Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091927_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ayşe Can Author-X-Name-First: Ayşe Author-X-Name-Last: Can Title: GIS and Spatial Analysis of Housing and Mortgage Markets Abstract: This article provides a spatial analytical framework for using Geographic Information Systems (GIS) technology in housing and mortgage market research. It discusses the nature of neighborhood effects and their influence in residential market behavior and outcomes. It then discusses how GIS can aid with empirical research investigations.GIS, coupled with spatial analytical tools, offers an ideal research environment for processing, analyzing, and modeling housing and mortgage data sets. GIS offers powerful data mapping and visualization functionality to facilitate spatial explorations of the data. It also allows data from multiple sources and disparate formats to be integrated. Its powerful spatial querying and overlay capabilities greatly facilitate the organization and management of data sets to fit research needs. Finally, GIS is especially significant for constructing spatial variables. Journal: Journal of Housing Research Pages: 61-86 Issue: 1 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091927 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091927 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:1:p:61-86 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091928_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Grant Ian Thrall Author-X-Name-First: Grant Ian Author-X-Name-Last: Thrall Title: GIS Applications in Real Estate and Related Industries Abstract: Geographic Information Systems (GIS) have many applications in the real estate industry—an industry inherently spatial in nature—enabling real estate professionals to measure the true impact of location and thus make appropriate judgments in many areas, including residential brokerage, appraisal, and market analysis. This article assesses how GIS will affect real estate and closely related industries and provides a critical review of GIS business applications serving to effect that change.GIS technology will lead to increased productivity in many industry operations and to greater accuracy and timeliness of information for both professionals and the general public. As its full potential is realized, the market will move to higher levels of efficiency, which may ultimately drive down the cost of real estate transactions. There should also be a reduction in traditional information arbitrage of real estate, where inside information or market knowledge historically has allowed for unusually large real estate returns. Journal: Journal of Housing Research Pages: 33-59 Issue: 1 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091928 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091928 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:1:p:33-59 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091929_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eric Belsky Author-X-Name-First: Eric Author-X-Name-Last: Belsky Author-Name: Ayşe Can Author-X-Name-First: Ayşe Author-X-Name-Last: Can Author-Name: Isaac Megbolugbe Author-X-Name-First: Isaac Author-X-Name-Last: Megbolugbe Title: A Primer on Geographic Information Systems in Mortgage Finance Abstract: This article provides an overview of Geographic Information Systems (GIS) and the issues surrounding their use in mortgage finance and related industries. After a brief introduction to GIS and geographic data, the application of GIS technology to mortgage finance is explored. The article also examines organizational challenges in developing in-house GIS capability.GIS's greatest potential contribution is to credit, property, and agency risk management; marketing; regulatory compliance; and research and development. It is less useful in managing prepayment risk and less still in managing interest rate risk. Most existing applications draw heavily on spatial database management and map support functions of a GIS, with little emphasis on its spatial analytical capabilities. Prototype applications and research and development applications, however, draw on more powerful spatial analytical methods such as spatial statistics, spatial econometric modeling, and optimization methods. Spatial research is critical in building next-generation mortgage finance business applications. Journal: Journal of Housing Research Pages: 5-31 Issue: 1 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091929 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:1:p:5-31 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091930_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Luc Anselin Author-X-Name-First: Luc Author-X-Name-Last: Anselin Title: GIS Research Infrastructure for Spatial Analysis of Real Estate Markets Abstract: This article outlines the type of research infrastructure needed to complement existing commercial Geographic Information System (GIS) environments to perform state-of-the-art spatial analysis of real estate markets. The emphasis is on the relevance of a spatial data analytic perspective and on the operational setting in which this can be implemented. These ideas are part of an overall framework that distinguishes four spatial analysis functions: selection, manipulation, exploration, and confirmation.The relevance of spatial econometrics and spatial statistics for empirical analysis of real estate markets is illustrated with respect to three specific examples: efficient survey design, pattern recognition, and the estimation of hedonic models. Particular attention is paid to the linkages between the spatial data analytic functions and the more traditional GIS analysis functions, both conceptually and in existing software environments. Journal: Journal of Housing Research Pages: 113-133 Issue: 1 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091930 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091930 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:1:p:113-133 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091931_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ayşe Can Author-X-Name-First: Ayşe Author-X-Name-Last: Can Title: Editor's Introduction Journal: Journal of Housing Research Pages: 1-4 Issue: 1 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091931 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091931 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:1:p:1-4 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091932_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Rebecca Somers Author-X-Name-First: Rebecca Author-X-Name-Last: Somers Title: Developing GIS Management Strategies for an Organization Abstract: An organization's strategies for managing Geographic Information Systems (GIS) play a crucial role in the success of the technology within the organization. As with any technological innovation, the key factor in GIS success is how it is applied to solve the organization's business problems. Corporatewide strategies to introduce, implement, and operate the GIS determine how well it serves business needs.This article addresses management and organizational issues associated with GIS technology adoption in complex organizations. I discuss issues related to managing the introduction and use of GIS and alternative strategies for integrating GIS into business operations. The article draws on a variety of experiences to highlight key organizational factors that must be considered when developing a GIS strategy. Journal: Journal of Housing Research Pages: 157-178 Issue: 1 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091932 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091932 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:1:p:157-178 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091933_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kim Peterson Author-X-Name-First: Kim Author-X-Name-Last: Peterson Title: Development of Spatial Decision Support Systems for Residential Real Estate Abstract: Geographic Information Systems (GIS) can enhance the efficiency and effectiveness of decision making in the residential real estate industry. They can organize, manage, and analyze information in ways that were not possible with traditional information management systems. Although GIS are now used to perform specific business functions, their use can be magnified and extended through the creation of enterprise-wide spatial decision support systems (SDSS).This article provides a conceptual framework for the development of enterprise-wide SDSS. The first part of the article discusses the nature of real estate decision making and investment analysis, paying special attention to residential real estate. It also reviews different approaches to SDSS development. The second part of the article discusses enterprise-wide information architecture planning and specifies a conceptual framework for SDSS development. It then discusses issues related to technology transfer and SDSS implementation. Journal: Journal of Housing Research Pages: 135-156 Issue: 1 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091933 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091933 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:1:p:135-156 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091934_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Birkin Author-X-Name-First: Mark Author-X-Name-Last: Birkin Author-Name: Graham Clarke Author-X-Name-First: Graham Author-X-Name-Last: Clarke Title: GIS, Geodemographics, and Spatial Modeling in the U.K. Financial Service Industry Abstract: Geodemographic systems can make important contributions toward more effective marketing and branch location research within financial service organizations. This article reviews the potential of geodemographics to support various activities undertaken by financial institutions and discusses the role that Geographic Information Systems (GIS) can play in enhancing geodemographic products. Reviewing a number of application areas, the article evaluates the contribution that spatial modeling, coupled with GIS, can make to the market research undertaken with these geodemographic products.Although GIS and geodemographics are important analytical tools in the financial service market, the addition of spatial location models is crucial to better business decision making. They provide greater and more accurate analytical power and can address more focused questions related to development strategies, particularly concerning what-if planning. Geodemographic systems, coupled with spatial location models and GIS, can provide greater predictive power and greater flexibility to support decision making about branch openings, closures, and company mergers. Journal: Journal of Housing Research Pages: 87-111 Issue: 1 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091934 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091934 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:1:p:87-111 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091935_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Pitkin Author-X-Name-First: John Author-X-Name-Last: Pitkin Title: Changes in Homeownership and Households, 1993 to 1995: An Evaluation of Estimates from the Current Population Survey Abstract: Long-term changes in the number of households and the rate of homeownership serve as indicators of trends in the housing sector and in economic and social well-being. The Census Bureau's Current Population Survey (CPS), the principal data source used to measure these trends, underwent major design changes in 1994. Users have questioned whether these changes affected the CPS's accuracy as a basis for measuring trends during the first half of the 1990s.This research note uses independent estimates from the American Housing Survey (AHS) to assess nonsampling errors introduced by the 1994 CPS changes. The results indicate that the CPS-based Housing Vacancy Survey (HVS) significantly underestimates the 1993 to 1995 growth in the number of households. Differences between homeownership trends estimated by the HVS and AHS are not significant. Journal: Journal of Housing Research Pages: 317-326 Issue: 2 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091935 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091935 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:2:p:317-326 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091936_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Amy Bogdon Author-X-Name-First: Amy Author-X-Name-Last: Bogdon Author-Name: David Ling Author-X-Name-First: David Author-X-Name-Last: Ling Title: The Effects of Property, Owner, Location, and Tenant Characteristics on Multifamily Profitability Abstract: A key to promoting and expanding rental housing opportunities for low- and moderate-income families is an ample flow of debt and equity capital to the multifamily market. Market complexities and data obstacles have largely prevented researchers from understanding this market. This article uses the Property Owners and Managers Survey to examine the effects of property, owner, location, and tenant characteristics on various measures of multifamily profitability.A few results stand out from the empirical analysis. Smaller properties have lower rent-to-value and net operating income–to–value ratios and are less likely to be profitable than are other similar properties. A significant majority of properties compete with nonsubsidized properties, and those that compete with subsidized properties are less likely to be profitable. Tenant characteristics have a mixed effect on property performance. The presence of mostly low-income tenants has either a negative or insignificant effect on profitability; but the presence of Section 8 tenants has a positive effect on relative profitability. An important area for future work is to examine the effect of various property and tenant characteristics on mortgage performance. Journal: Journal of Housing Research Pages: 285-316 Issue: 2 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091936 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091936 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:2:p:285-316 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091937_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sunwoong Kim Author-X-Name-First: Sunwoong Author-X-Name-Last: Kim Author-Name: Gregory Squires Author-X-Name-First: Gregory Author-X-Name-Last: Squires Title: The Color of Money and the People Who Lend It Abstract: Racial disparities persist in the mortgage lending market, as does debate over their causes. This article examines whether the racial composition of a lender's workforce affects the loan approval rate for minority applicants. The relationship between employment of, and mortgage lending to, blacks, Hispanics, and Asians, is examined in five metropolitan areas: Atlanta, Boston, Denver, Milwaukee, and San Francisco.Linear multiple regression for institutional-level analysis and probit analysis for applicant-level analysis indicate that the racial composition of the workforce does affect loan approval rates for minority applicants. For blacks and Hispanics, employment, particularly in administrative and professional positions, positively affects loan approval; the findings for Asians were mixed. Further research is suggested for developing a fuller understanding of the relationship between employment and loan application approval. Specific policy recommendations are proposed for regulatory agencies, lenders, and community organizations. Journal: Journal of Housing Research Pages: 271-284 Issue: 2 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091937 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091937 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:2:p:271-284 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091938_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Follain Author-X-Name-First: James Author-X-Name-Last: Follain Author-Name: Lisa Sturman Melamed Author-X-Name-First: Lisa Sturman Author-X-Name-Last: Melamed Title: The False Messiah of Tax Policy: What Elimination of the Home Mortgage Interest Deduction Promises and a Careful Look at What It Delivers Abstract: This article explores the potential effects of eliminating the home mortgage interest deduction. Estimates of the tax expenditures generated by the home mortgage deduction usually exceed $40 billion, which give the impression that much additional tax revenue can be obtained by eliminating it. We argue otherwise. Many households, especially wealthy households, would change the way they finance their homes if the mortgage interest deduction were eliminated; they would rely less on mortgage debt and more on their own assets.Roughly $10 billion in additional tax revenue is generated by eliminating the mortgage interest deduction when such portfolio reshuffling is taken into account. Those hardest hit would be younger, upper-middle-income households. Wealthy households, low-income households, and many elderly households would be less affected. Journal: Journal of Housing Research Pages: 179-199 Issue: 2 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091938 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091938 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:2:p:179-199 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091939_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dowell Myers Author-X-Name-First: Dowell Author-X-Name-Last: Myers Author-Name: Isaac Megbolugbe Author-X-Name-First: Isaac Author-X-Name-Last: Megbolugbe Author-Name: SeongWoo Lee Author-X-Name-First: SeongWoo Author-X-Name-Last: Lee Title: Cohort Estimation of Homeownership Attainment among Native-Born and Immigrant Populations Abstract: This article proposes a cohort method for modeling longitudinal changes in homeownership attainment. Theory underlying the method draws on two research traditions: labor economists' research on the economic mobility of immigrants and housing economists' research on homeownership over the life cycle.The modeling technique was applied to native-born, non-Hispanic whites, native-born Mexican Americans, and Mexican immigrants and was used to estimate trajectories of homeownership attainment by birth cohort and arrival cohort from 1980 to 1990. The results show that temporal factors such as cohort membership, aging, and duration of U.S. residence are strong predictors of homeownership attainment. The results also show that the adjusted homeownership trajectories of younger native-born, non-Hispanic whites and Mexican Americans lag behind those of older cohorts. Journal: Journal of Housing Research Pages: 237-269 Issue: 2 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091939 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091939 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:2:p:237-269 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091940_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Schill Author-X-Name-First: Michael Author-X-Name-Last: Schill Author-Name: Samantha Friedman Author-X-Name-First: Samantha Author-X-Name-Last: Friedman Author-Name: Emily Rosenbaum Author-X-Name-First: Emily Author-X-Name-Last: Rosenbaum Title: The Housing Conditions of Immigrants in New York City Abstract: The influx of immigrants to New York City increases the demand for housing. Because the city has one of the nation's tightest and most complicated housing markets, immigrants may disproportionately occupy the lowest-quality housing. This article examines homeownership, affordability, crowding, and housing quality among foreign- and native-born households.Overall, foreign-born households are more likely to be renters and encounter affordability problems. Multivariate analyses reveal that foreign-born renters are more likely to live in overcrowded and unsound housing but less likely to live in badly maintained dwellings. However, compared with native-born white renters, immigrants—especially Puerto Ricans, Dominicans, Caribbeans, Africans, and Latin Americans—are more likely to live in badly maintained units. Because this disadvantage is shared by native-born blacks and Hispanics, it strongly suggests that race and ethnicity are more significant than immigrant status per se in determining housing conditions. Journal: Journal of Housing Research Pages: 201-235 Issue: 2 Volume: 9 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12091940 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12091940 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:9:y:1998:i:2:p:201-235 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091941_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Elmer Author-X-Name-First: Peter Author-X-Name-Last: Elmer Author-Name: Steven Seelig Author-X-Name-First: Steven Author-X-Name-Last: Seelig Title: Insolvency, Trigger Events, and Consumer Risk Posture in the Theory of Single-Family Mortgage Default Abstract: This article integrates the concepts of insolvency, trigger events, and consumer risk posture into the theory of single-family mortgage default. It presents a traditional consumer- or choice-theoretic framework that recognizes common elements of mortgage optionality along with variables for insolvency, income, house price, and interest rates. Two motivations for mortgage default, insolvency and exercise of a strategic option, are identified and compared under alternative settings.The model suggests that insolvency is a primary motivation for default. Broader measures of consumer financial health appear to provide better measures of the likelihood of default than do narrow measures based solely on home or mortgage value. Adverse shocks to income and house prices, but not interest rates, also affect default and insolvency through the erosion of personal wealth. Empirical evidence supporting the hypotheses developed is provided along with an analysis of the aggregate time series of mortgage default. Journal: Journal of Housing Research Pages: 1-25 Issue: 1 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091941 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091941 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:1:p:1-25 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091942_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dowell Myers Author-X-Name-First: Dowell Author-X-Name-Last: Myers Author-Name: Julie Park Author-X-Name-First: Julie Author-X-Name-Last: Park Title: The Role of Occupational Achievement in Homeownership Attainment by Immigrants and Native Borns in Five Metropolitan Areas Abstract: This article addresses the homeownership attainment of immigrants and native borns in five metropolitan areas: Los Angeles; New York; Washington, DC; Atlanta; and Philadelphia. The major question for analysis is the role of occupational achievement in shaping the attainment of homeownership for specific cohorts between 1980 and 1990. This effect is estimated in addition to that of human capital endowments, life cycle maturation, lengthening duration of U.S. residence, and earnings.We find that occupational achievement makes a significant contribution to homeownershipattainment, net of other factors, and that this effect is remarkably consistent across metropolitan areas, immigrant groups, and birth cohorts. The analysis also unveils substantial differences in ownership trends between metropolitan regions. Although immigrant groups attain lower levels of homeownership than non-Hispanic whites who are native born, the rate of progress toward homeownership for immigrants generally parallels that for young whites in the same metropolitan area. Journal: Journal of Housing Research Pages: 61-93 Issue: 1 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091942 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091942 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:1:p:61-93 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091943_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nandinee Kutty Author-X-Name-First: Nandinee Author-X-Name-Last: Kutty Title: Determinants of Structural Adequacy of Dwellings Abstract: This article investigates the determinants of structural adequacy, which is viewed as an attribute of housing quality. Data from the American Housing Survey of Metropolitan Areas for seven areas— Atlanta; Baltimore; New York; St. Louis; San Diego; Seattle; and Washington, DC—are analyzed using a logit model to determine the factors that influence the structural adequacy of dwellings.The data reveal significant disparities in the prevalence of structural inadequacy across metropolitan areas and population groups by race, household type, tenure, and central city or suburban location. A logit model of the determinants of structural adequacy is specified and estimated. Estimation results reveal that structural adequacy is associated with engineering and economic factors, such as age of the building, unit type, tenure, income of occupants, and vehicle ownership by occupants. Age of the building emerges as a very strong determinant of housing quality. Other influential factors are location, neighborhood quality, and room density. Journal: Journal of Housing Research Pages: 27-43 Issue: 1 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091943 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:1:p:27-43 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091944_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Title: Another Look at the Role of Borrower Characteristics in Predicting Mortgage Prepayments Abstract: Mortgage prepayments are made for many different reasons, and research has been hampered by the inability to distinguish among those reasons for prepayment. In this article, I report results of a loan-level model where full information is available: namely, when the borrower refinances a mortgage with the same lender. With access to detailed loan-level data, the role of a number of loan and borrower characteristics can be examined.After eliminating borrower mobility and liquidity demand factors, inclusion of loan and borrower characteristics unambiguously increases model explanatory power. But changes in predicted prepayment probabilities are most pronounced when the prepayment option is at-the-money. When the option is deeply in- or out-of-the money, borrower characteristics have little influence. This article presents the first major empirical investigation of "pure" refinancing behavior, while explicitly incorporating current actual borrower credit score and estimated current loan-to-value ratio as potentially limiting constraints. Journal: Journal of Housing Research Pages: 45-60 Issue: 1 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091944 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091944 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:1:p:45-60 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091945_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: George Galster Author-X-Name-First: George Author-X-Name-Last: Galster Author-Name: Kurt Metzger Author-X-Name-First: Kurt Author-X-Name-Last: Metzger Author-Name: Ruth Waite Author-X-Name-First: Ruth Author-X-Name-Last: Waite Title: Neighborhood Opportunity Structures and Immigrants' Socioeconomic Advancement Abstract: This article explores immigrants' socioeconomic success consequential to their choice of neighborhood. We describe and analyze seven aspects of socioeconomic success during the 1980s for 14 immigrant groups in five metropolitan areas. Exposure indices measuring aspects of the census tracts in which these groups lived in 1980 are calculated and analyzed. Multiple regression explores the degree to which 1980s neighborhood context explains socioeconomic advances of pre-1980 immigrants during the 1980s, controlling for group starting position in 1980 and metropolitan area of residence.Findings support the notion that a neighborhood of poorly educated, welfare-assisted, nonworking residents retards educational, professional, and employment prospects of immigrants. We also find evidence that a higher incidence of residential exposure to other members of one's immigrant group leads to higher rates of poverty and, perhaps, lower gains in employment during the subsequent decade. These findings should be interpreted cautiously, however, because of data limitations, specification shortcomings, and ambiguities in interpreting causation. Journal: Journal of Housing Research Pages: 95-127 Issue: 1 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091945 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091945 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:1:p:95-127 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091946_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Engberg Author-X-Name-First: John Author-X-Name-Last: Engberg Author-Name: Robert Greenbaum Author-X-Name-First: Robert Author-X-Name-Last: Greenbaum Title: State Enterprise Zones and Local Housing Markets Abstract: In the past two decades, more than 40 states have implemented enterprise zone programs to encourage business activity and revitalize distressed communities. Previous evaluations (predominantly at the zone or state level) on the impact of these programs have been inconclusive. We argue that property values are an ideal outcome measure, since any wealth created by these programs should be capitalized into the local housing market.We examine the impact of zones on the growth in housing values in 22 states, using a large sample of small cities both with and without enterprise zones. We use variation in the timing of zone designation to differentiate the impact of zone designation from that of unobserved, preexisting conditions hampering growth in zone locations. We find that, on average, zones do not increase housing values, although they do have a positive impact in tight housing markets. Journal: Journal of Housing Research Pages: 163-187 Issue: 2 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091946 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:2:p:163-187 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091947_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Lipscomb Author-X-Name-First: Joseph Author-X-Name-Last: Lipscomb Author-Name: Harold Hunt Author-X-Name-First: Harold Author-X-Name-Last: Hunt Title: Mexican Mortgages: Structure and Default Incentives, Historical Simulation, 1982 to 1998 Abstract: In 1995, the Mexican government sponsored a price-level adjusting credit system based on a unit of account called the UDI. This research examines the mechanics and behavior of UDI mortgages and compares them with dual-index mortgages (DIMs) in a simulation under the most volatile economic conditions in Mexico's recent history. We use Mexican economic data from February 1982 through January 1998 to simulate changes in payment-to-income ratios, equity-to-value ratios, and yields, both in pesos and dollars.Results indicate that UDI borrowers opting for the constant-amortization payment plan had low default incentives during most of the study period, reaching moderately high levels for a brief period of time for some borrowers. A comparison reveals that the DIMs used in Mexico resulted in greater incentives to default. We conclude that UDI mortgages are preferable to DIMs and offer greater potential for expansion of Mexico's mortgage markets. Journal: Journal of Housing Research Pages: 235-265 Issue: 2 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091947 