Recently added articles from The Journal of Real Estate Research:
An Adaptive Neuro-Fuzzy Inference System Based Approach to Real Estate Property Assessment
Oct 01, 2008; ... Abstract This paper describes a first effort to design and implement an adaptive neuro-fuzzy inference system-based approach to estimate prices for residential properties. The data set consists of historic sales of houses in a market in the Midwest region of the United States and it ...
Intra-firm Real Estate Brokerage Compensation Choices and Agent Performance
Oct 01, 2008; ... Abstract This paper seeks to empirically determine whether more skilled and productive real estate salespeople, identified as full-payout or 100% commission agents, have a discernable, systematic effect on property selling price and its marketing time. Two types of agents, 100%ers and ...
Regret Aversion and False Reference Points in Residential Real Estate
Oct 01, 2008; ... Abstract This study empirically exams the combination of regret aversion and false reference points in a residential real estate context. Survey respondents were put in a hypothetical situation, where they had purchased an investment property several years ago. Hindsight knowledge about ...
Evidence of Buyer Bargaining Power in the Stockholm Residential Real Estate Market
Oct 01, 2008; ... Abstract This study investigates whether uninformed buyers pay higher prices for single-family houses than do other buyers and tests whether the bargaining power increases with information. Data on real estate prices and attributes is examined, as well as household characteristics and ...
Time Variation of Liquidity in the Private Real Estate Market: An Empirical Investigation
Apr 01, 2008; ... Abstract This paper characterizes the behavior of and evaluates competing explanations for time variation in private real estate market liquidity. In the first, sellers base their estimates of value on observations of signals from the market. The second incorporates the option value of ...
FHA/VA Financing and Price Discounts
Apr 01, 2008; ... Abstract This study examines the effects of FHA and VA mortgage financing on home prices. Using a database of nearly 9,000 homes sales in the San Antonio, Texas area, hedonic analyses reveal that both types of government-backed financing are associated with reductions in selling prices ....
Intrajurisdictional Segmentation of Property Tax Burdens: Neighborhood Inequities Across an Urban Sphere
Apr 01, 2008; ... Abstract The results from this study extend the academic literature on vertical inequities in real property taxation by analyzing within jurisdictional variations in the property tax burden on residents of Chicago, Illinois. A two-stage model with an instrumental variable identifies tax ...
Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas
Apr 01, 2008; ... Abstract The traditional mechanisms of private covenants and public restrictions may not meet the needs of residential property owners who want to preserve a certain neighborhood style. Privately initiated and publicly enforced conservation district regulations can preserve desirable ...
The 1998-2005 Housing "Bubble" and the Current "Correction": What's Different This Time?
Jan 01, 2008; ... Abstract This paper examines the inflation in housing prices between 1998 and 2005 and investigates whether this run-up in prices can be "explained" by increases in demand fundamentals such as population, income growth, and the decline in interest rates over this period. Time series ...
The Role of Executive Stock Options in REIT Repurchases
Jan 01, 2008; ... Abstract This paper examines the relationship between managerial stock option holdings and the decision to announce a repurchase of the firm's common stock. Managerial stock option holdings should reinforce the traditional undervaluation, free cash flow, and capital structure motives for ...
Improving Median Housing Price Indexes through Stratification
Jan 01, 2008; ... Abstract There is a trade-off between how easy a housing price series is to construct and the extent to which it adjusts for changes in the mix of dwellings sold. Median house price measures are easily calculated, frequently used by industry bodies, and quoted in the media. However, such ...
Volatility Clustering in U.S. Home Prices
Jan 01, 2008; ... Abstract Generalized autoregressive conditional heteroscedasticity (GARCH) effects imply the probability of large losses is greater than standard mean-variance analysis suggests. Accurately capturing GARCH for housing markets is vital for portfolio management. Previous investigations of ...
Introduction
Oct 01, 2007; ... More than thirty years has passed since enactment of the Home Mortgage Disclosure Act (HMDA), legislation that has continued to generate controversy over the years, even as its scope, coverage, and level of reporting detail have evolved. In mis Special Issue of the Journal of Real Estate ...
Opportunities and Issues in Using HMDA Data
Oct 01, 2007; ... Abstract Since 1975, the Home Mortgage Disclosure Act (HMDA) has required most mortgage lending institutions to disclose to the public information about the home loans they originate or purchase during a calendar year. In using these data, however, researchers need to be aware of a ...
The Home Mortgage Disclosure Act: A Synopsis and Recent Legislative History
Oct 01, 2007; ... Abstract This article describes the provisions of the federal Home Mortgage Disclosure Act (HMDA), tracing its legal evolution since 1989, when Congress expanded HMDA to require reporting of home mortgage lending by ethnicity and race. HMDA requires most lenders to report the demographic ...
The Pricing of Home Mortgage Loans to Minority Borrowers: How Much of the APR Differential Can We Explain?
Oct 01, 2007; ... Abstract The public releases of the 2004 and 2005 HMDA data have engendered a lively debate over the pricing of mortgage credit and its implications regarding the treatment of minority mortgage borrowers. This research uses aggregated proprietary data provided by lenders and an ...
Explaining the Growth of Higher-Priced Loans in HMDA: A Decomposition Approach
Oct 01, 2007; ... Abstract The period 2004-2005 showed a significant increase in Home Mortgage Disclosure Act (HMDA) rate spread reporting. Following the Oaxaca (1973), Blinder (1973), and Fairlie (2005) decomposition techniques, this study identifies the fraction of the increase due to the flattening of ...
Economic Factors Affecting Home Mortgage Disclosure Act Reporting
Oct 01, 2007; ... Abstract The release of the 2004-2005 Home Mortgage Disclosure Act data raised a number of questions given the increase in the number and percentage of higher-priced home mortgage loans and continued differentials across demographic groups. This paper assesses three possible explanations ...
Demystifying the Refi-Share Mystery
Oct 01, 2007; ... Abstract The refinance shares reported by Freddie Mac's Primary Mortgage Market Survey (PMMS), the Mortgage Bankers Association (MBA), the Home Mortgage Disclosure Act (HMDA), and the National Mortgage News (NMN) have differed by up to 21 percentage points between 1990 and 2005. If a ...