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Real Estate Economics articles from September 2002
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 2002
Homeowner mobility and mortgage interest rates: new evidence from the 1990s.
September 22, 2002... When interest rates vary, the value to a homeowner of a mortgage at a fixed interest rate varies as well. In particular, if mortgages are not fully assumable, then when interest rates increase, the value of a preexisting mortgage contract...
Market mechanism choice and real estate disposition: search versus auction.
September 22, 2002... We propose a model of mechanism choice in the disposition of real estate assets where we consider two alternatives: a search market and an auction. Within the search framework, we derive an equilibrium whereby buyers incur search costs and...
Optimal valuation of noisy real assets.
September 22, 2002... We study the optimal valuation of real assets when true asset values are unobservable. In our model, the observed value cointegrates with the unobserved true asset value to cause serial correlation in the time series of observed values....
Optimal valuation of claims on noisy real assets: theory and an application.
September 22, 2002... A theory for valuing claims on noisy real assets is developed and applied. Central to the theory is determination of the dynamics for the best estimate of real asset value. The dynamics of the value estimate are shown to differ from the...
Determinants of multifamily mortgage default.
September 22, 2002... Option-based models of mortgage default posit that the central measure of default risk is the loan-to-value (LTV) ratio. We argue, however, that an unrecognized problem with extending the basic option model to existing multifamily and...
Renegotiation of troubled debt: the choice between discounted payoff and maturity extension.(Statistical Data Included)
September 22, 2002... Renegotiation of securitized debt contracts is generally a more efficient solution to default than foreclosure when there are significant deadweight costs associated with the enforcement of security rights. Recent literature shows that when...