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:2:p:235-265 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091948_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dirk Early Author-X-Name-First: Dirk Author-X-Name-Last: Early Author-Name: Jon Phelps Author-X-Name-First: Jon Author-X-Name-Last: Phelps Title: Rent Regulations' Pricing Effect in the Uncontrolled Sector: An Empirical Investigation Abstract: Rent controls, designed to lower the cost of housing for renters, may have the perverse effect of increasing rents for tenants in the unregulated sector. Although new construction is exempt from current rent control laws, a reduction in supply of rental housing will occur if investors are wary of future controls affecting their units. Also, if controls reduce landlord maintenance, total housing supply in a market will fall. Using 1984 to 1996 data from the American Housing Survey, this study examines the role of rent controls in determining the variations in prices of uncontrolled rental housing across metropolitan areas.The results suggest a positive and statistically significant relationship between the introduction of rent control and price in the uncontrolled sector. However, the link between controls and prices declines through time and may completely disappear after 20 to 30 years with no new construction subject to controls. Journal: Journal of Housing Research Pages: 267-285 Issue: 2 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091948 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:2:p:267-285 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091949_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Fratantoni Author-X-Name-First: Michael Author-X-Name-Last: Fratantoni Title: Reverse Mortgage Choices: A Theoretical and Empirical Analysis of the Borrowing Decisions of Elderly Homeowners Abstract: This research seeks to explain the determinants of reverse mortgage product choice. Reverse mortgages can potentially be a great benefit to an aging population, but it is important that products be structured to meet the needs of this group.The simulation model developed in this article shows that if the elderly are primarily concerned with the impact of unavoidable expenditure shocks on their standard of living, they are likely to be better off with a line-of-credit plan, which gives them access to a large sum of money, rather than adding an additional fixed component to their income. Support for the theoretical results is given by multinomial logit regressions based on a data set of Home Equity Conversion Mortgages. The empirical results are highly supportive of the predictions from the theoretical model. Journal: Journal of Housing Research Pages: 189-208 Issue: 2 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091949 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091949 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:2:p:189-208 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091950_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Emily Rosenbaum Author-X-Name-First: Emily Author-X-Name-Last: Rosenbaum Author-Name: Michael Schill Author-X-Name-First: Michael Author-X-Name-Last: Schill Title: Housing and Neighborhood Turnover among Immigrant and Native-Born Households in New York City, 1991 to 1996 Abstract: This article examines the pattern of housing choice among foreign- and native-born mover households in New York City, using two panels of individual-level data. We show that turnovers are most likely between households of similar race/ethnicity and that location in ethnically mixed and predominantly nonwhite subareas increases the odds of in-movement by foreign- and native-born black and Hispanic households rather than white household in-movement.Our results suggest that housing market segmentation continues to influence where households live and that immigrant mobility patterns are unlikely to increase the integration of whites with blacks and Hispanics in New York's neighborhoods. However, modest support for the roles of distinct neighborhood preferences and search processes is provided by the significant likelihood of immigrant inmovement associated with location in areas with high concentrations of persons with low English language abilities and previous occupancy by another immigrant household. Journal: Journal of Housing Research Pages: 209-233 Issue: 2 Volume: 10 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091950 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091950 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:10:y:1999:i:2:p:209-233 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091951_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Shroder Author-X-Name-First: Mark Author-X-Name-Last: Shroder Author-Name: Arthur Reiger Author-X-Name-First: Arthur Author-X-Name-Last: Reiger Title: Vouchers versus Production Revisited Abstract: Policy makers who want to help house low-income families might either fund production of new units or supplement the payments families make for existing units. Conventional wisdom holds that production costs more, but it has been claimed that the long-term discounted costs of project-based and tenant-based housing assistance may not be very different.Using large databases for assisted tenants from the U.S. Department of Housing and Urban Development, we find that 15 to 20 years after construction, Section 8 New Construction/Substantial Rehabilitation projects remained considerably more expensive than Section 8 certificates. The federal government could not use construction subsidies to preempt rent inflation. Even in the most inflated markets, rents for units that developers wanted to build are higher than comparable certificate rents. Journal: Journal of Housing Research Pages: 91-107 Issue: 1 Volume: 11 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091951 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:11:y:2000:i:1:p:91-107 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091952_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhong Yi Tong Author-X-Name-First: Zhong Yi Author-X-Name-Last: Tong Author-Name: John Glascock Author-X-Name-First: John Author-X-Name-Last: Glascock Title: Price Dynamics of Owner-Occupied Housing in the Baltimore–Washington Area: Does Structure Type Matter? Abstract: This article investigates whether structure type (single-family detached house, town house, or condominium) matters to the price dynamics of owner-occupied housing units. We use a transaction-assessment database merged with census data. After controlling for lot/structure characteristics, spatial, and temporal effects, our semi-log hedonic regressions suggest that town houses and condominiums are different from single-family detached houses in real price level and appreciation rates as well as price volatility.For our sample of data from the Baltimore–Washington metropolitan area from 1973 to 1997, a typical town house or condominium unit is significantly more affordable than a typical detached housing unit but costs more per additional square foot. Town houses appreciated less than detached houses in Montgomery County, MD and the city of Baltimore, while appreciating more in Baltimore County. Condominiums have the lowest rates of appreciation in all three locations. Condominiums also consistently exhibit higher price volatility. Journal: Journal of Housing Research Pages: 29-66 Issue: 1 Volume: 11 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091952 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091952 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:11:y:2000:i:1:p:29-66 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091953_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Roberto Quercia Author-X-Name-First: Roberto Author-X-Name-Last: Quercia Author-Name: George McCarthy Author-X-Name-First: George Author-X-Name-Last: McCarthy Author-Name: Rhonda Ryznar Author-X-Name-First: Rhonda Author-X-Name-Last: Ryznar Author-Name: Ayşe Can Talen Author-X-Name-First: Ayşe Author-X-Name-Last: Can Talen Title: Spatio-Temporal Measurement of House Price Appreciation in Underserved Areas Abstract: In this article, we examine house price appreciation rates and volatility in underserved areas. These include (1) census tracts with median income at or below 90 percent of the area median income (AMI) and (2) tracts with a minority concentration of at least 30 percent and median income up to 120 percent of AMI. Using 1972 to 1993 data from Dade County, FL, we estimate an expanded repeat-sales model that accounts for both space and temporal effects simultaneously.Stressing the exploratory nature of the study, we find that appreciation rates in underserved areas defined on the basis of median income are at least as high as those in other areas. Conversely, appreciation rates are lower in high minority areas than in the overall market.We also find that all underserved areas exhibit higher volatility than other areas, regardless of the definition used to designate them. Journal: Journal of Housing Research Pages: 1-28 Issue: 1 Volume: 11 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091953 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091953 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:11:y:2000:i:1:p:1-28 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091954_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Fullerton, Jr. Author-X-Name-First: Thomas Author-X-Name-Last: Fullerton, Jr. Author-Name: Juan Luevano Author-X-Name-First: Juan Author-X-Name-Last: Luevano Author-Name: Carol West Author-X-Name-First: Carol Author-X-Name-Last: West Title: Accuracy of Regional Single-Family Housing Start Forecasts Abstract: This article extends earlier research on the predictability of residential construction activity in regional housing markets. This category of forecasts is used in numerous banking, government, utility, and retail applications. To analyze forecast accuracy, quarterly frequency data are assembled from previously published econometric forecasts for Florida and its six largest metropolitan economies. The sample simulation covers the period between the first quarter of 1985 and the second quarter of 1996 and includes all three business cycle phases: expansion, recession, and recovery.Forecasts for single-family starts are compared with univariate time series and random-walk alternatives. Results indicate that structural model forecasts of regional housing construction are comparatively less reliable than forecasts for nonagricultural employment. Moreover, single-family starts in Florida do not perform as well against the two benchmarks as multifamily counterparts do for the same housing markets. Modelers should possibly consider increasing coverage to include other variables as a means of improving the reliability of residential construction forecasts. Journal: Journal of Housing Research Pages: 109-120 Issue: 1 Volume: 11 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091954 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091954 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:11:y:2000:i:1:p:109-120 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091955_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marsha Courchane Author-X-Name-First: Marsha Author-X-Name-Last: Courchane Author-Name: Amos Golan Author-X-Name-First: Amos Author-X-Name-Last: Golan Author-Name: David Nickerson Author-X-Name-First: David Author-X-Name-Last: Nickerson Title: Estimation and Evaluation of Loan Discrimination: An Informational Approach Abstract: Many recent studies have analyzed whether lending discrimination exists. In all previous studies, the researcher faces constraints with the available data or modeling problems. In this article, we use a new informational-based approach for evaluating loan discrimination. Given limited and noisy data, we develop a framework for estimating and evaluating discrimination in mortgage lending. This new informational-based approach performs well even when the data are limited or ill conditioned, or when the covariates are highly correlated. Because most data sets collected by bank examiners or banks suffer from some or all of these data problems, the more traditional estimation methods may fail to provide stable and efficient estimates.This new estimator can be viewed as a generalized maximum likelihood estimator.We provide inference and diagnostic properties of this estimator, presenting both sampling experiments and empirical analyses. For two of the three banks analyzed, we observe some evidence of potential racial discrimination. Journal: Journal of Housing Research Pages: 67-90 Issue: 1 Volume: 11 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091955 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091955 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:11:y:2000:i:1:p:67-90 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091956_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091956 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091956 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091958_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Elias Oikarinen Author-X-Name-First: Elias Author-X-Name-Last: Oikarinen Title: The Diffusion of Housing Price Movements from Center to Surrounding Areas Abstract: Previous empirical research shows that there are strong interrelationships between regional housing markets in a number of countries. There are many reasons why housing price changes in central areas may lead housing price movements in surrounding regions. These reasons include structural differences and economic interdependence between regions, as well as informational factors. This paper studies the hypothesis that there is a lead-lag relation between housing price movements in central and surrounding areas. Vector autoregressive and vector error-correction models using quarterly data from the Finnish housing markets from 1987 to 2004 are estimated. The results show that housing price changes diffuse first from the Helsinki Metropolitan Area (HMA), the main economic center in Finland, to the regional centers and then to the peripheral areas. Inside HMA, instead, housing price changes in the suburbs have Granger caused price movements in the city center. Journal: Journal of Housing Research Pages: 3-28 Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091958 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091958 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:3-28 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091959_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Pnina Plaut Author-X-Name-First: Pnina Author-X-Name-Last: Plaut Author-Name: Steven Plaut Author-X-Name-First: Steven Author-X-Name-Last: Plaut Title: The Preference for Housing Option Bundling Abstract: Bundling of products or features is a familiar phenomenon and has been studied and modeled in industrial organization models, consumer theory and marketing. Using a survey of housing preferences for American households, this study examines consumer preferences for "all-inclusive" bundles of amenities and features in housing versus the "option selection mode" of choice. This study also examines differences among population groups in the distribution of choice preference modes and preferences for some specific housing options, and analyzes the impact of factors such as housing tenure, wealth, race and education preferences. The findings indicate that there are significant differences in the preferences for the two modes by racial group, level of schooling, level of income and several other variables. Journal: Journal of Housing Research Pages: 81-94 Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091959 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091959 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:81-94 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091960_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2005 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: bmi-bmxv Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091960 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091960 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091961_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carl Gwin Author-X-Name-First: Carl Author-X-Name-Last: Gwin Author-Name: Seow Ong Author-X-Name-First: Seow Author-X-Name-Last: Ong Author-Name: Andrew Spieler Author-X-Name-First: Andrew Author-X-Name-Last: Spieler Title: Real Estate Appraisal and Transaction Price: An Empirical Evaluation of Alternative Theories Abstract: Mortgage appraisals are often required before a loan is approved. If information on the transaction price is available and lenders compensate appraisers, a principal-agent problem may arise. As a result, appraisers tend to overstate the value of a property because of their incentive to set the appraised value to be equal to (or greater than) the transaction price (Gwin and Maxam, 2002). This paper offers an alternative theory that generates a different empirical prediction. The theory is predicated on the updating appraisal process ala Quan and Quigley (1991) and a signaling modification to Gwin and Maxam (2002). Empirical tests to the theoretical moral hazard model postulated by Gwin and Maxam and the alternative theory herein is conducted using appraisal and transaction data from a lending institution in Singapore. The results support the alternative specification. Journal: Journal of Housing Research Pages: 29-39 Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091961 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091961 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:29-39 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091962_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Katherine Pancak Author-X-Name-First: Katherine Author-X-Name-Last: Pancak Author-Name: C. Sirmans Author-X-Name-First: C. Author-X-Name-Last: Sirmans Title: The Effect of Agency Reform on Real Estate Service Quality Abstract: This study examines the impact of recent state real estate agency reforms on real estate service quality. The analysis expands prior literature by examining licensing law effects on service quality using state adjudicated disciplinary action decisions as a measure of quality, adding recent state law developments as explanatory variables, and including state licensing board staffing and funding variables to hold licensing administrative efforts constant. The results indicate that certain state real estate agency reform efforts, as well as other licensing laws and the administration of licensing laws, do have an effect on variation in state licensee disciplinary actions. These results have policy implications for increasing real estate service quality. Journal: Journal of Housing Research Pages: 41-53 Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091962 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091962 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:41-53 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091963_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carl Gwin Author-X-Name-First: Carl Author-X-Name-Last: Gwin Author-Name: Seow Ong Author-X-Name-First: Seow Author-X-Name-Last: Ong Author-Name: Andrew Spieler Author-X-Name-First: Andrew Author-X-Name-Last: Spieler Title: Real Estate Appraisal and Transaction Price:An Empirical Evaluation of Alternative Theories Abstract: Mortgage appraisals are often required before a loan is approved. If information on the transaction price is available and lenders compensate appraisers, a principal-agent problem may arise. As a result, appraisers tend to overstate the value of a property because of their incentive to set the appraised value to be equal to (or greater than) the transaction price (Gwin and Maxam, 2002). This paper offers an alternative theory that generates a different empirical prediction. The theory is predicated on the updating appraisal process ala Quan and Quigley (1991) and a signaling modification to Gwin and Maxam (2002). Empirical tests to the theoretical moral hazard model postulated by Gwin and Maxam and the alternative theory herein is conducted using appraisal and transaction data from a lending institution in Singapore. The results support the alternative specification. Journal: Journal of Housing Research Pages: 29-39 Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091963 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091963 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:29-39 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091964_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xifang Xing Author-X-Name-First: Xifang Author-X-Name-Last: Xing Author-Name: David Hartzell Author-X-Name-First: David Author-X-Name-Last: Hartzell Author-Name: David Godschalk Author-X-Name-First: David Author-X-Name-Last: Godschalk Title: Land Use Regulations and Housing Markets in Large Metropolitan Areas Abstract: This article examines the impacts of land use regulations on cross-metropolitan variations in housing prices, rents and housing starts. Based on a 2002 national survey of local jurisdictions' land use regulations, two indices of regulatory stringency are created: one measures the use of growth management tools and the other measures the impacts of development process administrative practices. The results show that the growth management tools index is positively associated with housing prices and rents. A positive relationship is also found between the growth management tools index and the number of starts of multiple-unit housing. Similarly, a positive relationship is seen between the development process index and metropolitan housing prices and rents. In addition, more restrictive development processes, as measured by the index, restrain housing starts under conditions of rapid population growth. Journal: Journal of Housing Research Pages: 55-79 Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091964 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:55-79 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091965_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Introduction Journal: Journal of Housing Research Pages: 1-1 Issue: 1 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091965 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091965 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:1:p:1-1 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091966_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Kilpatrick Author-X-Name-First: John Author-X-Name-Last: Kilpatrick Title: Application of Repeat Sales Analysis to Determine the Impact of a Contamination Event Abstract: Prior studies of environmental contamination examine the cross-sectional impacts, either through a sales-comparison-type model or hedonic pricing. Neither model is robust at analyzing the impact of an event, such as a contamination announcement. Longer term longitudinal studies may not control for exogenous impacts, such as changes in house quality. This study uses a repeat-sales index to extract value-trend changes immediately after a contamination announcement, thus isolating the impacts of the event itself and controlling for exogenous factors. While the study is focused on contamination, it is generalizable to any systemic event. Journal: Journal of Housing Research Pages: 129-142 Issue: 2 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091966 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091966 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:2:p:129-142 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091967_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Author-Name: William Dare Author-X-Name-First: William Author-X-Name-Last: Dare Title: Charm Pricing as a Signal of Listing Price Precision Abstract: Housing listing prices serve as sellers' initial offers in the negotiation process and both the magnitude and the design of listing prices may convey information about sellers' reservation prices. Sellers frequently offer their properties for sale at listing prices that are just below some round price (e.g., $199,900 instead of $200,000). Some researchers have dubbed this strategy "charm pricing." Previous studies of the impact of charm listing prices on transaction prices provide mixed results, suggesting that the ramifications of the charm pricing strategy are not yet fully understood. This paper presents an empirical investigation of the potential role of charm pricing as a signal of listing price precision or "firmness." The findings indicate that transactions with charm listing prices exhibit significantly smaller discounts than transactions that use non-charm listing prices. Journal: Journal of Housing Research Pages: 113-127 Issue: 2 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091967 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:2:p:113-127 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091968_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Ooi Author-X-Name-First: Joseph Author-X-Name-Last: Ooi Author-Name: Sze-Teck Lee Author-X-Name-First: Sze-Teck Author-X-Name-Last: Lee Title: Price Discovery between Residential Land & Housing Markets Abstract: This paper examines whether high land prices in urban areas Granger cause high property prices or whether high property prices lead to high land prices. A constant quality price index is constructed for the urban land market in Singapore using hedonic methodology. A cointegration analysis reveals that the land price and house price series are integrated in the long run and that Granger causality runs from the housing market to the land market. No reverse causality was found from the land market to the housing market. This means that price movements in the land market do not filter to the housing market in the short run. Journal: Journal of Housing Research Pages: 95-112 Issue: 2 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091968 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:2:p:95-112 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091969_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 2 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091969 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091970_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2006 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: 1-17 Issue: 2 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091970 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091970 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:2:p:1-17 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091971_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Clifford Lipscomb Author-X-Name-First: Clifford Author-X-Name-Last: Lipscomb Title: An Alternative Spatial Hedonic Estimation Approach Abstract: Housing studies typically use parcel level distance variables or some variant of the spatial weights matrix approach to incorporate spatial effects into hedonic regression models. In this paper, using very detailed data on household attitudes and parcel attributes, hedonic regression residuals are used in a structural equations framework to check for additional spatial effects in the hedonic coefficients beyond those captured in the hedonic regression itself. In this way, a "nearest neighbors" approach utilizing parcel level distance variables is compared directly to OLS estimation using spatial variables, showing the relative efficiency of the estimates in the former approach. Journal: Journal of Housing Research Pages: 143-160 Issue: 2 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091971 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091971 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:2:p:143-160 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091972_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jonathan Wiley Author-X-Name-First: Jonathan Author-X-Name-Last: Wiley Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Title: Questioning the Effectiveness of Mandatory Agency Disclosure Statutes Abstract: This paper examines the topic of agency disclosure based on the results of the National Association of Realtors® 2004 Home Buying and Selling Survey. Currently, the practice of agency disclosure is required by statute in 49 out of 50 states. However, the findings of this study indicate that there are some problems with the effectiveness of current practices. In particular, the level of reported agency disclosure is found to vary substantially from one state to the next. In addition, certain cohorts within the home buying population such as first-time home buyers, Asians, Hispanics, and elderly buyers report disclosure at significantly lower rates than the rest of the population. Possible explanations for these findings are provided. Journal: Journal of Housing Research Pages: 161-174 Issue: 2 Volume: 15 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091972 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091972 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:15:y:2004:i:2:p:161-174 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091973_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stanley McGreal Author-X-Name-First: Stanley Author-X-Name-Last: McGreal Author-Name: Louise Brown Author-X-Name-First: Louise Author-X-Name-Last: Brown Author-Name: Alastair Adair Author-X-Name-First: Alastair Author-X-Name-Last: Adair Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Vertical Tax Equity: An Analysis of Residential Valuation in a Major U.K. City Abstract: This study uses a sample of houses sold in 2005 in the Belfast metropolitan area (UK) to test the accuracy of single-family residence valuations and whether the valuation for tax purposes is significantly different than market value as evidenced by sale price. This study examines how accurately the assessed values reflect market value, whether there are differences across statistical distributions and whether differences between assessed value and market value can be attributed to particular property characteristics. The results indicate that there is a tendency to over-value lower priced properties and under-value higher priced property demonstrating regressive vertical tax inequity. In addition, the net economic effect of valuation inaccuracy is shown to be a modest gain in revenue but one that is unequally distributed across house owners. Journal: Journal of Housing Research Pages: 1-18 Issue: 1 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091973 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091973 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:1:p:1-18 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091974_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sean Salter Author-X-Name-First: Sean Author-X-Name-Last: Salter Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Paul Spurlin Author-X-Name-First: Paul Author-X-Name-Last: Spurlin Title: Off-Dollar Pricing, Residential Property Prices, and Marketing Time Abstract: Academics participating in the residential real estate literature have recently begun to focus on the design of list prices, as opposed to the magnitude of list prices. The specialized design of list prices, referred to as “charm,” “even,” and “just-below-even” pricing is the subject of three recent works. This paper provides an alternative theoretical framework from earlier works and examines empirically the effect of off-dollar pricing, a heretofore uninvestigated listing