because maintenance expenditures are proportionately...
Do out-of-state buyers pay more for real estate? An examination of anchoring-induced bias and search costs.(Illustration)
March 22, 2004... We explore the questions of whether and why out-of-state buyers pay more for real estate than their in-state counterparts. Theoretically, we develop a model capable of explaining a premium if out-of-state buyers have high search costs, upwardly...
A semiparametric method for estimating local house price indices.
March 22, 2004... Spatial autoregressive hedonic models utilize house prices lagged in space and time to produce local house price indices, for example, the spatial and temporal autoregressive (STAR) model might be used this way. This paper complements these...
Economic depreciation of residential real estate: microlevel space and time analysis.(Illustration)
March 22, 2004... Three elements in the study of real estate depreciation that warrant further consideration are uncovered: the spatial variation of depreciation on a micro scale, the variability of depreciation within a single market across time and the...