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Real Estate Economics articles from September 1998
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 September 1998
The conditional probability of mortgage default.
September 22, 1998... While the importance of the embedded options in a mortgage contract has been recognized for two decades (Findlay and Capozza 1977; Asay 1978), the analysis of default probabilities using contingent claims models is more recent (Kau, Keenan and...
Modeling the conditional probability of foreclosure in the context of single-family mortgage default resolutions.
September 22, 1998... Mortgage pricing models are now well-developed means of summarizing the highly complex nature of mortgage contracts and the implicit options they contain for borrowers to terminate prior to contract maturity.(1) The values of options to default...
Valuing prepayment and default in a fixed-rate mortgage: a bivariate binomial options pricing technique.
September 22, 1998... Kau et al. (1992, 1994), hereafter KKME, value a fixed-rate mortgage and its embedded options to default and prepay by adapting a two-state explicit finite-difference technique. Their continuous-time model has been used successfully to reveal a...
Analyzing real estate data problems using the Gibbs sampler.
September 22, 1998... Real estate data are messy and difficult to obtain. While the value of U.S. real estate assets is greater than that of stocks and fixed-income securities combined, real estate lags behind mainstream finance and economics in empirical research....
Continental factors in international real estate returns.
September 22, 1998... For portfolio managers executing a top-down approach to international investing, determining the optimal country allocation is the main concern. Recent empirical research by Heston and Rouwenhorst (1994, 1995) and Beckets, Connor and Curds (1996)...
Appraisal smoothing: the other side of the story.
September 22, 1998... Early studies of the performance of real estate assets consistently report that commercial real estate enjoys a high return given its risk level [see, for example, Miles and McCue (1984a)]. Since most of the early studies use appraisal-based data...
A test of a buying rule for "underpriced" apartment buildings.
September 22, 1998... Much research in recent years has dealt with the issue of whether the market for real estate assets is efficient. One method for testing market efficiency is to develop a trading rule to attempt to earn excess returns in the market under...