design, on market outcomes. The results suggest that off-dollar pricing does not affect selling price, but properties exhibiting off-dollar pricing characteristics show signs of significantly shorter marketing times than their counterparts. Journal: Journal of Housing Research Pages: 33-46 Issue: 1 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091974 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091974 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:1:p:33-46 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091975_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karen Leppel Author-X-Name-First: Karen Author-X-Name-Last: Leppel Title: Married and Unmarried, Opposite- and Same-Sex Couples: A Decomposition of Homeownership Differences Abstract: Same-sex couples are found to be more likely to own (rather than rent) their homes than are unmarried, opposite-sex couples and less likely than married couples. Age explains the largest share of the homeownership gaps. Household income, center city residence, and the presence of children are also important factors. While almost two-thirds of the gap in homeownership between married and same-sex couples can be explained by differences in characteristics, about one-third of the gap can be attributed to differences in behavior and treatment, including discrimination on the basis of sexual orientation and marital status. About half of the gap between unmarried opposite-sex couples and same-sex couples can be explained by differences in characteristics, with the remaining half attributable to differences in behavior and treatment. Journal: Journal of Housing Research Pages: 61-81 Issue: 1 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091975 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091975 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:1:p:61-81 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091976_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Author-Name: Donald Jud Author-X-Name-First: Donald Author-X-Name-Last: Jud Author-Name: Tony Wingler Author-X-Name-First: Tony Author-X-Name-Last: Wingler Title: The Role of Commission Rates and Specialization in the Determination of Real Estate Agent Income Abstract: This paper explores the performance of residential real estate agents and the commission structure under which they operate. This study reveals the interrelationship among the number of properties sold by an agent, the dollar volume of sales, and real estate agent income. This research shows that the ability to generate listings is essential to generating higher levels of income in residential real estate sales. The listings become the platform from which agents leverage their human capital in the generation of income. However, the ability to generate listings is a skill related to experience, as well as to the firm and market environment. Journal: Journal of Housing Research Pages: 19-31 Issue: 1 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091976 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091976 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:1:p:19-31 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091977_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ash Morgan Author-X-Name-First: Ash Author-X-Name-Last: Morgan Title: The Impact of Hurricane Ivan on Expected Flood Losses, Perceived Flood Risk, and Property Values Abstract: The catastrophic affects of Hurricane Ivan on the Florida Panhandle real estate market raised growing concerns over the number of households located within the floodplain areas of coastal communities. Results from a hedonic property price model indicate that subsidized insurance premiums create a market imbalance by reducing expected flood losses and perceived risks associated with living in floodplain areas. Results also reveal that Ivan created an adjustment in the real estate market, increasing expected flood losses by 75 percent and raising flood risk perceptions. Finally, results indicate that further changes or a restructuring of the system may be necessary to curb households’ appetite for coastal living and offset the apparent imbalance in the real estate market. Journal: Journal of Housing Research Pages: 47-60 Issue: 1 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091977 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:1:p:47-60 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091978_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Justin Benefield Author-X-Name-First: Justin Author-X-Name-Last: Benefield Author-Name: Jonathan Wiley Author-X-Name-First: Jonathan Author-X-Name-Last: Wiley Title: The Probability of Sale for Residential Real Estate Abstract: This work investigates the determinants of the probability of sale during a given marketing span for residential properties. The inconsistent empirical relationship between property price and property selling time in numerous prior studies suggests an investigation into the determinants of a successful marketing effort is warranted. Results indicate that marketing time, seller motivation, certain property attributes, and location significantly affect the probability of successfully selling a property. These findings have implications for future works investigating, or relying on, the success or failure of residential property marketing efforts. Additionally, this work provides practical guidance to brokers and sellers of residential property. Journal: Journal of Housing Research Pages: 131-142 Issue: 2 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091978 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:2:p:131-142 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091979_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Cebula Author-X-Name-First: Richard Author-X-Name-Last: Cebula Title: Impact of the Real Median Price of Single-Family Homes on Geographic Mobility, 2000-2005 Abstract: The present study investigates the impact of the real median price of single-family homes on net internal migration flows in the United States over the 2000-2005 period. After allowing for factors such as the growth rate of GSP, the presence of hazardous waste sites, climate, per capita state income taxes, and other factors, it is found that the net state inflow of migrants over the 2000-2005 period was negatively and significantly affected by higher real median prices on single-family homes, a finding consistent with the absence of ‘‘money illusion’’ in the migration decision. Journal: Journal of Housing Research Pages: 143-150 Issue: 2 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091979 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:2:p:143-150 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091980_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bulent Uyar Author-X-Name-First: Bulent Author-X-Name-Last: Uyar Author-Name: Kenneth Brown Author-X-Name-First: Kenneth Author-X-Name-Last: Brown Title: Neighborhood Affluence, School-Achievement Scores, and Housing Prices: Cross-Classified Hierarchies and HLM Abstract: The housing literature has traditionally employed hedonic price models to investigate the impact of house and neighborhood characteristics on housing prices. These models, however, are not necessarily equipped to take into account the cross-classified, hierarchical nature of housing markets. This paper employs a hierarchical linear model (HLM) to examine the impact that housing characteristics, neighborhood affluence, and school-achievement scores have on housing prices in a cross-classified setting within a single municipality. More specifically, this paper analyzes the impact that differences in affluence across neighborhoods and school-achievement scores across school zones have on the valuation of certain individual housing characteristics in particular and, through them, on housing prices in general. Journal: Journal of Housing Research Pages: 97-116 Issue: 2 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091980 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091980 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:2:p:97-116 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091981_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Laura Garcia Author-X-Name-First: Laura Author-X-Name-Last: Garcia Author-Name: Christor Giannikos Author-X-Name-First: Christor Author-X-Name-Last: Giannikos Author-Name: Hany Guirguis Author-X-Name-First: Hany Author-X-Name-Last: Guirguis Title: Asset Pricing and the Spanish Housing Market Abstract: This paper studies the rise in real house prices in Spain between 1993 and 2004. Whether the increase can be attributed to economic fundamentals or a bubble has attracted a lot of attention given the fact that Spain has been the record breaker in house price appreciation in Europe. The study assesses the contributions of market fundamentals and momentum bubbles to recent real house price fluctuations. The analysis presents evidence that the observed high growth rates of house prices cannot be fully attributed to fundamentals and that momentum bubbles have a significant impact on real house prices in the Spanish market. Further, the findings suggest that real house prices were overvalued by 18% at the end of the sample period. Journal: Journal of Housing Research Pages: 83-95 Issue: 2 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091981 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091981 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:2:p:83-95 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091982_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dean Stansel Author-X-Name-First: Dean Author-X-Name-Last: Stansel Author-Name: Gary Jackson Author-X-Name-First: Gary Author-X-Name-Last: Jackson Author-Name: Howard Finch Author-X-Name-First: Howard Author-X-Name-Last: Finch Title: Housing Tenure and Mobility with an Acquisition-Based Property Tax: The Case of Florida Abstract: The purpose of this study is to empirically examine the effect on ownership tenure for residential housing under an acquisition-based property tax system. The state of Florida has an acquisition-based property tax system whereby annual assessments are capped to protect existing homeowners; the assessment is only adjusted to reflect market value upon resale. We hypothesize that such a system would lengthen the average tenure of residential home ownership, since the transactions costs of intra-state moves are magnified by the lost property subsidy. A sample of 20 Florida counties is used to examine average and median residential housing tenure at two distinct points in time to investigate changes in housing tenure. The results do not support the hypothesis. Possible mitigating factors included increased residential housing demand from a large population influx, escalating residential property values, low interest rates and easy credit availability, and homeowners adjusting to the acquisition-based property tax system. Journal: Journal of Housing Research Pages: 117-129 Issue: 2 Volume: 16 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091982 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091982 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:2:p:117-129 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091983_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Jud Author-X-Name-First: Donald Author-X-Name-Last: Jud Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: Housing Futures Markets: Early Evidence of Return and Risk Abstract: This paper examines risks and returns in the newly created market for housing futures traded on the Chicago Mercantile Exchange (CME). The estimates of contract returns on housing futures average about 8.6% annually, with a standard deviation of 12.6%. Returns show little relationship to the movements in the corresponding housing price indexes. When standardized for maturity and time, risk premiums on housing contracts appear to be higher in Boston, Chicago, Denver, New York, and San Francisco and lower in Las Vegas, Los Angeles, Miami, San Diego, and Washington, DC. The level of risk premiums appears to have been falling since the trading in housing futures was initiated on the CME. Finally, the findings reveal that risk premiums tend to be higher on contracts where the basis is high and the time to maturity is short. Journal: Journal of Housing Research Pages: 1-12 Issue: 1 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091983 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091983 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:1:p:1-12 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091984_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Norm Miller Author-X-Name-First: Norm Author-X-Name-Last: Miller Author-Name: Gurupdesh Pandher Author-X-Name-First: Gurupdesh Author-X-Name-Last: Pandher Title: Idiosyncratic Volatility and the Housing Market Abstract: Housing investment is largely undiversified and differs from financial assets (e.g., stocks) in that it serves the dual purpose of investment and consumption. Transaction costs and liquidity risk are also much higher for housing assets. These important differences among suggest that idiosyncratic volatility may play an important role in explaining the performance of the U.S. housing market. This hypothesis is evaluated by using disaggregate housing data based on the median-priced house sale in 7,234 ZIP Codes comprising the U.S. metropolitan housing market. The results indicate that idiosyncratic volatility plays a strong positive role on housing returns in the cross-section and that the relation is robust to the price level and socioeconomic variation among housing submarkets. These findings further suggest that idiosyncratic volatility acts as an important reduced-form factor for local supply-demand conditions that operate autonomously of systematic economy-wide drivers. Journal: Journal of Housing Research Pages: 13-32 Issue: 1 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091984 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:1:p:13-32 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091985_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Burrus Author-X-Name-First: Robert Author-X-Name-Last: Burrus Author-Name: Christopher Dumas Author-X-Name-First: Christopher Author-X-Name-Last: Dumas Author-Name: Edward Graham Author-X-Name-First: Edward Author-X-Name-Last: Graham Title: Coastal Homeowner Responses to Hurricane Risk Perceptions Abstract: This study extends a recent literature on homeowner behavior in response to changing perceptions of hurricane risk. A survey of coastal North Carolina homeowners is used to measure how hurricane damage expectations correlate with the purchase of defensive home improvements. The findings show that higher household income, larger insurance deductibles, and increased expectations of Category 3 hurricane strikes raise the likelihood of purchasing damage-mitigating improvements. Interestingly, increasing expectations of Category 4 and 5 hurricane strikes are not significantly associated with mitigation decisions. On reflection, this is actually rational, as most insurance deductibles cap homeowners’ potential dollar-damages with those more severe storms. Varied stakeholders, from homeowners to insurers to policymakers and lenders, might use these findings in their own decision-making. Journal: Journal of Housing Research Pages: 49-60 Issue: 1 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091985 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091985 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:1:p:49-60 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091986_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Szu-Yin Hung Author-X-Name-First: Szu-Yin Author-X-Name-Last: Hung Author-Name: Charles Tu Author-X-Name-First: Charles Author-X-Name-Last: Tu Title: An Examination of Housing Price Appreciation in California and the Impact of Alternative Mortgage Instruments Abstract: The median price of single-family detached homes in California jumped from $241,350 in 2000 to $524,020 in 2005. This paper studies the phenomenal housing price appreciation in the state by examining the impact of the increasing popularity of alternative mortgage products on the changes in housing values. Using macroeconomic variables and characteristics of mortgage products, this study investigates the driving forces behind this booming housing market and finds that the extensive use of alternative mortgage products was one of the major factors causing the unprecedented pace of housing value appreciation in California. Journal: Journal of Housing Research Pages: 33-47 Issue: 1 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091986 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091986 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:1:p:33-47 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091987_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jian Zhou Author-X-Name-First: Jian Author-X-Name-Last: Zhou Title: Estimating Natural Vacancy Rates with Unknown Break Points for the Chicago Rental Housing Market Abstract: Most empirical studies of the rental adjustment process assume a temporally constant natural vacancy rate (NVR). Such an assumption lacks theoretical support. This paper presents further evidence for the inherently time-varying NVR by detecting a break point in it for the Chicago rental housing market over the 1994:Q1-2005:Q4 period. The break point occurred at 2001:Q4. Its existence can be attributed to the structural changes that the Chicago housing market, as well as the macroeconomy, went through following the 9/11 event. Given the break point, two discrete values for the NVR are estimated, one for 1994:Q1-2001:Q4 and the other for 2002:Q1-2005:Q4. Journal: Journal of Housing Research Pages: 61-74 Issue: 1 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091987 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091987 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:1:p:61-74 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091988_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Vicky Seiler Author-X-Name-First: Vicky Author-X-Name-Last: Seiler Author-Name: Stefan Traub Author-X-Name-First: Stefan Author-X-Name-Last: Traub Author-Name: David Harrison Author-X-Name-First: David Author-X-Name-Last: Harrison Title: Familiarity Bias and the Status Quo Alternative Abstract: This study empirically examines familiarity bias in a residential real estate context. The results confirm the status quo deviation aversion hypothesis and to a lesser extent the increasing status quo deviation aversion hypothesis. Familiarity bias is strongest at the country level and least pronounced in the Asian population, while North Americans and females tend to experience it the most. Journal: Journal of Housing Research Pages: 139-154 Issue: 2 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091988 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091988 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:2:p:139-154 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091989_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Cebula Author-X-Name-First: Richard Author-X-Name-Last: Cebula Title: Impact of the Federal Budget Deficit on the Nominal Interest Rate Yield on New 30-Year Fixed-Rate Home Mortgages: Recent Evidence Abstract: This study provides recent evidence on the impact of the budget deficit on the nominal interest rate yield on new 30-year fixed-rate home mortgages. Using quarterly data for the period 1974.1–2007.4, as well as two sub-periods thereof, estimations reveal that the nominal interest rate yield on new 30-year fixed-rate home mortgages was an increasing function of expected inflation and the ex ante real 3-month Treasury bill yield, while being a decreasing function of the ratio of the M2 money supply to the GDP and the ratio of net international capital inflows to the GDP. Finally, the estimations reveal that the budget deficit, expressed as a percentage of GDP, exercised a positive and statistically significant impact on the mortgage yield. Journal: Journal of Housing Research Pages: 155-164 Issue: 2 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091989 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:2:p:155-164 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091990_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 2 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091990 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091991_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Austin Kelly Author-X-Name-First: Austin Author-X-Name-Last: Kelly Title: “Skin in the Game”: Zero Downpayment Mortgage Default Abstract: This paper extends the analysis of mortgage default to include mortgages that require no downpayment from the purchaser. The results indicate that borrowers who provide even modest downpayments from their own resources have substantially lower default propensities than do borrowers whose downpayments come from relatives, government agencies, or nonprofits. Borrowers with downpayments from seller-funded nonprofits, who make no downpayment at all, have the highest default rates. Eliminating FHA’s 3% downpayment causes default to rise far beyond the simple effect of a 3% change in equity. Journal: Journal of Housing Research Pages: 75-99 Issue: 2 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091991 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:2:p:75-99 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091992_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joachim Zietz Author-X-Name-First: Joachim Author-X-Name-Last: Zietz Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Author-Name: Greg Smersh Author-X-Name-First: Greg Author-X-Name-Last: Smersh Title: The Impact of Inflation on Home Prices and the Valuation of Housing Characteristics Across the Price Distribution Abstract: Applying quantile regression to over 136,000 single-family home sales in the Jacksonville, Florida area for the period 1990 to 2006, this study shows that the valuation of housing characteristics differs significantly across the quantiles of the sales price distribution. Square footage and lot size, for example, are valued much higher for higher-priced homes than for lower-priced homes. The opposite is true for the implied price of space that is not heated or air-conditioned. Interestingly, there is very little difference across quantiles in the effect of general inflation on house prices over time. Journal: Journal of Housing Research Pages: 119-137 Issue: 2 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091992 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:2:p:119-137 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091993_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2008 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: bmi-bmxxi Issue: 2 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091993 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:2:p:bmi-bmxxi Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091995_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vicky Seiler Author-X-Name-First: Vicky Author-X-Name-Last: Seiler Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Author-Name: Graeme Newell Author-X-Name-First: Graeme Author-X-Name-Last: Newell Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Service Quality Dimensions in Residential Real Estate Brokerage Abstract: This study examines service quality in the residential real estate brokerage industry following the significant changes in technology, licensing laws, and agency reform that have occurred in the last decade. Seven dimensions were statistically confirmed as relevant to measuring overall service quality. Tangibles, reliability, responsiveness, and empathy dimensions were statistically significant in the structural equation model. Also, there are significant positive relationships between overall service quality and both "using the firm again" and "recommending the firm to others." When compared to previous research, the findings suggest that the impact of various service quality dimensions has changed since the early 1990s. Journal: Journal of Housing Research Pages: 101-117 Issue: 2 Volume: 17 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091995 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091995 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:17:y:2008:i:2:p:101-117 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091996_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Albert Sumell Author-X-Name-First: Albert Author-X-Name-Last: Sumell Title: The Determinants of Foreclosed Property Values: Evidence from Inner-City Cleveland Abstract: This paper examines the overall magnitude and determinants of the value of foreclosed homes. A hedonic analysis of residential sales from Cuyahoga County, Ohio is employed to estimate how property and location-specific characteristics influence the foreclosure discount. Results indicate that the discount is substantial and subject to wide variations. The discount depends on a home's age, size, and condition, as well as numerous neighborhood characteristics. The duration of vacancy and number of surrounding foreclosures also impact the discount level. The results from this analysis inform policymakers on how foreclosure diminishes community property values and have practical implications to lenders and investors. Journal: Journal of Housing Research Pages: 45-61 Issue: 1 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091996 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:1:p:45-61 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091997_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jørgen Lauridsen Author-X-Name-First: Jørgen Author-X-Name-Last: Lauridsen Author-Name: Niels Nannerup Author-X-Name-First: Niels Author-X-Name-Last: Nannerup Author-Name: Morten Skak Author-X-Name-First: Morten Author-X-Name-Last: Skak Title: A Spatio-Temporal Analysis of Home Ownership Abstract: Determination of the demand for home ownership is analyzed. Determinants include prices and short—and medium term price changes, public regulation, competition from alternative residence forms, social composition of population, economic ability, and congestion. The study applies a parametric spatially adjusted SUR approach, so that dynamic as well as spatial patterns are controlled for simultaneously and further analyzes the effects of spatial spillover using a non-parametric spatial filtering approach. The importance of adjusting for spatial spillover is confirmed, but we show that parametric and non-parametric approaches may lead to substantially different conclusions regarding explanation of homeownership rate variations. Journal: Journal of Housing Research Pages: 77-93 Issue: 1 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091997 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:1:p:77-93 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091998_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Housing Research Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091998 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12091999_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Justin Benefield Author-X-Name-First: Justin Author-X-Name-Last: Benefield Author-Name: Jonathan Wiley Author-X-Name-First: Jonathan Author-X-Name-Last: Wiley Title: Architectural Review Boards and Their Impact on Property Price and Time-on-Market Abstract: This paper investigates the impact of privately-administered architectural review boards on property price and marketing time and, thus, their financial efficacy. Additionally, the paper demonstrates the usefulness of two-stage least squares regression as a modeling technique to better capture the simultaneous determination of property price and property marketing time. Robust results across two-stage least squares estimations and more traditional employed hedonic and hazard model estimations show that properties subject to architectural review board oversight experience a significantly higher selling price and a simultaneous reduction in marketing span, ceteris paribus. Journal: Journal of Housing Research Pages: 1-18 Issue: 1 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091999 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091999 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:1:p:1-18 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092000_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2009 American Real Estate Society Journal Manuscript Prize Winners Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 1 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092000 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092001_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Cebula Author-X-Name-First: Richard Author-X-Name-Last: Cebula Title: Are Property Taxes Capitalized into Housing Prices in Savannah, Georgia? An Investigation of the Market Mechanism Abstract: This study applies a hedonic pricing model to determine whether property taxes are capitalized into housing prices in the city of Savannah, Georgia. There were sufficient data to study a total of 2,888 single-family houses for the period 2000–2005. Estimating the model in semi-log form reveals that the natural log of the real sales price of a single-family house was in fact negatively affected by the city and county property tax level. Thus, this finding provides further evidence that the market mechanism works when adjusting to property taxation. Interestingly, one of the spatial variables, a binary variable reflecting close proximity to a public school, is positive and statistically significant, an additional finding also consistent in principle with the basic Tiebout (1956) hypothesis. Journal: Journal of Housing Research Pages: 63-75 Issue: 1 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092001 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:1:p:63-75 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092002_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Stephen Malpezzi Author-X-Name-First: Stephen Author-X-Name-Last: Malpezzi Title: Gated Streets and House Prices Abstract: We empirically examine the effect of neighborhood controls, including homeowner associations and private/limited access streets, on house prices using data from St. Louis, one of the first urban areas in which such development patterns emerged. We find that houses located in limited access subdivisions command an economically significant price premium holding other factors constant. We corroborate the size and economic significance of the price premium identified using data on three quite different suburban communities in Southern California. Findings are consistent with Tiebout sorting. Journal: Journal of Housing Research Pages: 19-43 Issue: 1 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092002 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:1:p:19-43 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092003_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2009 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: bmi-bmxxi Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092003 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:bmi-bmxxi Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092004_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Introduction Journal: Journal of Housing Research Pages: 95-98 Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092004 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:95-98 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092005_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brent Smith Author-X-Name-First: Brent Author-X-Name-Last: Smith Title: Spatial Heterogeneity in Listing Duration: The Influence of Relative Location to Marketability Abstract: Research on the relevance of location in real estate markets has been limited in studies of time on market. A semi-parametric duration model, adjusted for groupwise heterogeneity and corrected for bias, is employed on residential data to examine marketing time until sold as a function of multiple spatial planes. Including both locally defined neighborhood proxies and absolute location signatures in the models allows for controlling the influence that location externalities have on the components of individual properties and their relationship to marketing time. The results indicate that the impact on marketability from characteristics on a specific property vary by location within a housing market. The results are consistent with the pricing literature, suggesting that prime locations can command price premiums and potentially result in reduced marketing time. Journal: Journal of Housing Research Pages: 151-171 Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092005 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092005 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:151-171 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092006_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eric Belsky Author-X-Name-First: Eric Author-X-Name-Last: Belsky Title: Demographics, Markets, and the Future of Housing Demand Abstract: Demographics are not quite destiny but do exert a powerful influence on future housing demand. This paper examines how demographics shape demand and projects household growth, second home and additional vacant unit demand, and replacement demand from 2010 to 2020 under different assumptions. To analyze the housing supply-demand balance entering 2010, results are presented from a backward look at long-run construction demand compared to actual new construction and from a simple econometric model of long-run demand for starts using pooled metropolitan area data from 1982 to 2000. Implications of the housing and mortgage market meltdown for homeownership in the years ahead are also explored. Journal: Journal of Housing Research Pages: 99-119 Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092006 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092006 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:99-119 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092007_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Title: Determinants of Real Estate Agent Compensation Choice Abstract: This research seeks to determine what factors are decisive when an agent chooses between a 100% payout and the more traditional split-commission arrangement. In addition to the expected positive relationship between income and the 100% payout election, a tolerance for risk, a complementary sales force, and experience also influence the choice of compensation arrangement of agents. These finding suggest that compensation arrangements may not always be effective markers of agent productivity and that compensation incentives alone may not elicit greater effort and output. Journal: Journal of Housing Research Pages: 195-207 Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092007 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092007 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:195-207 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092008_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Justin Benefield Author-X-Name-First: Justin Author-X-Name-Last: Benefield Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Title: The Influence of Contingent Closing Costs on Sale Price, Time on Market, and Probability of Sale Abstract: Offers by sellers to pay closing costs on behalf of buyers that are contingent on the buyers' use of preferred ancillary service providers are a relatively new but increasing phenomenon. These contingent closing cost offers may have very different pricing, time-on-market, and probability of sale impacts than more traditional offers to pay closing costs where no particular choice of service provider is stipulated. Results indicate that there are substantial differences across price, time-on-the-market, and probability of sale between contingent and non-contingent closing cost offers, and that contingent closing cost offers have significant impacts on all three property transaction metrics. Journal: Journal of Housing Research Pages: 121-142 Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092008 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:121-142 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092009_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092009 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092009 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092010_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Title: Capitalization of Seller-Paid Concessions Near the Recent Peak of the Housing Bubble Abstract: Using listing price as a proxy to the market value of residential housing, this study examines the extent to which seller-paid concessions are capitalized into the final selling price of residential real estate. The central hypothesis of this work is that amounts paid by the seller toward closing cost, discount points or down payment are capitalized into the selling price. First-time home buyers, however, particularly during a period when home financing is plentiful, are willing to pay a liquidity premium on concessions paid by the seller. The empirical results are consistent with the hypothesis of the paper. Journal: Journal of Housing Research Pages: 143-150 Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092010 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:143-150 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092011_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jennifer Evans-Cowley Author-X-Name-First: Jennifer Author-X-Name-Last: Evans-Cowley Author-Name: Larry Lockwood Author-X-Name-First: Larry Author-X-Name-Last: Lockwood Author-Name: Ronald Rutherford Author-X-Name-First: Ronald Author-X-Name-Last: Rutherford Author-Name: Thomas Springer Author-X-Name-First: Thomas Author-X-Name-Last: Springer Title: The Effect of Development Impact Fees on Housing Values Abstract: This paper examines the effects of impact fees on housing prices using data from 46,420 properties in 63 Texas cities, 38 of which impose an impact fee. After controlling for self-selection of the imposition of the impact fee, findings indicate that the prices for both new and existing homes in areas with impact fees are 1.44% and 6.5% higher, respectively, compared to those in areas without impact fees. The imposition of impact fees is associated with increased property values that benefit homeowners and increase the property tax base. A coincident negative impact is decreased home affordability. Journal: Journal of Housing Research Pages: 173-193 Issue: 2 Volume: 18 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12092011 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12092011 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:18:y:2009:i:2:p:173-193 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092012_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vicky Seiler Author-X-Name-First: Vicky Author-X-Name-Last: Seiler Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Aaron Arndt Author-X-Name-First: Aaron Author-X-Name-Last: Arndt Author-Name: Graeme Newell Author-X-Name-First: Graeme Author-X-Name-Last: Newell Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Measuring Service Quality with Instrument Variation in an SEM Framework Abstract: The purpose of this study is to refine the real estate service quality scale, called RESERV, developed by Nelson and Nelson (1995). RESERV is examined for scale parsimony and for items measuring service expectations. This study is the first to simultaneously compare the three types of service quality items: perceptions of service quality, the gap between perceived service quality and service expectations, and the perceived service quality given expectations. It is found that the 7-dimension RESERV scale has slightly better predictive power but poorer parsimonious fit compared to the single dimension 'Professionalism.' Because of the length and complexity of the purchasing process in real estate, the version of the scale measuring only perceptions of service quality is better suited to real estate than versions that try to incorporate service expectations. Journal: Journal of Housing Research Pages: 47-63 Issue: 1 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092012 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092012 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:1:p:47-63 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092013_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Katherine Pancak Author-X-Name-First: Katherine Author-X-Name-Last: Pancak Title: A Critical Examination of Broker Minimum Service Laws Abstract: This paper examines state real estate broker minimum service laws. The United States government has stated that laws requiring brokers to provide a minimum level of specific services are anti-competitive, in that they restrict a broker from customizing services and limit consumer choice. The Department of Justice (DOJ) has compiled a list of states that it claims have anti-competitive minimum service requirements. A critical examination of all state brokerage laws, however, shows that the DOJ list is both incomplete and incorrect. These findings have policy implications for federal agencies, state licensing boards, and academics pursuing further research on whether real estate brokerage is competitive. Journal: Journal of Housing Research Pages: 17-35 Issue: 1 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092013 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092013 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:1:p:17-35 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092014_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2009 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: bmi-bmxix Issue: 1 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092014 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092014 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:1:p:bmi-bmxix Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092015_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092015 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092015 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092016_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sonali Das Author-X-Name-First: Sonali Author-X-Name-Last: Das Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Author-Name: Alain Kabundi Author-X-Name-First: Alain Author-X-Name-Last: Kabundi Title: The Blessing of Dimensionality in Forecasting Real House Price Growth in the Nine Census Divisions of the U.S. Abstract: This paper analyzes whether a wealth of information contained in 126 monthly series used by large-scale Bayesian Vector Autoregressive (LBVAR) models, as well as Factor Augmented Vector Autoregressive (FAVAR) models, either Bayesian or classical, can prove to be more useful in forecasting the real house price growth rate of the nine census divisions of the United States, compared to the small-scale VAR models, that merely use the house prices. Using the period of 1991:02 to 2000:12 as the in-sample period and 2001:01 to 2005:06 as the out-of-sample horizon, this study compares the forecast performance of the alternative models for one-to-twelve months ahead forecasts. Based on the average Root Mean Squared Error (RMSEs) for one-to-twelve months ahead forecasts, the findings reveal that the alternative FAVAR models outperform the other models in eight of the nine census divisions. Journal: Journal of Housing Research Pages: 89-109 Issue: 1 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092016 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092016 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:1:p:89-109 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092017_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Patric Hendershott Author-X-Name-First: Patric Author-X-Name-Last: Hendershott Author-Name: Robert Hendershott Author-X-Name-First: Robert Author-X-Name-Last: Hendershott Author-Name: James Shilling Author-X-Name-First: James Author-X-Name-Last: Shilling Title: The Mortgage Finance Bubble: Causes and Corrections Abstract: This paper describes the development of a mortgage bubble in the last dozen years. The behavior of the Government Sponsored Enterprises (Fannie Mae and Freddie Mac) and the private-label securitization of "junk" loans are emphasized. A summary includes some thoughts on moving forward. Journal: Journal of Housing Research Pages: 1-16 Issue: 1 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092017 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092017 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092018_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tammie Simmons-Mosley Author-X-Name-First: Tammie Author-X-Name-Last: Simmons-Mosley Title: Revealing a Public Choice Variable for Condominiums and Condominium Conversions: Percentage Funded for Maintenance Reserves Abstract: This paper is the first to investigate the impact of homeowner association dues and percentage funded for maintenance reserves on condominium and condominium conversion pricing. Homeowner association dues are typically readily available to buyers via the MLS; however, the percentage funded for maintenance reserves is not easily accessible to prospective buyers. This paper constructs a three-step funding policy model. Results indicate that buyers should be mindful of the level of homeowner association dues and to the heretofore unavailable percentage funded for maintenance reserves. Journal: Journal of Housing Research Pages: 37-45 Issue: 1 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092018 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092018 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:1:p:37-45 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092019_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brent Smith Author-X-Name-First: Brent Author-X-Name-Last: Smith Title: Turmoil in the Residential Mortgage Market: A Review and Compilation of Research and Policy Abstract: Although the 30-year fixed rate loan is the standard in the U.S. mortgage market, the interest rate risk is borne by the holder of the note. This risk, and myriad other motivations fostered the development of the subprime and Alt-A instruments that have become the bane of the housing market. Neither is likely to return as viable instruments, but the need for risk-based pricing will return as the housing cycle returns. Thus, it is valuable to examine the academic research on high risk loans as policy and future research advances. Journal: Journal of Housing Research Pages: 65-87 Issue: 1 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092019 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092019 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:1:p:65-87 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092020_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: M. Cary Collins Author-X-Name-First: M. Cary Author-X-Name-Last: Collins Author-Name: Keith Harvey Author-X-Name-First: Keith Author-X-Name-Last: Harvey Title: Mortgage Brokers and Mortgage Rate Spreads: Their Pricing Influence Depends on Neighborhood Type Abstract: Public interest groups believe mortgage brokers, as indirect or third-party lenders, are largely responsible for most reported high interest rate loans. Well-developed principal-agent theory suggests mortgage brokers are incented to solicit applications that are both creditworthy and where the broker has an informational advantage. Using census tract level data for 2005, we find the relation between mortgage broker concentration, loan pricing, and approval rates depends on the lien type and several other correlated control factors. After grouping census tracts into similar neighborhoods, we identify 14 distinct cluster groupings. At the cluster level, we find mortgage broker concentration has different effects on loan pricing and approval rates, depending on the type of neighborhood. We demonstrate that clustering at the neighborhood level, rather than regressing across the entire population, proves key to evaluating the relation. Journal: Journal of Housing Research Pages: 153-170 Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092020 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092020 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:153-170 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092021_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Swati Virmani Author-X-Name-First: Swati Author-X-Name-Last: Virmani Author-Name: Austin Murphy Author-X-Name-First: Austin Author-X-Name-Last: Murphy Title: An Empirical Analysis of Residential Mortgage Refinancing Decision-Making Abstract: This research empirically investigates the relative optimality of several different methods of making refinancing decisions on residential mortgages. The results indicate that a simple rule of refinancing whenever the mortgage rate has dropped 1% was approximately as effective as application of an option pricing model in minimizing the cost of financing over the 1980–2007 interval. Journal: Journal of Housing Research Pages: 129-138 Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092021 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:129-138 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092022_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Saul Adelman Author-X-Name-First: Saul Author-X-Name-Last: Adelman Author-Name: Mark Cross Author-X-Name-First: Mark Author-X-Name-Last: Cross Author-Name: David Shrider Author-X-Name-First: David Author-X-Name-Last: Shrider Title: Why Do Homeowners Make Mortgage Curtailment Payments? Abstract: This study investigates why homeowners make mortgage curtailment payments. Using data from the Federal Reserve's Survey of Consumer Finances (1992, 1995, 1998, 2001, and 2004) to analyze household mortgage curtailments, we consider the propensity to save and relative risk and return as possible factors in the curtailment decision. We find that higher propensities to save are strongly positively correlated with the probability of curtailing the mortgage and nearly double the probability of such payments. Liquidity risk is also a factor in the curtailment decision. Journal: Journal of Housing Research Pages: 195-212 Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092022 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:195-212 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092023_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Author-Name: Charles Carter Author-X-Name-First: Charles Author-X-Name-Last: Carter Title: Do the Phrases "Below Market Value" or "Below Appraised Value" in MLS Listings Convey Useful Information to the Market? Abstract: Property sellers and their agents sometimes use the phrases "below market value" and "below appraised value" in marketing efforts for their properties. This study questions whether or not there are price and/or time-on-market effects associated with these phrases. The findings indicate that both phrases convey useful information to the market and are not mere puffery in MLS listings. The phrase "below market value" leads to lower transaction prices of approximately 7% and the phrase "below appraised value" leads to lower transaction prices of approximately 3%. The results reveal no significant time-on-market effect for the phrases "below market value" or "below appraised value." Journal: Journal of Housing Research Pages: 185-194 Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092023 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092023 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:185-194 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092024_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2010 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092024 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092024 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092025_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chun-Hao Chang Author-X-Name-First: Chun-Hao Author-X-Name-Last: Chang Author-Name: Krishnan Dandapani Author-X-Name-First: Krishnan Author-X-Name-Last: Dandapani Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Title: Flood Zone Uncertainty and the Likelihood of Marketing Success Abstract: This work investigates the effect of uncertainty over a property's flood zone status and the probability of a transaction for residential property during a given marketing period. While the impact on property price from flood zone delineation is well documented, the effect of any uncertainty over the location of property with respect to the 100-year flood pool on the probability of a transaction has yet to be determined. Findings suggest that uncertainty of flood zone status leads to a statistically lower probability of transaction, ceteris paribus. These results have implications for property sellers, real estate professionals, and government regulators. Journal: Journal of Housing Research Pages: 171-184 Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092025 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092025 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:171-184 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092026_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Author-Name: Christian Tipoy Author-X-Name-First: Christian Author-X-Name-Last: Tipoy Author-Name: Sonali Das Author-X-Name-First: Sonali Author-X-Name-Last: Das Title: Could We Have Predicted the Recent Downturn in Home Sales in the Four U.S. Census Regions? Abstract: This paper analyzes the ability of various models to forecast home sales in the four Census regions in the United States. We also use the models to predict the downturn in home sales in these regions over the 2004:Q4 to 2009:Q2 period. The findings reveal that, barring the South, there always exists a Bayesian model, which tends to outperform all other models in forecasting home sales over the out-of-sample horizon. In addition, when we expose our classical and 'optimal' Bayesian forecast models to predicting the peaks and declines in home sales, we find that barring the South again, the models did reasonably well in predicting the turning point exactly at 2005:Q3 or with a lead. Journal: Journal of Housing Research Pages: 111-128 Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092026 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092026 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:111-128 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092027_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Author-Name: Lynn MacDonald Author-X-Name-First: Lynn Author-X-Name-Last: MacDonald Author-Name: David Macpherson Author-X-Name-First: David Author-X-Name-Last: Macpherson Title: A Meta-Analysis of Selling Price and Time-on-the-Market Abstract: Hedonic pricing models that include a variable measuring the number of days a property was on the market produce varied coefficients, with most being negative. This study uses meta-regression to examine the relationship between selling price and time-on-the-market (TOM) for residential properties. The meta-regression model tests whether the TOM coefficient is affected by the year of sale, income, model specification, and location. The results show that the TOM coefficient is sensitive to time of sale, income, size of the hedonic model, and model specification. The TOM coefficient is not sensitive to geographical location. Journal: Journal of Housing Research Pages: 139-152 Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092027 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092027 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:139-152 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092028_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 2 Volume: 19 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12092028 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12092028 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092029_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Culp Author-X-Name-First: Robert Author-X-Name-Last: Culp Title: Relocate then Renovate: An Empirical Analysis of the Role of Environmental Attributes in the Home Improvement Decision Abstract: The decision by homeowners to make major home improvements has typically been attributed to factors such as the home's size, age, location, its potential resale value, or to the changing needs of the owner. This paper examines a subset of homeowners, those who moved within the previous five years, to determine whether environmental attributes play a significant role in the decision to perform major renovations of their new dwelling and what factors may explain this behavior. The results of a binary logistic model indicate environmental attributes are an important factor in their decision to renovate. Journal: Journal of Housing Research Pages: 53-66 Issue: 1 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092029 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092029 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:1:p:53-66 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092030_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Harrison Author-X-Name-First: David Author-X-Name-Last: Harrison Author-Name: Thomas Noordewier Author-X-Name-First: Thomas Author-X-Name-Last: Noordewier Title: Empirical Evidence on Mortgage Choice as a Screening Mechanism for Default Risk Abstract: This paper examines one of the most critical credit decisions made by consumers: selecting between a fixed-rate mortgage (FRM) and an adjustable-rate mortgage (ARM). This study employs a sample of 1,003 mortgage loans to empirically evaluate whether a borrower's choice between fixed and adjustable rate products is contingent upon both their transactions costs of default and default risk. The findings reveal that when a borrower's default costs are sufficiently small, high default risk borrowers disproportionately self-select into FRMs, while low default risk borrowers tend to selfselect into ARMs. Journal: Journal of Housing Research Pages: 1-18 Issue: 1 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092030 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092030 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:1:p:1-18 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092031_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Miles Author-X-Name-First: William Author-X-Name-Last: Miles Title: Clustering in U.K. Home Price Volatility Abstract: In the wake of the 2007–09 global financial crisis, there has been heightened interest in correctly gauging the probability of large losses on assets, particularly house prices. If an asset exhibits GARCH effects in its returns, there is a much higher probability of large losses during volatile periods than standard mean-variance analysis indicates. While there has been much research on regional home prices in the United Kingdom, the focus has been on the conditional mean and convergence rather than on the possibility of GARCH effects and volatility clustering. The findings of this study reveal that the majority of U.K. regions indeed exhibit GARCH effects, and these GARCH effects have heterogeneous impacts on returns across regions. The existence of these GARCH effects in the majority of the U.K. regions has many important implications, ranging from proper portfolio management to government policy. Journal: Journal of Housing Research Pages: 87-101 Issue: 1 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092031 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092031 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:1:p:87-101 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092032_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092032 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092032 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092033_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2010 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 1 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092033 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092033 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092034_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Svante Mandell Author-X-Name-First: Svante Author-X-Name-Last: Mandell Author-Name: Mats Wilhelmsson Author-X-Name-First: Mats Author-X-Name-Last: Wilhelmsson Title: Willingness to Pay for Sustainable Housing Abstract: This paper analyzed the differences between house buyers when valuing environmental characteristics associated with the house. The theoretical framework used is based on hedonic modeling, but the second stage is estimated by assuming a translog utility function. This technique is used to estimate the non-marginal willingness to pay for environmental housing attributes and whether an environmentally aware household has a higher willingness to pay or not. The findings reveal that there is a positive willingness to pay for environmental attributes and it is higher for households who (state that they) are environmentally aware. These results may justify policy measures such as information campaigns. Journal: Journal of Housing Research Pages: 35-51 Issue: 1 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092034 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092034 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:1:p:35-51 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092035_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ke Chen Author-X-Name-First: Ke Author-X-Name-Last: Chen Author-Name: Gary Shelley Author-X-Name-First: Gary Author-X-Name-Last: Shelley Author-Name: Edward Baryla, Jr. Author-X-Name-First: Edward Author-X-Name-Last: Baryla, Jr. Title: A Geospatial Analysis of the Average Selling Price for New Apartments in Hangzhou, China Abstract: This paper provides evidence on the factors that influence the average selling price of an apartment in Hangzhou, China. Geospatial mapping techniques and an unbalanced panel regression model are used to estimate the effect of externalities on the average selling price. The results show that nearness to location-specific factors such as the central business district, schools, landfills, and a major highway all have significant price impacts. The district in which an apartment complex is located also often significantly affects price. The findings reveal nonlinear relationships between the average selling price and apartment size, a time trend, and the minimum distance from a cemetery. Journal: Journal of Housing Research Pages: 19-34 Issue: 1 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092035 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092035 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:1:p:19-34 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092036_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Huston Gibson Author-X-Name-First: Huston Author-X-Name-Last: Gibson Title: The Value of New: Elementary School Facility Age and Associated Housing Price Abstract: The purpose of this article is to assess the relationship between elementary school facility age and single-family housing price in the Orlando, Florida metropolitan area. This is a cross-sectional study employing multivariate regression. The model includes facility age as a measure of perceived school quality, along with a series of control variables to assess the relationship between public elementary school facility age and the corresponding housing prices within the associated school attendance zones. This study provides evidence that housing prices are associated with school facility age. The findings show housing prices to be positively correlated with newer and historic school facilities. Journal: Journal of Housing Research Pages: 67-86 Issue: 1 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092036 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:1:p:67-86 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092037_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jason Dietrich Author-X-Name-First: Jason Author-X-Name-Last: Dietrich Title: Searching for an Optimal Strategy for Identifying Files to Review for Fair Lending Analyses Abstract: During mortgage transactions, there is a risk that some customers will be charged higher pricing based solely on group membership. Identifying such disadvantaged customers is a primary objective for banking regulatory agencies. Whatever strategy is used, there is an inherent tradeoff between resource allocation and reliability of conclusions. While the likelihood of identifying all disadvantaged customers should be high, the rate at which non-disadvantaged customers are identified should be low. This study uses Monte Carlo simulation to analyze how six different strategies compare on these two performance measures. The results show that the optimal strategy with respect to maximizing reliability and minimizing cost depends on the likelihood and severity of disadvantage. Further, none of the strategies are highly successful at identifying disadvantaged applicants or minimizing the number of non-disadvantaged applicants reviewed. Journal: Journal of Housing Research Pages: 103-125 Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092037 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092037 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:103-125 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092038_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Allison Freeman Author-X-Name-First: Allison Author-X-Name-Last: Freeman Author-Name: Bruce Desmarais Author-X-Name-First: Bruce Author-X-Name-Last: Desmarais Title: Portfolio Adjustment to Home Equity Accumulation among CRA Borrowers Abstract: This paper identifies the financial implications of equity accumulation for low- and moderate-income (LMI) borrowers. The analysis examines whether the accumulation of equity crowds out other investments, as well as whether equity is substantially extracted through other borrowing. The data come from a unique panel study of Community Reinvestment Act (CRA) borrowers and matched renters. A copula modeling approach estimates the distribution of a financial portfolio; the distribution is used to simulate the effect of equity accumulation on the portfolios of the renters. The analysis reveals no evidence that equity accumulation crowds out other investments, or that CRA beneficiaries deplete equity through borrowing. Journal: Journal of Housing Research Pages: 141-160 Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092038 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092038 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:141-160 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092039_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmvii Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092039 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:fmi-fmvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092040_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly Goodwin Author-X-Name-First: Kimberly Author-X-Name-Last: Goodwin Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Title: The Home Buyer Tax Credit of 2009 and the Transition to Homeownership Abstract: One of the ways the government in the United States responded to the collapse of the housing bubble in 2007 was to provide a tax credit to first-time home buyers. Anyone purchasing their first home between April 2008 and April 2010 was eligible for a tax credit of up to $8,000. This study uses data from the 2009 National Association of Realtors® (NAR) Home Buyer and Seller Survey to examine the impact of the Home Buyer Tax Credit of 2009 on purchasing behavior. The findings reveal that the credit offering did serve as incentive to two main groups of buyers: minority groups with historically low homeownership rates and younger buyers with lower incomes who moved up their purchasing timeline to take advantage of the tax credit. Journal: Journal of Housing Research Pages: 211-224 Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092040 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092040 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:211-224 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092041_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Douglas Coate Author-X-Name-First: Douglas Author-X-Name-Last: Coate Author-Name: Richard Schwester Author-X-Name-First: Richard Author-X-Name-Last: Schwester Title: Black-White Appreciation of Owner-Occupied Homes in Upper Income Suburban Integrated Communities: The Cases of Maplewood and Montclair, New Jersey Abstract: This paper examines black-white differences in housing appreciation in northern New Jersey, with particular emphasis on the communities of Montclair and Maplewood in the 1970 to 2000 period. The findings reveal that home appreciation at the block group level in these communities was inversely related to changes in the black population. The effect of changes in the proportion of the population that was black on home appreciation was similar to the effects of changes in black population at the census tract level in the northern New Jersey region as a whole. These high-income communities with award-winning school districts and well maintained housing stocks were not immune from the effects of race on home appreciation. Journal: Journal of Housing Research Pages: 127-139 Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092041 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092041 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:127-139 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092042_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Author-Name: Alain Kabundi Author-X-Name-First: Alain Author-X-Name-Last: Kabundi Author-Name: Stephen Miller Author-X-Name-First: Stephen Author-X-Name-Last: Miller Title: Using Large Data Sets to Forecast House Prices: A Case Study of Twenty U.S. States Abstract: Several Bayesian and classical models are used to forecast house prices in 20 states in the United States. There are two approaches: extracting common factors (principle components) in a factor-augmented vector autoregressive or factor-augmented Bayesian vector autoregressive models or Bayesian shrinkage in a large-scale Bayesian vector autoregressive models. The study compares the forecast performance of the 1976:Q1 to 1994:Q4 in-sample period to the out-of-sample horizon 1995:Q1 to 2009:Q1 period. The findings provide mixed evidence on the role of macroeconomic fundamentals in improving the forecasting performance of time-series models. For 13 states, models that include the information of macroeconomic fundamentals improve the forecasting performance, while for seven states they do not. Journal: Journal of Housing Research Pages: 161-190 Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092042 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:161-190 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092043_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2011 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092043 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092044_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Lane Author-X-Name-First: Mark Author-X-Name-Last: Lane Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Vicky Seiler Author-X-Name-First: Vicky Author-X-Name-Last: Seiler Title: Identifying Behavioral Explanations for a Subset of the Real Estate Shadow Market Abstract: This study examines both financial and behavioral explanations for the existence of a residential real estate shadow market for underwater investment properties. The findings reveal that the affordability constraint explains only 44.4% of the reasons not to list a property for sale. Three documented behavioral reasons primarily drive the remaining decisions. While various investor demographic characteristics are at times significant, no distinct profile emerged to identify those most likely to reside in this portion of the shadow market. Journal: Journal of Housing Research Pages: 191-210 Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092044 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092044 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:191-210 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092045_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Merrifield Author-X-Name-First: John Author-X-Name-Last: Merrifield Author-Name: Kerry King-Adzima Author-X-Name-First: Kerry Author-X-Name-Last: King-Adzima Author-Name: Todd Nesbit Author-X-Name-First: Todd Author-X-Name-Last: Nesbit Author-Name: Hiran Gunasekara Author-X-Name-First: Hiran Author-X-Name-Last: Gunasekara Title: The Property Value Effects of Universal Tuition Vouchers Abstract: Every school-age child in San Antonio's Edgewood school district was eligible for a large, privately-funded tuition voucher from 1998 to 2008. This paper evaluates the impact of this voucher program on residential property values in the Edgewood district. Based on realtor data (multiple listing service), the findings reveal that during the period of the voucher program there was a 9.87% increase in house prices during the early years of the program, although an increase of only 1.10% during the later years when eligibility requirements were tightened. Journal: Journal of Housing Research Pages: 225-238 Issue: 2 Volume: 20 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12092045 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12092045 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:225-238 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092046_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2011 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 1 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092046 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092046 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092047_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Author-X-Name-Last: Stacy Sirmans Author-Name: C. Stace Sirmans Author-X-Name-First: C. Author-X-Name-Last: Stace Sirmans Title: Property Tax Initiatives in the United States Abstract: This study reviews the history of property tax initiatives in the United States. Major initiatives include California's Proposition 13, Florida's "Save Our Homes" amendment, and Massachusetts' Proposition 2½. Enacting some type of limitation is most appealing when taxpayers feel overtaxed and underserved. There is some evidence to show that tax and expenditure limitations do bring local governments more in line with voter preferences. Tax limitation initiatives are often funded by vested special interests and are not pure grassroots movements. Studies show that tax limitation initiatives have a negative effect on education through lower teacher salaries and lower student test scores. Studies also show that other public service areas such as fire protection are also negatively affected. Journal: Journal of Housing Research Pages: 1-13 Issue: 1 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092047 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092047 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:1:p:1-13 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092048_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Patric Hendershott Author-X-Name-First: Patric Author-X-Name-Last: Hendershott Author-Name: Kevin Villani Author-X-Name-First: Kevin Author-X-Name-Last: Villani Title: The Politically Incorrect View of What Made the Financial Crisis Systemic: Government Housing Policy Abstract: One narrative regarding the systemic financial system collapse is that numerous seemingly unrelated events occurred in un-or-under regulated markets, requiring widespread bailouts across the spectrum from mortgage borrowers to investors in money market funds. Markets become unbalanced but generally correct before crises become systemic. This did not occur with the most recent financial crisis due to the accumulation of past political reactions to such crises. Public enterprises had crowded out private enterprises, and public protection and the associated prudential regulation had trumped market discipline. Prudential regulation created moral hazard and public protection invited mission regulation, both of which undermined prudential regulation itself. This eventually led to systemic failure. Politicians are responsible for undermining market discipline, regulatory incompetence and mission-induced laxity. Journal: Journal of Housing Research Pages: 15-48 Issue: 1 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092048 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092048 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:1:p:15-48 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092049_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paul Goebel Author-X-Name-First: Paul Author-X-Name-Last: Goebel Author-Name: David Harrison Author-X-Name-First: David Author-X-Name-Last: Harrison Title: Money to Burn: Economic Incentives and the Incidence of Arson Abstract: This paper examines whether, and to what extent, the incidence of single family residential arson may be explained by vectors of economic, demographic, crime deterrent, and jurisdiction specific variables. While previous research has reported mixed results as to the existence and strength of these relationships, the study results indicate that per capita arson rates are significantly related to the economic growth and vitality of a metropolitan region. Specifically, using arson incidence data obtained from the Federal Bureau of Investigation (FBI), the results provide robust evidence that arson rates are positively related to both an area's unemployment rate and foreclosure rate, while negatively related to both regional housing appreciation rates and income levels. Journal: Journal of Housing Research Pages: 49-65 Issue: 1 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092049 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092049 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:1:p:49-65 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092050_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: Anthony Byrd Author-X-Name-First: Anthony Author-X-Name-Last: Byrd Author-Name: Matthew Hurst Author-X-Name-First: Matthew Author-X-Name-Last: Hurst Title: Earnings of Real Estate Salespersons with Prior Work Experience Abstract: This study examines the relationship between earnings in real estate sales and past employment using a nationwide survey conducted by the National Association of Realtors®. The findings show that persons entering into real estate directly as a first career and those with experience in sales or retail do significantly better than others with different backgrounds, after accounting for variables previously shown to factor into earnings. Time spent in the agent's prior career also appears to have a significant effect on earnings. Journal: Journal of Housing Research Pages: 83-99 Issue: 1 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092050 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092050 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:1:p:83-99 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092051_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: JOURNAL OF HOUSING RESEARCH Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092051 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092051 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092052_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bennie Waller Author-X-Name-First: Bennie Author-X-Name-Last: Waller Author-Name: Ali Jubran Author-X-Name-First: Ali Author-X-Name-Last: Jubran Title: The Impact of Agent Experience on the Real Estate Transaction Abstract: This research examines the productivity of real estate agents who acquire and maintain their real estate salesperson's license for two years or less (rookie) relative to those who have been licensed agents for 10 years or more (veteran). The findings show that properties listed by rookie agents will sell for approximately 10% less than those listed by more experienced agents. Properties listed by rookie agents also endure a significantly longer marketing duration than those of more experienced agents. Properties listed by veteran agents also sell for approximately 2% more than those of rookie agents and did so 32% faster. Finally, while the inexperienced agent does not significantly influence the probability of a sale, the more experienced agent does significantly increase the probability of a successful transaction. Journal: Journal of Housing Research Pages: 67-82 Issue: 1 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092052 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092052 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:1:p:67-82 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092053_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: Agent Performance, Incentives, and Ownership Abstract: Real estate agents are paid in two ways. One way is from a split percentage of the individual's generated revenue. The other is from an ownership share of the firm's profit from all agents. Tests are performed on whether having ownership increases individual agent performance as measured by the number of transactions, average transaction size, gross sales, and income. For agents in the United States in 2007, ownership raises the volume of transactions among partners and stock holders. Ownership increases gross sales and income by partners but not necessarily among stock holders. Journal: Journal of Housing Research Pages: 101-121 Issue: 1 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092053 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092053 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:1:p:101-121 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092054_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092054 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092054 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092055_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Morgan Rose Author-X-Name-First: Morgan Author-X-Name-Last: Rose Title: Prepayment Penalties: Efficiency and Predation Abstract: This paper presents evidence that reductions in mortgage interest rates associated with prepayment penalties are greater for riskier borrowers, as measured by mortgage type, credit scores, and local incomes and education levels. This is consistent with an efficiency view arguing that, by reducing the reclassification risk faced by lenders, prepayment penalties can be welfare-improving. Additional findings indicate that prepayment penalties are also used as a predatory lending tool, but the efficiency view dominates the predatory view in most circumstances. State anti-predatory lending laws restricting the duration and amount of prepayment penalties appear to curb the predatory use of prepayment penalties. Journal: Journal of Housing Research Pages: 227-260 Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092055 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092055 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:227-260 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092056_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back matter Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092056 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092056 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092057_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ray Brastow Author-X-Name-First: Ray Author-X-Name-Last: Brastow Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Bennie Waller Author-X-Name-First: Bennie Author-X-Name-Last: Waller Title: On the Likelihood of a Transaction and the Amount of Time Provided the Broker to Sell Property Abstract: This work empirically investigates the effect of the amount of time provided the broker to market property (listing contract length) on the likelihood of a successful marketing attempt. Do shorter listing contracts increase broker motivation or can contracts be so short that marketing efforts are unlikely to result in a successful transaction? The empirical results demonstrate that when the broker is provided a longer listing contract, the likelihood of a successful transaction increases but at a decreasing rate. This result suggests that home sellers face a tradeoff when choosing contract length. Longer contracts provide more time to arrange a successful sale, but reduction in broker motivation reduces the probability of sale as contracts lengthen. Journal: Journal of Housing Research Pages: 215-225 Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092057 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092057 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:215-225 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092058_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Hilla Skiba Author-X-Name-First: Hilla Author-X-Name-Last: Skiba Author-Name: Mark Hirschey Author-X-Name-First: Mark Author-X-Name-Last: Hirschey Title: The Ship Appears to be Turning Abstract: Since early 2007, housing has experienced a prolonged slump in prices. This study investigates the state of housing markets across the United States as of June 2011 and finds that housing is undervalued in almost all markets. Two housing affordability measures (price-to-income ratio and mortgage payment-to-income ratio) show ownership is less costly today than during most of the nation's recent past. Additionally, a buy versus rent analysis suggests that ownership rather than renting is the preferable housing tenure choice from a financial standpoint in the majority of American real estate markets. These findings combine to indicate the presence of near term unprecedented opportunities for home ownership. Journal: Journal of Housing Research Pages: 261-280 Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092058 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092058 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:261-280 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092059_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Norman Miller Author-X-Name-First: Norman Author-X-Name-Last: Miller Author-Name: Michael Sklarz Author-X-Name-First: Michael Author-X-Name-Last: Sklarz Title: Integrating Real Estate Market Conditions into Home Price Forecasting Systems Abstract: Market condition indicators are reviewed here as candidates for improved short-term home price forecasting. Medium- to longer-term housing price primary drivers are quite well known, such as employment, income, supply constraints, and interest rates. Shorter-term forecasts with improved accuracy on turning points present a greater challenge and require the use of market condition indicators. Here we demonstrate the power of a variety of market-based variables that might be considered in any future research on short-term home price forecasting. Such research may help us better understand potential housing bubbles and turning points in market prices. As data continues to improve, we can perform such analysis across much of the United States on a near-real time basis in smaller and smaller sub-markets. Journal: Journal of Housing Research Pages: 183-213 Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092059 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092059 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:183-213 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092060_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Poornima Madhavan Author-X-Name-First: Poornima Author-X-Name-Last: Madhavan Author-Name: Molly Liechty Author-X-Name-First: Molly Author-X-Name-Last: Liechty Title: Ocular Tracking and the Behavioral Effects of Negative Externalities on Perceived Property Values Abstract: This study proposes an alternative valuation technique to the standard hedonic model. Specifically, in the context of an experimental design, we use ocular tracking technology (dwell time, fixation duration, and saccade amplitude) to follow the eye movements of perspective homebuyers and a sample of student participants while searching for homes on the Internet. We superimpose ominous power lines in matched samples to just one home of the 10 homes that participants toured. Walls of another home within the tour package are artificially painted pink. Again using matched samples to compare results, we find that people rationally differentiate between negative externalities that can easily be changed (pink walls) versus those that cannot (power lines). Journal: Journal of Housing Research Pages: 123-137 Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092060 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092060 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:123-137 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092061_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Hutchison Author-X-Name-First: David Author-X-Name-Last: Hutchison Title: Accounting Practices and Earnings Volatility in Mortgage Banking Abstract: Mortgage servicing rights (MSRs) accounting rules create severe interest rate earnings risk for mortgage banks, even when the firm is cash flow-neutral to interest rate changes. Mortgage banks have been forced to adopt aggressive and at times uneconomic hedging practices or abandon mortgage servicing altogether. In this paper, simple mortgage banking model is developed to analyze earnings volatility, with and without MSR hedges. The results suggest that short-term earnings volatility induced by the asymmetric accounting treatment of the servicing and mortgage origination franchises is marked and persistent, and that hedging, while somewhat reducing earnings risk, essentially shifts it over time. Journal: Journal of Housing Research Pages: 139-158 Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092061 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092061 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:139-158 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092062_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Roland Andersson Author-X-Name-First: Roland Author-X-Name-Last: Andersson Author-Name: Bo Söderberg Author-X-Name-First: Bo Author-X-Name-Last: Söderberg Title: Elimination of Rent Control in the Swedish Rental Housing Market: Why and How? Abstract: If housing market rent control is completely eliminated, welfare gains may arise from tenant redistribution. The amount of such welfare gains is estimated at approximately SEK 20 billion (approximately USD 3 billion) for inner Stockholm. In addition, welfare gains may arise from the production of new housing. We demonstrate that total deregulation is preferable to partial deregulation limited to new housing. Furthermore, inefficient overproduction of new housing would follow partial deregulation. Tenants facing rent increases if rent control were phased out would suffer welfare losses, and should be compensated to fulfill the Pareto criterion. Various compensation models could be used, as analyzed here. The amounts necessary to fully compensate tenants in attractive submarkets may be substantial. The Pareto criterion is not necessarily a desirable guideline for politicians if it implies huge wealth redistribution; it is still, however, a natural criterion in connection to all welfare economic analysis. Journal: Journal of Housing Research Pages: 159-181 Issue: 2 Volume: 21 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12092062 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12092062 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:21:y:2012:i:2:p:159-181 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092063_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 1 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092063 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092063 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092064_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Cristian Voicu Author-X-Name-First: Cristian Author-X-Name-Last: Voicu Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Title: Deriving the Rent versus Buy Decision in the Absence of Expected Home Price Appreciation or Risk Premia Abstract: The paper extends the work of Poterba (1984, 1991) and Voicu and Seiler (2013) by mathematically deriving the optimum rent versus buy decision without any information relating to expected home price appreciation or risk premia. Using Chicago Mercantile Exchange housing futures contracts, we empirically demonstrate that renting was financially preferred to owning over the sample period. Our findings are consistent with recent work by Beracha and Johnson (2012) even though an entirely different approach was taken. Journal: Journal of Housing Research Pages: 33-37 Issue: 1 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092064 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092064 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:1:p:33-37 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092065_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ignacio Navarro Author-X-Name-First: Ignacio Author-X-Name-Last: Navarro Title: Housing Markets on Cocaine: Explaining the Relationship between Cocaine Exports and Local Housing Markets in the Andes Abstract: This paper explores the effect of illegal good exports on urban housing markets. It argues that while exports of illegal goods affect housing markets through an employment multiplier effect just as legal exports do, they additionally tend to have an impact on housing markets through violence-generated labor displacement and money laundering. Empirical estimates using time series data from Bolivia and Colombia, two of the world's largest exporters of cocaine, demonstrate that cocaine exports in these countries tend to have a significant impact on urban home prices and construction permits that differ considerably from those of other legal exports. Further, the estimates indicate that only a small fraction of the total effects of illegal exports on housing markets is accounted for by employment effects, suggesting that illegal export effects on housing markets in Bolivia and Colombian during the time studied occurred mainly through money laundering. Journal: Journal of Housing Research Pages: 59-74 Issue: 1 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092065 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:1:p:59-74 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092066_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Norman Mille Author-X-Name-First: Norman Author-X-Name-Last: Mille Author-Name: Vivek Sah Author-X-Name-First: Vivek Author-X-Name-Last: Sah Author-Name: Michael Sklarz Author-X-Name-First: Michael Author-X-Name-Last: Sklarz Author-Name: Stefan Pampulov Author-X-Name-First: Stefan Author-X-Name-Last: Pampulov Title: Is there Seasonality in Home Prices—Evidence from CBSAs Abstract: This study detects seasonality in home prices at the Core Base Statistical Area (CBSA) level. Using a unique database of home sales from 138 CBSAs from February 2000 to April 2011, we explore if monthly home prices vary systemically and significantly. Using a hedonic pricing model to account for housing characteristics and the standard HP filter system to extract the trend and the cyclical/seasonality component of the prices, the findings indicate significant price variations during the year for most months and most markets. At the aggregate level, the monthly price changes vary from an average of -2.78% on the downside to 1.93% on the upside. Aside from weather-induced seasonality and the geographic region, we find some differences in patterns based on whether or not the CBSA is a tourist destination. Journal: Journal of Housing Research Pages: 1-15 Issue: 1 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092066 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092066 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:1:p:1-15 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092067_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092067 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092068_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hing Lin Chan Author-X-Name-First: Hing Lin Author-X-Name-Last: Chan Author-Name: Kai Yin Woo Author-X-Name-First: Kai Yin Author-X-Name-Last: Woo Title: Studying the Dynamic Relationships between Residential Property Prices, Stock Prices, and GDP: Lessons from Hong Kong Abstract: This paper studies the dynamic relationships between GDP, residential property prices, and stock prices in Hong Kong. The study is interesting because most people put their wealth into these two markets. We find that there are long-run feedback effects between the two asset markets, providing evidence of wealth and credit-price effects in Hong Kong. There are also long-run, bi-directional causal links between real GDP and real asset prices. Hence, real asset prices can drive long-run economic growth and vice versa. Finally, the paper discusses what policy lessons can be drawn from the empirical analyses that have been undertaken. Journal: Journal of Housing Research Pages: 75-89 Issue: 1 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092068 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:1:p:75-89 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092069_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Louise Brown Author-X-Name-First: Louise Author-X-Name-Last: Brown Author-Name: Stanley McGreal Author-X-Name-First: Stanley Author-X-Name-Last: McGreal Author-Name: Alastair Adair Author-X-Name-First: Alastair Author-X-Name-Last: Adair Title: The Role of Bidding in Determining Sales Price for Residential Property Abstract: Theoretical models of the house selling process have shown the number of bidders involved to be an important factor in explaining sales price; however, empirical models have not included specific variables capturing the dynamic process that occurs during time on the market (TOM). This paper addresses this gap by including explicit bidding variables, as well as TOM in a hedonic pricing model. The results confirm the importance of the number of bidders in understanding the direction of the relationship between price and TOM, identifying that the outcome of multiple bidder sales are more predictable than properties sold with a single bidder. Journal: Journal of Housing Research Pages: 39-57 Issue: 1 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092069 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092069 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:1:p:39-57 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092070_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Roy Wada Author-X-Name-First: Roy Author-X-Name-Last: Wada Author-Name: Velma Zahirovic-Herbert Author-X-Name-First: Velma Author-X-Name-Last: Zahirovic-Herbert Title: Distribution of Demand for School Quality: Evidence from Quantile Regression Abstract: This paper empirically examines the distribution of demand for school quality using quantile regression to analyze housing market data. The study takes advantage of a courtordered redistricting as a quasi-random assignment of school quality. After controlling for unobserved characteristics using subdivision fixed-effects, we show that high-income families place significantly greater value on academic achievement than low-income families. The average effects as estimated by OLS conceal considerable heterogeneity in demand for academic achievement due to the “aggregation” of families' differential willingness to pay. A similar trend is absent for non-academic quality. Journal: Journal of Housing Research Pages: 17-31 Issue: 1 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092070 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092070 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:1:p:17-31 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092071_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: 220-237 Issue: 2 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092071 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092071 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:2:p:220-237 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092072_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: 1-8 Issue: 2 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092072 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092072 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:2:p:1-8 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092073_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Seow-Eng Ong Author-X-Name-First: Seow-Eng Author-X-Name-Last: Ong Author-Name: Milena Petrova Author-X-Name-First: Milena Author-X-Name-Last: Petrova Author-Name: Andrew Spieler Author-X-Name-First: Andrew Author-X-Name-Last: Spieler Title: Demand for University Student Housing: An Empirical Analysis Abstract: We examine the relationship between the percentage of students living on campus and a number of factors, including campus setting, school characteristics, student composition and activities, campus security, off-campus living costs, and crime rates. The results indicate that there is a significant positive relationship between the percentage of students living on campus and campus activities, campus setting and size, campus security, and off-campus small apartment rental rates. We also find that a significant negative relation exists between the percentage of students living on campus and acceptance rate, enrollment, presence of a distance-learning program, population, and crime rates, and monthly off-campus large apartment rental rates. In addition, private schools with large campuses with lower acceptance rates and enrollment, in rural areas with lower crime rates are associated with a higher supply of student housing. Journal: Journal of Housing Research Pages: 141-164 Issue: 2 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092073 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:2:p:141-164 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092074_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Justin Benefield Author-X-Name-First: Justin Author-X-Name-Last: Benefield Author-Name: J. Michael Morgan Author-X-Name-First: J. Michael Author-X-Name-Last: Morgan Title: Ease-of-Access, Home Prices, and Marketing Times: The Choice of Lockbox Type Abstract: Lockbox usage has been common in residential real estate for some time. Older-style lockboxes, which typically require a combination to access the property key, are being displaced by newer electronic versions that require swiping an identification card to access the key. In addition to enhanced security for lockbox-equipped properties, newer lockboxes allow for the collection of showing information, which can be provided to the listing agent. This study investigates whether using a newer-style lockbox affects transaction outcomes. The results indicate that a combination lockbox is associated with a negative price effect, while an electronic lockbox has no pricing impact. Neither lockbox type significantly influences the marketing time. Journal: Journal of Housing Research Pages: 123-140 Issue: 2 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092074 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:2:p:123-140 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092075_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly Goodwin Author-X-Name-First: Kimberly Author-X-Name-Last: Goodwin Author-Name: Sarah Stetelman Author-X-Name-First: Sarah Author-X-Name-Last: Stetelman Title: Perspectives on Technology Change and the Marketing of Real Estate Abstract: Over the last ten years, technology has drastically changed the way people work, communicate, and receive information. Real estate brokers, like many other business people, have found themselves falling behind the technology curve and are struggling to quickly incorporate social networking and smartphone technologies into their marketing plans. Using data from the National Association of Realtors® annual home buying and selling survey, this study examines how home buyers use technology to assist in their home search process. In addition, this study compares how homebuyers are using technology to how effective local real estate brokers perceive technology to be in marketing real estate. Journal: Journal of Housing Research Pages: 91-108 Issue: 2 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092075 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092075 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:2:p:91-108 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092076_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Author-Name: Bruce Gordon Author-X-Name-First: Bruce Author-X-Name-Last: Gordon Title: Commission Splits of Real Estate Agents with Affiliated Firms Abstract: The commission split between real estate agents and their affiliated firms represents an important incentive mechanism. A study of 1,477 agents indicates that total commission revenue generated during the year affects the subsequent commission rate more than volume of residential sales or transactions. Profit sharing and independent franchise firms offer higher ending commission splits while larger firms offer lower commission splits. The ending commission split for commission agents compared to agents on a 100% payout contract, however, is not influenced as much by profit sharing, firm characteristics, and the economic environment. Journal: Journal of Housing Research Pages: 109-122 Issue: 2 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092076 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:2:p:109-122 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092077_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Cristian Voicu Author-X-Name-First: Cristian Author-X-Name-Last: Voicu Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Title: Understanding Systematic Risk in Real Estate Markets Abstract: A one-factor pricing model is employed to investigate the internal consistency of singlefamily home and professionally-managed property prices. The risk factor used here is the U.S. real estate index, which has much stronger explanatory power than the S&P 500 Index for real estate assets. Empirical tests with this model lead to several surprising results. First, portfolios of East Coast or West Coast cities have negative risk-adjusted returns (alpha), while a portfolio of all inland cities has positive alpha. Second, a momentum strategy does not outperform the U.S. real estate index on a transaction and risk-adjusted basis, despite its ability to pick the largest-growth cities. Third, high-beta cities have negative alpha, while low-beta cities have positive alpha, even after considering transaction costs. Fourth, high rental yield cities have positive alpha and vice versa, even after transaction costs. Fifth, large cities have negative alpha, while small cities have positive alpha. Finally, expensive cities have negative alpha and vice-versa. A possible explanation for these abnormal returns is that some cities are systematically neglected by investors. Journal: Journal of Housing Research Pages: 165-201 Issue: 2 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092077 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092077 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:2:p:165-201 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092078_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Goodness Aye Author-X-Name-First: Goodness Author-X-Name-Last: Aye Author-Name: Mehmet Balcilar Author-X-Name-First: Mehmet Author-X-Name-Last: Balcilar Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Title: Long- and Short-Run Relationships between House and Stock Prices in South Africa: A Nonparametric Approach Abstract: This paper provides empirical evidence on the long- and short-run relationships between real house and stock prices of South Africa. Standard linear tests may not detect the existence of these relationships between time series especially in the presence of structural shifts or regime changes, which, in turn, may cause nonlinearities in the observed series. Thus, in this study, both linear and nonparametric cointegration and Granger causality tests were conducted. Results from the linear cointegration test showed no long-run relationship between house and stock prices. The linear Granger causality test produced no evidence of causality either. In contrast, the nonparametric cointegration test revealed a long-run one-to-one relationship between the two series, with the nonparametric Granger causality test indicating a bi-directional causality. Therefore, stability in the housing market drives stability in the equity market and vice versa. Journal: Journal of Housing Research Pages: 203-219 Issue: 2 Volume: 22 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12092078 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092078 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:22:y:2013:i:2:p:203-219 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092079_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Miles Author-X-Name-First: William Author-X-Name-Last: Miles Title: Bubbles, Busts, Breaks, and Segmentation Abstract: Given the recent turmoil in the housing market in the United States, several papers have examined whether price dynamics in municipalities displayed a structural change, which would suggest bubble and bust behavior. Some papers, however, either impose a particular break date or examine only a small subset of American cities. In this paper, I employ a more comprehensive set of tests for breaks in price parameters. I find significant breaks in some of the more prominent bubble cities in the mid-to-late 2000s, which indicates a boom-bust cycle. However, in many smaller MSAs, no such breaks occurred, signifying a high level of segmentation in the U.S. housing market. Journal: Journal of Housing Research Pages: 57-72 Issue: 1 Volume: 23 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2013.12092079 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092079 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:57-72 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092080_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andrew Hanson Author-X-Name-First: Andrew Author-X-Name-Last: Hanson Title: Limiting the Mortgage Interest Deduction by Size of Home: Effects on the User Cost and Price of Housing Across Metropolitan Areas Abstract: In this paper, I examine the user cost and home price implications of limiting the federal mortgage interest deduction (MID) based on the square footage of a home. I extend the standard user cost model to include a square footage-based cap on the tax-favored status of mortgage interest. I compare two policy alternatives: one that limits the marginal deduction based on home size, and another that removes the deduction on the home based on home size. There is substantial variation across metropolitan areas in both the number of homes exposed to each type of cap, the user cost increase, and the resulting expected price declines. Journal: Journal of Housing Research Pages: 1-20 Issue: 1 Volume: 23 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2013.12092080 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:1-20 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092081_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back matter Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 1 Volume: 23 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2013.12092081 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092082_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: fmi-fmvii Issue: 1 Volume: 23 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2013.12092082 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092082 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:fmi-fmvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092083_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Birch Author-X-Name-First: John Author-X-Name-Last: Birch Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Title: Regression Modeling for Vertical and Horizontal Property Tax Inequity Abstract: Early property tax regression models were used to estimate vertical inequity across assessment districts. By their nature, these models contain measurement error bias. Clapp (1990) used an instrumental variable to overcome this problem. However, there remains the possibility of omitted variable (OV) bias. Addition of variables for neighborhood inequity provides critical information at the local level. It also overcomes possible OV bias in estimates for district vertical inequity. An extended model is developed and illustrated. Conditions are given for significant district OV bias. The methodology is broadly applicable to linear models when there is measurement error in the independent variable. Journal: Journal of Housing Research Pages: 89-104 Issue: 1 Volume: 23 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2013.12092083 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092083 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:89-104 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092084_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chyi Lin Lee Author-X-Name-First: Chyi Lin Author-X-Name-Last: Lee Author-Name: Richard Reed Author-X-Name-First: Richard Author-X-Name-Last: Reed Title: Volatility Decomposition of Australian Housing Prices Abstract: In this study, we examine the volatility pattern of Australian housing prices over an extended time frame. A component-generalized autoregressive conditional heteroscedasticity (C-GARCH) model was utilized to decompose the conditional volatility of housing prices into a “permanent” component and a “transitory” component. The results demonstrate that the shock impact on the short-run component (transitory) is much larger than the long-run component (permanent), whereas the persistence of transitory shocks is much less than permanent shocks. Moreover, both permanent and transitory volatility components have different determinants. We provide important new insights into the volatility pattern of housing prices that should enable more informed investment and government policy decision-making. Journal: Journal of Housing Research Pages: 21-43 Issue: 1 Volume: 23 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2013.12092084 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092084 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:21-43 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092085_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carlos Barros Author-X-Name-First: Carlos Author-X-Name-Last: Barros Author-Name: Luis Gil-Alana Author-X-Name-First: Luis Author-X-Name-Last: Gil-Alana Author-Name: James Payne Author-X-Name-First: James Author-X-Name-Last: Payne Title: Tests of Convergence and Long Memory Behavior in U.S. Housing Prices by State Abstract: In this study, we examine the degree of persistence in the ratio of state house price to U.S. house price indices using fractional integration and autoregressive models with quarterly data from 1975:1 to 2010:7. The results indicate that house prices are explained in terms of a long memory model that incorporates persistence and seasonality. The degree of integration and persistence varies widely across states; there is nonstationarity with mean reverting behavior in some states, while there is nonstationarity without mean reverting behavior for other. The results provide mixed evidence on the degree of convergence in housing prices across the U.S. Journal: Journal of Housing Research Pages: 73-87 Issue: 1 Volume: 23 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2013.12092085 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092085 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:73-87 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092086_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Olga Filippova Author-X-Name-First: Olga Author-X-Name-Last: Filippova Author-Name: Michael Rehm Author-X-Name-First: Michael Author-X-Name-Last: Rehm Title: Market Conditions, Marketing Time, and House Prices Abstract: We examine whether the relationship between marketing time and selling price changes with conditions in the Auckland housing market. Our sample covers periods when house prices rise (2006:Q1–2007:Q3), then decline (2007:Q4–Q4 2008:Q4), and lastly resume appreciating (2009:Q1–2010:Q3). We estimate hedonic pricing models for each identified subperiod. Our results indicate that the coefficient of time-on-market (TOM) is clearly influenced by the changing market conditions. In buoyant market conditions, houses that remain unsold are subject to a stigma discount. TOM, however, does not significantly impact price in a falling market. Journal: Journal of Housing Research Pages: 45-55 Issue: 1 Volume: 23 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2013.12092086 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12092086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:45-55 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092087_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: 203-220 Issue: 2 Volume: 23 Year: 2014 Month: 6 X-DOI: 10.1080/10835547.2014.12092087 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12092087 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:2:p:203-220 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092088_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brent Smith Author-X-Name-First: Brent Author-X-Name-Last: Smith Title: Housing Access and Risk Management: Competing Directives in the Federal Housing Administration Abstract: The Federal Housing Administration (FHA) in the United States was originally established to stabilize a crippled mortgage market in the early days of the Great Depression. Seventy-five years later the agency again serves as a backstop in the most recent downturn during the financial crisis and subsequent recession in the housing market. Since inception, providing insurance to mortgage lenders and investors against loss from default has been, and continues to be, the primary instrument in the implementation of its charge. The FHA insures lenders and investors of mortgages against the risk that the borrowers of those funds default. As an agency within the U.S. Department of Housing and Urban Development (HUD), the FHA is also indirectly charged with contributing to HUD's overriding objective of providing access to affordable housing. This policy dichotomy, coupled with the recent trough in the housing cycle, threatens the future solvency and capacity of the FHA. Journal: Journal of Housing Research Pages: 105-126 Issue: 2 Volume: 23 Year: 2014 Month: 6 X-DOI: 10.1080/10835547.2014.12092088 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12092088 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:2:p:105-126 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092089_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly Goodwin Author-X-Name-First: Kimberly Author-X-Name-Last: Goodwin Author-Name: Bennie Waller Author-X-Name-First: Bennie Author-X-Name-Last: Waller Author-Name: H. Shelton Weeks Author-X-Name-First: H. Shelton Author-X-Name-Last: Weeks Title: The Impact of Broker Vernacular in Residential Real Estate Abstract: Real estate brokers develop their own sense of style and methods for entering listings into the MLS. Anecdotally, they may have their own take on what works and what does not, but there is very little evidence to support those theories. In this study, we examine the use of broker vernacular in the multiple listing service (MLS) listing and its impact on selling price, time on market, and probability of sale. What the broker promotes in the MLS listing impacts marketing outcomes. Careful construction of property descriptions can improve listing performance. Additionally, brokers convey meaningful information to each other privately through the MLS. Journal: Journal of Housing Research Pages: 143-161 Issue: 2 Volume: 23 Year: 2014 Month: 6 X-DOI: 10.1080/10835547.2014.12092089 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12092089 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:2:p:143-161 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092090_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brent Mast Author-X-Name-First: Brent Author-X-Name-Last: Mast Title: Markov Chain Model of Rent Burden in the Housing Choice Voucher Program Abstract: In this study, rent burden in the Housing Choice Voucher Program is modeled as a Markov chain. The model is predictive of rent burden with program tenure, using longitudinal household data for 2000 through 2009. The results indicate rent burden increases for many years after admission. Consistent with results for unassisted low-income households, there is considerable mobility across burden categories over time. The rent burden formula indicates that HUD policy and housing agency policy should not be considered in isolation; estimates imply that their interaction has an effect large in both magnitude and statistical significance. A limitation of the Markov chain model is that it cannot be used to estimate variance; I demonstrate a simple method for doing so via bootstrapping. Journal: Journal of Housing Research Pages: 177-202 Issue: 2 Volume: 23 Year: 2014 Month: 6 X-DOI: 10.1080/10835547.2014.12092090 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12092090 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:2:p:177-202 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092091_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Author-Name: Alan Ziobrowski Author-X-Name-First: Alan Author-X-Name-Last: Ziobrowski Author-Name: Paul Gallimore Author-X-Name-First: Paul Author-X-Name-Last: Gallimore Title: Residential Real Estate Appraisal Bias in the Absence of Client Feedback Abstract: Client and transaction price feedback, which implicitly includes client feedback, have been found to introduce an upward bias in appraisal judgments. However, new legislation such as the Dodd-Frank Act eliminates client influence on residential appraisers by introducing appraisal management companies as intermediaries between appraisers and lenders. In this study, we investigate whether the transaction price feedback-induced bias persists in the absence of client (lender) feedback. Using experimental design and residential expert appraisers, we find that the biasing effect of transaction price feedback on appraisal judgments has been eliminated. This indicates the effectiveness of the new legislation in reducing lender-induced residential appraisal bias. Journal: Journal of Housing Research Pages: 127-142 Issue: 2 Volume: 23 Year: 2014 Month: 6 X-DOI: 10.1080/10835547.2014.12092091 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12092091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:2:p:127-142 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092092_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chung-Ping Loh Author-X-Name-First: Chung-Ping Author-X-Name-Last: Loh Author-Name: Paul Mason Author-X-Name-First: Paul Author-X-Name-Last: Mason Title: Housing and Non-Housing CPI Components: The National Case Versus a Local Example Abstract: In this paper, we develop separate measures for the Bureau of Labor Statistics Consumer Price Index (CPI-U) for just the housing component and the headline rate without the housing component to reveal how housing impacted aggregate inflation over the 2002– 2011 time period. The same analysis is conducted employing the Local Economic Indicator Project (LEIP) CPI for Jacksonville, Florida, for comparison. The results indicate that beyond what most would realize, the housing sector drove inflation higher in the middle of the last decade; however, non-housing inflation was substantially higher in both indicators subsequent to the beginning of the Great Recession. Structural break analysis is used to mitigate the non-stationarity in the time series and to identify the implications with and without the events that led to the breaks. Journal: Journal of Housing Research Pages: 163-176 Issue: 2 Volume: 23 Year: 2014 Month: 6 X-DOI: 10.1080/10835547.2014.12092092 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12092092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:2:p:163-176 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092093_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Susanne E. Cannon Author-X-Name-First: Susanne E. Author-X-Name-Last: Cannon Author-Name: Bartley R. Danielsen Author-X-Name-First: Bartley R. Author-X-Name-Last: Danielsen Author-Name: David M. Harrison Author-X-Name-First: David M. Author-X-Name-Last: Harrison Title: School Vouchers and Home Prices: Premiums in School Districts Lacking Public Schools Abstract: Vermont has numerous school districts lacking traditional public schools. In these jurisdictions, families are provided school vouchers. Using a sample of 2,933 single-family home purchase transactions, we examine residential property values in areas with vouchers as compared to those with assigned schools. We find robust evidence that these vouchers increase home values. We also find that home values are increasing in the number of alternative schooling options available within reasonable commuting distances. Finally, homes with access to schools that are better than the closest school, as defined by standardized test scores, sell at a higher price where vouchers exist. Thus, we conclude Vermont’s housing market places a premium on school voucher access availability, and this premium increases if families have access to more and better schools. Journal: Journal of Housing Research Pages: 1-20 Issue: 1 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092093 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:1:p:1-20 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092094_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Beatrice D. Simo-Kengne Author-X-Name-First: Beatrice D. Author-X-Name-Last: Simo-Kengne Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Author-Name: Goodness C. Aye Author-X-Name-First: Goodness C. Author-X-Name-Last: Aye Title: House Prices and Balance of Trade Dynamics in South Africa: Evidence from an Agnostic Identification Procedure Abstract: In this paper, we analyze the relationship between house prices and the trade balance in South Africa using an agnostic identification procedure. We apply a Bayesian vector autoregression (VAR) to quarterly data from 1979:Q1 to 2011:Q4 and find that 1% decline in house prices can improve the trade balance by 0.2%. This suggests that house prices represent an additional instrument for trade balance adjustment besides the traditional exchange rate channel. Moreover, the effect of housing demand shock on the exchange rate is short-lived and insignificant; hence, house prices affect the trade balance mainly through the wealth and balance sheet effects on consumption and investment, respectively. Journal: Journal of Housing Research Pages: 107-126 Issue: 1 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092094 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:1:p:107-126 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092095_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark A. Lane Author-X-Name-First: Mark A. Author-X-Name-Last: Lane Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Author-Name: Vicky L. Seiler Author-X-Name-First: Vicky L. Author-X-Name-Last: Seiler Title: The Impact of Staging Conditions on Residential Real Estate Demand Abstract: This study is the first to examine the widely debated merits of staging a home for sale. We find that both homeowners and real estate agents believe staging conditions (furnishings and wall color) will significantly impact homeowners’ willingness to pay for a property. Our results show that homeowners rationally do not significantly differ in their valuations based on staging conditions. However, staging conditions do influence the process, as we find a neutral wall color and good furnishings do significantly influence a buyer’s perceived livability and overall opinion of the home. While these are a necessary condition for purchase, staging is not enough to result in a higher selling price. Journal: Journal of Housing Research Pages: 21-36 Issue: 1 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092095 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:1:p:21-36 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092096_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mauricio Rodriguez Author-X-Name-First: Mauricio Author-X-Name-Last: Rodriguez Author-Name: Jonathan Dombrow Author-X-Name-First: Jonathan Author-X-Name-Last: Dombrow Title: Dollarization and Real Estate Market Performance: Evidence from Housing in El Salvador Abstract: Dollarization occurs when a country eschews its own currency in favor of a foreign currency. Dollarization offers potential benefits for real estate markets from lower and more stable inflation and interest rates. However, dollarization may reduce the advantage of real estate as an inflation hedge. Data from El Salvador is employed in the first empirical study of dollarization effects on housing. El Salvador experienced moderated inflation, but also slower economic growth after dollarization. Hedonic analysis indicates that dollarization depressed house prices when controlling for interest rates and economic growth. This new evidence refocuses the policy debate for countries considering dollarization. Journal: Journal of Housing Research Pages: 37-54 Issue: 1 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092096 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092096 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:1:p:37-54 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092097_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kusum Mundra Author-X-Name-First: Kusum Author-X-Name-Last: Mundra Author-Name: Amarendra Sharma Author-X-Name-First: Amarendra Author-X-Name-Last: Sharma Title: Housing Adequacy Gap for Minorities and Immigrants in the U.S.: Evidence from the 2009 American Housing Survey Abstract: Home adequacy for different groups in the United States has not been adequately studied in recent times, particularly for immigrants and female-headed households. Using data from the 2009 American Housing Survey and a logit model, we find that there is a significant adequacy difference for blacks and Hispanics when compared to the whites in the U.S. However, that is not the case for immigrants relative to natives. We also find that naturalization improves housing adequacy among immigrant homeowners, whereas female-headed households have a significantly higher home adequacy than that of male-headed households. Journal: Journal of Housing Research Pages: 55-72 Issue: 1 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092097 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092097 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:1:p:55-72 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092098_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Guglielmo Maria Caporale Author-X-Name-First: Guglielmo Maria Author-X-Name-Last: Caporale Author-Name: Luis A. Gil-Alana Author-X-Name-First: Luis A. Author-X-Name-Last: Gil-Alana Title: U.S. Disposable Personal Income and a Housing Price Index: A Fractional Integration Analysis Abstract: In this paper, we examine the relationship between disposable personal income (DPI) in the United States and a house price index (HPI) during the last twenty years applying fractional integration and long-range dependence techniques to monthly data from January 1991 to July 2010. The empirical findings indicate that cointegration cannot hold, as mean reversion occurs in the case of DPI but not of HPI. Also, recursive analysis shows that the estimated fractional parameter is relatively stable over time for DPI while it increases throughout the sample for HPI. Interestingly, the estimates tend to converge toward the unit root after 2008 once the housing bubble had burst. Journal: Journal of Housing Research Pages: 73-86 Issue: 1 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092098 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092098 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:1:p:73-86 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092099_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carlos Pestana Barros Author-X-Name-First: Carlos Pestana Author-X-Name-Last: Barros Author-Name: Luis A. Gil-Alana Author-X-Name-First: Luis A. Author-X-Name-Last: Gil-Alana Author-Name: James E. Payne Author-X-Name-First: James E. Author-X-Name-Last: Payne Title: Modeling the Long Memory Behavior in U.S. Housing Price Volatility Abstract: In this study, we analyze state and metropolitan housing prices in the United States, focusing on the long range dependence of price volatility proxied by squared and absolute returns based on the fractional integration approach. We use quarterly data on state house price indices from each of the 50 U.S. states and the S&P/Case-Shiller house price indices for 20 U.S. metropolitan areas. Using parametric and semi-parametric long memory methods, we observe that most of the estimates of the fractional differencing parameter in the squared and absolute returns values are positive and constrained between 0 and 0.5, implying stationary long memory behavior. Journal: Journal of Housing Research Pages: 87-106 Issue: 1 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092099 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:1:p:87-106 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092100_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William M. Doerner Author-X-Name-First: William M. Author-X-Name-Last: Doerner Author-Name: Andrew V. Leventis Author-X-Name-First: Andrew V. Author-X-Name-Last: Leventis Title: Distressed Sales and the FHFA House Price Index Abstract: Trends in residential house values can be expressed by changes in house price indexes (HPIs). Since the recent housing crash, distressed sales have increased in numbers and have led to concerns about how they affect HPIs. This paper has three parts. First, the Federal Housing Finance Agency's (FHFA's) standard HPIs are compared to HPIs constructed without distressed sales. Second, FHFA's identification of distressed sales is validated against a public data source. Third, the distressed sale discount is shown to vary across time and place. The magnitude of the discount also depends on whether the current or prior recent sales are distressed. Journal: Journal of Housing Research Pages: 127-146 Issue: 2 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092100 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:2:p:127-146 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092101_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: The Effect of Pricing Strategy on Home Selection and Transaction Prices: An Investigation of the Left-Most Digit Effect Abstract: In this study, we examine whether homebuyers favor homes associated with just below pricing strategies or those with rounded prices (e.g., $199,900 vs. $200,000). The inclination for just below pricing allows sellers that use just below pricing to set a higher asking price without driving away potential buyers. Rounded priced homes, on the other hand, sell significantly faster and at a smaller discount from list price compared with just below priced homes. We find that the just below pricing strategy yields the highest transaction price relative to the true underlying home value. This suggests sellers exploit buyers' preference for just below priced homes with a higher initial listing price that outweighs the lower discount and shorter time on market associated with similar round priced homes, making just below pricing the more effective pricing strategy. Journal: Journal of Housing Research Pages: 147-161 Issue: 2 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092101 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:2:p:147-161 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092102_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paul K. Asabere Author-X-Name-First: Paul K. Author-X-Name-Last: Asabere Author-Name: Forrest E. Huffman Author-X-Name-First: Forrest E. Author-X-Name-Last: Huffman Author-Name: Ronald C. Rutherford Author-X-Name-First: Ronald C. Author-X-Name-Last: Rutherford Title: The Discounts Associated with Cash Deals in the Foreclosed Home Submarket Abstract: Holders (lenders) of foreclosed homes face considerable pressure to quickly remarket these properties (Crockett, 1990; Curry, Blalock, and Cole, 1991; Hardin and Wolverton, 1996). In this study, we examine the price effects of cash versus mortgage financing for foreclosed homes. Using a database for the Dallas-Fort Worth Metroplex, we show that cash financing attracts an average price discount of 10% for foreclosed properties. The results are consistent with those of Asabere, Huffman, and Mehdian (1992) and Lusht and Hansz (1994), who found significant price discounts of 13% and 16%, respectively, for properties sold under normal conditions. Journal: Journal of Housing Research Pages: 163-174 Issue: 2 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092102 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:2:p:163-174 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092103_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Fiorentina Angjellari-Dajci Author-X-Name-First: Fiorentina Author-X-Name-Last: Angjellari-Dajci Author-Name: Richard J. Cebula Author-X-Name-First: Richard J. Author-X-Name-Last: Cebula Author-Name: Robert Boylan Author-X-Name-First: Robert Author-X-Name-Last: Boylan Title: Firm Size, Dual Brokerage, and National Franchise Affiliation of Real Estate Brokerage Firms: Unexpected Results for the Period 2008–2013 Abstract: In this study, we examine the impact of real estate brokerage firm characteristics on real estate prices from 2008 through 2013. We focus on single-family homes and condominiums from Duval County, the largest county in the Northeast Florida real estate market. We find strong evidence to suggest that both home buyers and home sellers will fare better if they associate with small brokerage firms to represent their interest in the purchase/sale transaction. Contrary to earlier published research, but in line with more recent empirical findings, in this study, firms associated with a national franchise garnered lower sales prices. Journal: Journal of Housing Research Pages: 175-191 Issue: 2 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092103 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:2:p:175-191 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092104_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven C. Bourassa Author-X-Name-First: Steven C. Author-X-Name-Last: Bourassa Author-Name: Donald R. Haurin Author-X-Name-First: Donald R. Author-X-Name-Last: Haurin Author-Name: Patric H. Hendershott Author-X-Name-First: Patric H. Author-X-Name-Last: Hendershott Author-Name: Martin Hoesli Author-X-Name-First: Martin Author-X-Name-Last: Hoesli Title: Determinants of the Homeownership Rate: An International Perspective Abstract: We present a comprehensive model of household tenure choice that guides our review of the literature on the impacts of tax and subsidy policies and focuses our critiques of various methodologies. We discuss the impacts on the likelihood of homeownership of house price capitalization and individuals' choices of household structure, loan-to-value ratio, and wealth accumulation. We argue that the best empirical studies use panel household-level data and a large set of measures of housing taxes and subsidies, macroeconomic variables, and household characteristics. We review three studies that illustrate the benefits and challenges of modeling the homeownership decision across countries. Journal: Journal of Housing Research Pages: 193-210 Issue: 2 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092104 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:2:p:193-210 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092105_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Luis C. Mejia Author-X-Name-First: Luis C. Author-X-Name-Last: Mejia Author-Name: Kyle D. Potter Author-X-Name-First: Kyle D. Author-X-Name-Last: Potter Title: The Value Behind the Value-Add: Multifamily Rent Growth After Renovations Abstract: With fresh capital entering the real estate investment market, many investors are at a crossroads. They often decide to inject new life into existing properties with significant renovations. However, in a dynamic multifamily market, it is not clear whether or when renovations are justified. In this paper, we examine the effect of apartment renovations on rental growth. The results show that short-term renovation success is not guaranteed. While the scale and necessity of the improvements influence short-term performance, the economic cycle appears to be the most relevant interactive factor. Journal: Journal of Housing Research Pages: 211-220 Issue: 2 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092105 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:2:p:211-220 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092106_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas J. Miceli Author-X-Name-First: Thomas J. Author-X-Name-Last: Miceli Author-Name: Katherine A. Pancak Author-X-Name-First: Katherine A. Author-X-Name-Last: Pancak Title: Using Eminent Domain to Write-Down Underwater Mortgages: An Economic Analysis Abstract: A handful of economically distressed cities and counties are considering using their power of eminent domain to write down the principal of underwater mortgage loans. In this paper, we review the legal basis and economic impact of such government-forced loan restructuring. We develop a model of negative equity mortgage default both with and without government takings to determine if using eminent domain is socially desirable from a policy perspective. We find a trade-off between the immediate benefits of avoiding current mortgage defaults and longer term increased financing costs. The weighting of this trade-off is impacted by the determination of just compensation. Journal: Journal of Housing Research Pages: 221-236 Issue: 2 Volume: 24 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12092106 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12092106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:24:y:2015:i:2:p:221-236 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092107_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: bmi-bmxv Issue: 1 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092107 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:1:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092108_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Abstract: In this paper, I examine the question of whether the government should adopt a property tax or an income tax to address the concern for relative consumption in housing by building and analyzing a stylized model that might be new to the literature. I conclude that the concern should be addressed with a property tax; the optimal property tax rate is proportional to the degree of the concern; and while the concern leads to higher income guarantees, it does not lead to a higher marginal income tax rate. The findings suggest that the ‘additivity property’ holds for both ‘atmospheric’ and ‘positional’ externalities. Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092108 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092109_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alan Tidwell Author-X-Name-First: Alan Author-X-Name-Last: Tidwell Author-Name: Andres Jauregui Author-X-Name-First: Andres Author-X-Name-Last: Jauregui Author-Name: Philip Seagraves Author-X-Name-First: Philip Author-X-Name-Last: Seagraves Author-Name: Paul Gallimore Author-X-Name-First: Paul Author-X-Name-Last: Gallimore Title: The U.S. Housing Market and the Dynamic Pricing of Housing Duration Abstract: In this study, we take a spatial approach to examine whether the ‘length-of-ownership effect’ asserting that duration of ownership will increase an owner's valuation of an item is dominated by the economic effects of constrained consumption when transaction costs are high. Two spatial procedures are employed to examine the impact housing duration has on house prices across levels of household mortgage participation. We confirm that the duration of ownership is reflected in the sales price, and that seller financial constraints tend to temporarily elevate reservation prices. We find evidence of a financially-constrained seller price premium over less constrained sellers. Journal: Journal of Housing Research Pages: 1-16 Issue: 1 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092109 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092110_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhiyong An Author-X-Name-First: Zhiyong Author-X-Name-Last: An Title: How Should the Government Address the Concern for Relative Consumption in Housing: Property Tax or Income Tax? Abstract: In this paper, I examine the question of whether the government should adopt a property tax or an income tax to address the concern for relative consumption in housing by building and analyzing a stylized model that might be new to the literature. I conclude that the concern should be addressed with a property tax; the optimal property tax rate is proportional to the degree of the concern; and while the concern leads to higher income guarantees, it does not lead to a higher marginal income tax rate. The findings suggest that the ‘additivity property’ holds for both ‘atmospheric’ and ‘positional’ externalities. Journal: Journal of Housing Research Pages: 105-113 Issue: 1 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092110 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:1:p:105-113 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092111_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald R. Chambers Author-X-Name-First: Donald R. Author-X-Name-Last: Chambers Author-Name: Qin Lu Author-X-Name-First: Qin Author-X-Name-Last: Lu Author-Name: Yun Lu Author-X-Name-First: Yun Author-X-Name-Last: Lu Author-Name: Ying Quan Author-X-Name-First: Ying Author-X-Name-Last: Quan Author-Name: Ge Xia Author-X-Name-First: Ge Author-X-Name-Last: Xia Title: The Effects of Housing Price Volatility on Mortgage Rates Abstract: In this paper, we develop a residential mortgage valuation tree model that incorporates housing price volatility, along with interest rates and interest rate volatility as determinants of mortgage yield spreads (above Treasury yields). When initial loan-to-value (LTV) ratios are low (e.g., 80%), the sensitivity of theoretical mortgage yield spreads to housing price volatility occurs for housing price volatility at annualized rates of 9%–11%. Annual price volatilities of 9%–11% are primarily observed in ‘hot’ residential markets. When initial LTV ratios are high (e.g., 95%), we find the sensitivity of theoretical mortgage yield spreads to housing price volatility begins at annualized rates of 3%–8%, levels consistent with normal real estate markets. These sensitivities are generally irrespective of interest rate levels and interest rate volatilities. Ignoring the sensitivity of mortgage values to housing price volatility can cause lenders to misprice mortgages, and can cause insurance companies to misprice mortgage insurance. This can cause perverse incentives and unintended consequences, with substantial public policy implications including unsafe lending practices, excessive real estate speculation, and systemic risk. Journal: Journal of Housing Research Pages: 17-37 Issue: 1 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092111 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092111 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:1:p:17-37 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092112_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Geoffrey M. Ngene Author-X-Name-First: Geoffrey M. Author-X-Name-Last: Ngene Author-Name: M. Kabir Hassan Author-X-Name-First: M. Kabir Author-X-Name-Last: Hassan Author-Name: William J. Hippler Author-X-Name-First: William J. Author-X-Name-Last: Hippler Author-Name: Ivan Julio Author-X-Name-First: Ivan Author-X-Name-Last: Julio Title: Determinants of Mortgage Default Rates: Pre-Crisis and Crisis Period Dynamics and Stability Abstract: In this study, we investigate the dynamic relation among mortgage default rates, housing prices, unemployment rate, the loan-to-value ratio, the debt-to-income ratio, and monetary (interest rate) policy in the United States before and during the mortgage crisis associated with the recent global financial crisis. We find that the housing market, macroeconomic, and borrower characteristic variables are cointegrated before the financial crisis, but this relation disappears during the crisis, indicating that the housing market may become segmented during severe crises. We conclude that traditional monetary policy actions, such as adjusting interest rates, may not be effective in alleviating mortgage defaults during a mortgage crisis. In the short term, monetary policy actions can help to reduce unemployment caused by a weak housing market, but the direct impact on the housing market itself is likely insignificant. Journal: Journal of Housing Research Pages: 39-64 Issue: 1 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092112 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:1:p:39-64 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092113_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Wyman Author-X-Name-First: David Author-X-Name-Last: Wyman Author-Name: Elaine Worzala Author-X-Name-First: Elaine Author-X-Name-Last: Worzala Title: Dockin' USA—A Spatial Hedonic Valuation of Waterfront Property Abstract: A spatial hedonic model was constructed to price over 1,000 waterfront properties on a lake in South Carolina. We confirmed a hierarchy of pricing premiums relative to quality of a property's view, but we also found the ability to build and use a dock resulted in a statistically significant price premium of almost 45%, compared to undockable properties. Results suggest that permanent changes in waterfront levels due to an extended drought or change in lake management policies that affects a property owner's ability to build and use a dock could have a significant negative impact on property value. Journal: Journal of Housing Research Pages: 65-80 Issue: 1 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092113 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:1:p:65-80 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092114_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Aram Balagyozyan Author-X-Name-First: Aram Author-X-Name-Last: Balagyozyan Author-Name: Christos Giannikos Author-X-Name-First: Christos Author-X-Name-Last: Giannikos Author-Name: Kyoko Mona Author-X-Name-First: Kyoko Author-X-Name-Last: Mona Title: Business and Real Estate Price Cycles Across the U.S.: Evidence from a Vector Markov-Switching Regression Exercise Abstract: In this study, we examine whether house price cycles led or lagged business cycles in the state-level U.S. data from 1979 to 2012. We use a vector Markov-switching model to test for various lead/lag scenarios across the U.S. For the majority of the U.S. states as well as the aggregate U.S., we could not reject the hypothesis that between 1979 and 2012 house prices did not lead the economy. We find that between 2002 and 2011, house prices led the economy in 22 states and nationally. The states where prior to the 2007 recession house prices grew faster than six times the state's population growth rate were almost guaranteed to suffer the economic consequences of the pre-2007 house price decline. Journal: Journal of Housing Research Pages: 81-104 Issue: 1 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092114 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:1:p:81-104 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092115_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xun Bian Author-X-Name-First: Xun Author-X-Name-Last: Bian Author-Name: Bennie D. Waller Author-X-Name-First: Bennie D. Author-X-Name-Last: Waller Author-Name: Scott A. Wentland Author-X-Name-First: Scott A. Author-X-Name-Last: Wentland Title: The Role of Transaction Costs in Impeding Market Exchange in Real Estate Abstract: We examine the role transaction costs play, particularly the costs related to search and bargaining, in impeding or delaying real estate market transactions. In a theoretical model, we show that agents' incentives are influenced by transaction costs in a way that will increase a home's marketing duration and decrease the probability a home will sell. Exploiting a decade of transactions from Virginia, we use a variety of empirical modeling techniques to estimate the effect of transaction costs on a property's time on the market (TOM) and its probability of sale. We find that factors associated with high search and bargaining costs increase a home's TOM and reduce the probability that it will sell. Journal: Journal of Housing Research Pages: 115-135 Issue: 2 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092115 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092115 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:115-135 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092116_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus T. Allen Author-X-Name-First: Marcus T. Author-X-Name-Last: Allen Author-Name: Justin D. Benefield Author-X-Name-First: Justin D. Author-X-Name-Last: Benefield Author-Name: Christopher L. Cain Author-X-Name-First: Christopher L. Author-X-Name-Last: Cain Title: Aging Populations and Master Bedroom Location in Housing Abstract: In this study, we analyze the price and time-on-market effects related to the location of the master bedroom within single-family houses. As the “graying” of the U.S. population continues, it seems reasonable to investigate how those demographic changes might impact residential real estate markets. Toward that goal, we analyze sold property data obtained from the multiple listing services of two different markets: one with a relatively younger population and one with a relatively older population. The results indicate that houses with the master bedroom located upstairs exhibit a significant discount in both markets, with a larger discount observed in the market with the older population. The results also indicate that houses with upstairs master bedrooms exhibit reduced marketing time in the market with an older population, but that marketing time is unrelated to master bedroom location in the market with a younger population. Journal: Journal of Housing Research Pages: 137-156 Issue: 2 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092116 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092116 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:137-156 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092117_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Abdullah Al-Bahrani Author-X-Name-First: Abdullah Author-X-Name-Last: Al-Bahrani Title: Competition in Online Markets: When Banks Compete, Do Consumers Really Win? Abstract: The perceived objective of price comparison sites is to aggregate price quotes from several firms. They are expected to reduce consumers' search costs and lead to more competitive markets. In this paper, I examine the difference in the prices consumers pay on comparison sites relative to traditional shopping methods. Using a unique data set, a mortgage firm's pricing strategies on Lendingtree.com, a price comparison site, and in traditional markets are examined. The results indicate that lendingtree.com and traditional consumers pay the same price on average. The presumed benefits from lower search cost on lendingtree.com do not result in lower mortgage prices. Journal: Journal of Housing Research Pages: 157-170 Issue: 2 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092117 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092117 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:157-170 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092118_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yang Zhang Author-X-Name-First: Yang Author-X-Name-Last: Zhang Author-Name: Hong Zhang Author-X-Name-First: Hong Author-X-Name-Last: Zhang Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: The Impact of Information Disclosure on Price Fluctuations and Housing Bubbles: An Experimental Study Abstract: Using an experimental design, we examine the impact of information disclosure on housing market efficiency. We find that as information disclosure increases, forecasted home prices, listing prices, and transaction prices all show statistically significant reductions in volatility. Taken together, the likelihood of experiencing a residential pricing bubble was reduced by 57.4% as information disclosure increased. We suggest there is a need for greater information disclosure and price transparency in residential real estate as a way to stabilize a potentially volatile marketplace, which in the very recent past resulted in a global financial crisis. Journal: Journal of Housing Research Pages: 171-193 Issue: 2 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092118 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092118 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:171-193 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092119_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ghassen El-Montasser Author-X-Name-First: Ghassen Author-X-Name-Last: El-Montasser Author-Name: Ahdi N. Ajmi Author-X-Name-First: Ahdi N. Author-X-Name-Last: Ajmi Author-Name: Tsangyao Chang Author-X-Name-First: Tsangyao Author-X-Name-Last: Chang Author-Name: Beatrice D. Simo-Kengne Author-X-Name-First: Beatrice D. Author-X-Name-Last: Simo-Kengne Author-Name: Christophe André Author-X-Name-First: Christophe Author-X-Name-Last: André Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Title: Cross-Country Evidence on the Causal Relationship between Policy Uncertainty and Housing Prices Abstract: In this paper, we examine the causal linkages between policy uncertainty and housing prices in a panel of seven advanced countries including Canada, France, Germany, Italy, Spain, the United Kingdom, and the United States. We implement a bootstrap panel causality test on quarterly data from 2001:Q1 to 2013:Q1, which allows us to circumvent the data limitation as observations are pooled across countries. The results provide evidence of a bi-directional causality between real housing prices and policy uncertainty, suggesting that high uncertainty related to future economic fundamentals and policies increases housing price volatility, which in turn may amplify financial and business cycles. The results also show bi-directional causality for France and Spain, but only unidirectional causality for the remaining countries. Specifically, unidirectional causality runs from policy uncertainty to real housing prices in Canada, Germany and Italy and from real housing prices to policy uncertainty in the U.K. and the U.S. Journal: Journal of Housing Research Pages: 195-211 Issue: 2 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092119 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092119 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:195-211 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092120_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Norman G. Miller Author-X-Name-First: Norman G. Author-X-Name-Last: Miller Author-Name: Michael A. Sklarz Author-X-Name-First: Michael A. Author-X-Name-Last: Sklarz Title: A Note on the Impact of Prop 13 on Effective Tax Rates, Turnover, and Home Prices Abstract: Prop 13 has been around since 1978 and limits annual property tax increases to no more than 2% per year while property values have increased by several times this amount resulting in much lower property taxes on long held properties. Over time, as property tax burdens are restricted to a fraction of neighbor properties, owners are dis-incentivized from selling. Florida has a similar Prop 13 policy but it is 50% higher at 3% per year in a state with historically less appreciation. Other states are contemplating this policy as a way to not push homeowners out of their homes. The question addressed here is not one of equity, but rather how much does the reduction in supply of housing affect turnover and prices. We also examine actual property taxes paid, which suggests a large portion of the households are substantially benefitting from this policy. Further, we address how much does the lower property tax burden equal on a present value basis as a percentage of the total current home value. The answer is shockingly high. Journal: Journal of Housing Research Pages: 213-223 Issue: 2 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092120 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092120 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:213-223 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092121_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 2 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092121 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092121 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092122_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 2 Volume: 25 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12092122 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12092122 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092123_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: bmi-bmxv Issue: 1 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092123 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092123 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:1:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092124_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092124 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092124 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092125_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Alexandre Skiba Author-X-Name-First: Alexandre Author-X-Name-Last: Skiba Author-Name: Ken H. Johnson Author-X-Name-First: Ken H. Author-X-Name-Last: Johnson Title: A Revision of the American Dream of Homeownership Abstract: It is well accepted that homeowners, on average, have greater total wealth than renters. However, Beracha and Johnson (2012) show that in a strict “horserace” comparison, renting creates higher wealth than ownership in the majority of cases. In this paper, we revisit Beracha and Johnson's buy versus rent model to investigate factors affecting the wealth outcomes of the buy versus rent decision. Three key findings emerge: (1) the difference in wealth between renting and owning can be most affected by choices within the scope of the individual rather than through the impact of exogenous market variables; (2) households that fail to reinvest buy-rent cash flow differentials accumulate less wealth; and (3) property appreciation plays only a minor role in the results. Journal: Journal of Housing Research Pages: 1-25 Issue: 1 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092125 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092125 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:1:p:1-25 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092126_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael A. McElveen Author-X-Name-First: Michael A. Author-X-Name-Last: McElveen Author-Name: Brian E. Brown Author-X-Name-First: Brian E. Author-X-Name-Last: Brown Author-Name: Charles M. Gibbons Author-X-Name-First: Charles M. Author-X-Name-Last: Gibbons Title: Natural Gas Pipelines and the Value of Nearby Homes: A Spatial Analysis Abstract: We examine the effect of a natural gas pipeline on the sales prices of nearby homes in Hillsborough County, Florida. We use an ordinary least squares regression model in the hedonic format to regress the natural logarithm of sale price on a vector of housing, neighborhood, transactional, and environmental characteristics. We apply spatial autocorrelation using two spatially autoregressive modeling techniques: the spatial lag model and the spatial error model. The results yield statistically insignificant coefficients for each distance band, which indicates that it is highly unlikely that there is an association between the sale price of a home and its proximity to a natural gas pipeline. Journal: Journal of Housing Research Pages: 27-38 Issue: 1 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092126 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092126 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:1:p:27-38 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092127_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Aaron Arndt Author-X-Name-First: Aaron Author-X-Name-Last: Arndt Author-Name: David M. Harrison Author-X-Name-First: David M. Author-X-Name-Last: Harrison Author-Name: Mark A. Lane Author-X-Name-First: Mark A. Author-X-Name-Last: Lane Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Author-Name: Vicky L. Seiler Author-X-Name-First: Vicky L. Author-X-Name-Last: Seiler Title: Real Estate Agent Target Marketing: Are Buyers Drawn Towards Particular Real Estate Agents? Abstract: We investigate whether customers' overall impression of online property listings can be influenced by the real estate agent, and whether this influence depends on the customer's demographic characteristics. A sample of 1,594 potential homebuyers took an online audio/visual tour of a typically priced home in their area. Subjects were shown one of eight conditions in which we varied agent gender (male/female), agent attractiveness (attractive / less attractive), and pathos (used/not used). The results show that segments of customers are drawn to different real estate agents, but contrary to our expectations, customers were not necessarily drawn to similar agents or more attractive ones. Journal: Journal of Housing Research Pages: 39-52 Issue: 1 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092127 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092127 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:1:p:39-52 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092128_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hamilton Fout Author-X-Name-First: Hamilton Author-X-Name-Last: Fout Author-Name: Brent C Smith Author-X-Name-First: Brent C Author-X-Name-Last: Smith Title: Returns to Ocean-Bordering Properties over the Housing Cycle Abstract: We estimate a hedonic pricing model controlling directly for a property's proximity to the ocean and find a significant and sustained premium accruing to transacted prices for ocean-bordering properties. We find on average that properties that border the ocean earn a 74% premium, even after controlling for distance, but the magnitude of the border premium varies over time. Furthermore, the border premium is positively related to home prices and has been declining along with home prices from a peak value of 119% in late 2007, early 2008. We also find evidence that ocean-affected properties are transacting much less frequently, as the share of these properties among all transactions has been declining since 2005. Journal: Journal of Housing Research Pages: 53-78 Issue: 1 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092128 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092128 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:1:p:53-78 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092129_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Katherine A. Pancak Author-X-Name-First: Katherine A. Author-X-Name-Last: Pancak Title: Variation in Local House Price–Rent Ratios Abstract: The price–rent ratio is commonly used as an indicator of housing value. New data sources remove previous technical limitations on ratio construction and use, providing information on a monthly basis at the town, neighborhood, and ZIP Code levels. In this study, I explore the new data and find significant variation in price–rent ratios found across local markets that is correlated with local property tax rates, household income, and age. This work should encourage further study on cross- market ratio analysis, as well as the development of local indices to more effectively assess the possibility that a specific local market may be underpriced or overpriced. Journal: Journal of Housing Research Pages: 79-94 Issue: 1 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092129 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092129 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:1:p:79-94 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092130_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dotan Weiner Author-X-Name-First: Dotan Author-X-Name-Last: Weiner Author-Name: Franz Fuerst Author-X-Name-First: Franz Author-X-Name-Last: Fuerst Title: The Dynamics of House Prices in Israel and the Effect of the Investor's Fear Gauge Abstract: In this paper, we investigate the macroeconomic drivers of house prices in Israel, the OECD country with the highest growth rate in recent years, and test for the divergence of observed prices from underlying fundamentals using cointegration analysis and error correction models for the 1998 to 2013 period. While the recent surge in house prices is partially explained by fundamentals such as population growth, low unemployment, and interest rates along with supply constraints, the results suggest that prices have deviated from fundamental values by approximately 20% from 2009 onwards. Stock market volatility is found to be a key predictor of house prices in the short run, indicating a shift towards increased investment in the housing market when other asset classes, notably the stock market, are perceived as very risky. Journal: Journal of Housing Research Pages: 95-117 Issue: 1 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092130 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:1:p:95-117 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092131_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alicia Rosburg Author-X-Name-First: Alicia Author-X-Name-Last: Rosburg Author-Name: Hans Isakson Author-X-Name-First: Hans Author-X-Name-Last: Isakson Author-Name: Mark Ecker Author-X-Name-First: Mark Author-X-Name-Last: Ecker Author-Name: Tim Strauss Author-X-Name-First: Tim Author-X-Name-Last: Strauss Title: Beyond Standardized Test Scores: The Impact of a Public School Closure on House Prices Abstract: In most studies, standardized test scores are used as a proxy for school quality. Standardized test scores, however, may not fully capture the value of a public school to the households who live in the school’s attendance zone. We use the sudden closure of a well-performing public school in Iowa to estimate this value. Holding other things constant, we find that the school added 6.8% (about $9,000 for the mean house price) to the value of houses in the attendance zone over and above any effect associated with standardized test scores. Journal: Journal of Housing Research Pages: 119-135 Issue: 2 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092131 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092131 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:2:p:119-135 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092132_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniele Vernon-Bido Author-X-Name-First: Daniele Author-X-Name-Last: Vernon-Bido Author-Name: Andrew J. Collins Author-X-Name-First: Andrew J. Author-X-Name-Last: Collins Author-Name: John Sokolowski Author-X-Name-First: John Author-X-Name-Last: Sokolowski Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: The Effect of Neighborhood Density and GIS Layout on the Foreclosure Contagion Effect Abstract: Agent-based modeling and simulation has been used to examine the effects of foreclosures on property values and the overall health of the property market. Past agent-based simulations simplistically use an equally-spaced grid structure for the layout of the properties. This simple spacing does not reflect the actual size and dispersion of properties. Instead, we use GIS models of actual neighborhoods to study the impact of size and spacing within a real estate agent-based simulation to investigate the foreclosure contagion effect. The topologies of five neighborhoods in Virginia Beach, Virginia were uploaded into an agent-based simulation using publicly accessible GIS data. The results indicate that non-linear pricing changes occur within the neighborhoods. Moreover, the density of a neighborhood is a significant determining factor in explaining differential results. Journal: Journal of Housing Research Pages: 137-155 Issue: 2 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092132 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092132 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:2:p:137-155 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092133_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Scott Below Author-X-Name-First: Scott Author-X-Name-Last: Below Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Hilla Skiba Author-X-Name-First: Hilla Author-X-Name-Last: Skiba Title: The Impact of Hurricanes on the Selling Price of Coastal Residential Real Estate Abstract: We investigate the extent to which hurricanes affect the prices of residential real estate in Dare County, NC from 1999 through 2012. We find a price discount of roughly 3.8% in the 60 days following a storm. However, this discount is only temporary and becomes unobservable beyond 60 days post-storm. The discount is larger for lower quality properties and those purchased by local buyers and appears to be concentrated in inland properties. Overall, our results provide valuable insight into the pricing inefficiencies exhibited in the coastal residential real estate markets following exogenous major weather events. Journal: Journal of Housing Research Pages: 157-178 Issue: 2 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092133 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092133 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:2:p:157-178 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092134_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bruce L. Gordon Author-X-Name-First: Bruce L. Author-X-Name-Last: Gordon Author-Name: Daniel T. Winkler Author-X-Name-First: Daniel T. Author-X-Name-Last: Winkler Title: The Effect of Seller Ownership and Financing Choices on the Selling Price of Foreclosed Homes Abstract: Numerous studies have examined the effect of foreclosures on the selling prices of residential properties, but few have considered whether ownership and financing terms affect selling prices. The findings indicate that investor-resale properties sell at a significant premium relative to comparable properties sold by commercial banks, while GSE-owned properties sell at a slight premium. Also, cash buyers are able to negotiate lower prices from sellers. Journal: Journal of Housing Research Pages: 179-194 Issue: 2 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092134 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092134 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:2:p:179-194 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092135_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Miles Author-X-Name-First: William Author-X-Name-Last: Miles Title: International House Price Linkages: Time-Varying Estimates and Contagion for the G-7 Abstract: Co-movement between house prices across different countries has important implications for global investors. I employ a new data set on international house prices to examine home value co-movements in G-7 nations. I find linkages that vary through time. In some periods, the correlations are negative, while at other times, these co-movements reach all-time highs. This pattern is consistent with previous research on contagion for other financial assets. Further investigation reveals, however, that contrary to some previous findings, there has not been a secular increase in house price co-movement over the last four decades. Journal: Journal of Housing Research Pages: 195-222 Issue: 2 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092135 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092135 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:2:p:195-222 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092136_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: bmi-bmxvii Issue: 2 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092136 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092136 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092137_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 2 Volume: 26 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12092137 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12092137 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:26:y:2017:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092138_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Amelia M. Biehl Author-X-Name-First: Amelia M. Author-X-Name-Last: Biehl Title: The First-Time Homebuyer Tax Incentives: Did They Work? Abstract: Following the Great Recession, two important recovery acts provided incentives for a qualified first-time homebuyer to purchase a home: the Housing and Economic Recovery Act of 2008 (HERA2008) and the American Recovery and Reinvestment Act of 2009 (ARRA2009). Using the American Housing Survey and a difference-in-differences approach, I find that recent movers who qualified for HERA2008 were 8.2% more likely to choose homeownership, relative to movers who did not qualify for HERA2008. Recent movers who qualified for a tax credit under ARRA2009 were 9.3% more likely to purchase a home than movers who did not qualify for the credit. Journal: Journal of Housing Research Pages: 1-15 Issue: 1 Volume: 27 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12092138 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:1:p:1-15 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092139_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Anne Anders Author-X-Name-First: Anne Author-X-Name-Last: Anders Author-Name: Richard Gearhart Author-X-Name-First: Richard Author-X-Name-Last: Gearhart Title: The Financial State of Municipalities and the Effect on Housing Values Abstract: This study investigates the impact of municipalities' financial condition on the housing values within that municipality. The data consist of 68,882 housing units located in 175 cities throughout 115 metropolitan statistical areas (MSAs), across 42 states. Information on the housing units and owners' characteristics are drawn from the 2011 Integrated Public Use Microdata Series (IPUMS) dataset and supplemented with MSA-level economic condition variables. The municipal financial information is drawn from the 2010 government census and consists of detailed information of every local government's finances. The empirical results provide evidence that the financial state of a municipality affects local housing values. In particular, engaging in long-term capital projects leads to higher housing values, while not spending revenues on public goods will not entice individuals to move to the area. Journal: Journal of Housing Research Pages: 17-44 Issue: 1 Volume: 27 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12092139 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092139 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:1:p:17-44 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092140_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven Shultz Author-X-Name-First: Steven Author-X-Name-Last: Shultz Title: Housing Depreciation Revisited: Hedonic Price Modeling Versus Assessor Estimates Abstract: Age and condition driven rates of structural depreciation for single-family housing based on hedonic price modeling representing the perceptions of home buyers/sellers are compared to tax assessor depreciation estimates for 47,000 homes in Sarpy County Nebraska. A hedonic price model with age specified as linear generated depreciation rates 11% below assessor rates with differences ranging from 43% lower to 13% higher across four classes of home values. A quadratic-age specification generated depreciation 39% above assessor rates with a range of 15% to 162% higher. A third model, with both quadratic-age and age-condition interaction variables, generated depreciation 27% higher than assessor rates with a range of 8% to 128%. If the goal of hedonic-based housing depreciation modeling is to converge with assessor-derived depreciation estimates based on widely used proprietary cost estimation software and data, then a linear model specification with respect to home age is recommended. Regardless of functional forms chosen, quantile regression where depreciation is estimated across different classes of home values is recommended for all types of hedonic depreciation models. Journal: Journal of Housing Research Pages: 45-58 Issue: 1 Volume: 27 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12092140 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:1:p:45-58 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092141_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eric Fesselmeyer Author-X-Name-First: Eric Author-X-Name-Last: Fesselmeyer Author-Name: Kiat Ying Seah Author-X-Name-First: Kiat Ying Author-X-Name-Last: Seah Title: Individual Payoffs and the Effect of Homeownership on Social Capital Investment Abstract: We revisit the relation between homeownership and social capital investment with confidential individual-level panel data from Los Angeles County. Using anticipated real wage change as an instrument for ownership, we find strong evidence that homeownership increases participation in block meetings, and find no homeownership effect on three other activities: volunteerism, participation in a local political organization, and participation in a civic group. These results are confirmed in fixed effects models. Our results support a pecuniary motive: that homeownership increases social capital investment when such investments are perceived to generate gains solely for homeowners. Journal: Journal of Housing Research Pages: 59-78 Issue: 1 Volume: 27 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12092141 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092141 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:1:p:59-78 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092142_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andrew Narwold Author-X-Name-First: Andrew Author-X-Name-Last: Narwold Author-Name: Vivek Sah Author-X-Name-First: Vivek Author-X-Name-Last: Sah Author-Name: Stephen J. Conroy Author-X-Name-First: Stephen J. Author-X-Name-Last: Conroy Title: Impact of Homeowners Association Fees on Condominium Prices Abstract: We investigate whether homeowners' association (HOA) fees are capitalized into condominium sales prices in San Diego, California. Prior work has found evidence that HOA fees are generally positively capitalized into housing prices, although the investigations have focused on single-family housing and have been conducted on the East Coast or the Midwest of the United States. Using sales of 1,087 condominiums in downtown San Diego, the results suggest that HOA fees do appear to have a marginally positive effect on sales price. We use a condominium data set to test whether the relative HOA fee (i.e., compared to other fees in the same condominium building) matters. We find that condominium units with below-average HOA fees sell at a premium relative to the average and units that pay above-average HOA fees sell at a discount relative to the average condominium. The differences are capitalized into sales prices using a capitalization rate of approximately 3.5%. These results suggest that buyers dislike the possibility of cross-subsidizing other condominium owners. Journal: Journal of Housing Research Pages: 79-91 Issue: 1 Volume: 27 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12092142 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092142 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:1:p:79-91 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092143_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: bmi-bmxv Issue: 1 Volume: 27 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12092143 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092143 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:1:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092144_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 27 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12092144 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092145_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andrew R. Sanderford Author-X-Name-First: Andrew R. Author-X-Name-Last: Sanderford Author-Name: Andrew P. McCoy Author-X-Name-First: Andrew P. Author-X-Name-Last: McCoy Author-Name: Dong Zhao Author-X-Name-First: Dong Author-X-Name-Last: Zhao Title: Demonstrating a New Measure & Index of U.S. Homebuilder Confidence Abstract: Our objective in this paper is to apply behavioral economic theory and evidence from market actor perception surveys to the housing industry to demonstrate a new measure of homebuilder confidence. From the literature, we identify the factors that likely influence this confidence. Then, using pilot survey data on new homebuilders, as well as renovation and replacement contractors, we generate a new metric. The results suggest that this measure is associated with measures of housing market activity in the short term. The initial data is limited. Future research should examine the durability of these relationships over time. Journal: Journal of Housing Research Pages: 107-128 Issue: 2 Volume: 27 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12092145 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:107-128 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092146_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Changha Jin Author-X-Name-First: Changha Author-X-Name-Last: Jin Author-Name: Alan Tidwell Author-X-Name-First: Alan Author-X-Name-Last: Tidwell Author-Name: Philip Seagraves Author-X-Name-First: Philip Author-X-Name-Last: Seagraves Title: Structural Breaks: A Shift of Roles in the Relationship between Real Estate and Regional Industry Abstract: We conduct an analysis of connectivity between regional housing markets and regional industry by examining 10 consolidated metropolitan statistical areas (CMSAs) in the Case-Shiller Index and stock portfolios representing the economic base for each region. We test for cointegrating relationships between real estate markets and industry performance and find that, prior to the recent real estate market collapse, prices in the housing market are dependent on industry performance; post-collapse, however, this relationship changes. Our results suggest that the recent financial crisis was so severe that it resulted in a structural break in the causal relationship between regional industry performance and real estate markets. Journal: Journal of Housing Research Pages: 129-158 Issue: 2 Volume: 27 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12092146 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:129-158 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092147_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Christopher Cain Author-X-Name-First: Christopher Author-X-Name-Last: Cain Author-Name: Daniel Huerta-Sanchez Author-X-Name-First: Daniel Author-X-Name-Last: Huerta-Sanchez Author-Name: Norman Maynard Author-X-Name-First: Norman Author-X-Name-Last: Maynard Title: Housing Crisis Spillover Effects in Areas of High Concentration of Non-primary Residences Abstract: Prior research finds that non-primary residences will have higher mortgage default rates and foreclosure rates than first homes. We investigate sub-markets with high concentrations of non-primary residences for differences in price behavior, marketing time, and probability of sale during the recent housing crisis relative to those areas with normal concentrations of non-primary residences. We find that there are significant differences between these areas, with generally greater price declines for those areas with high concentrations of non-primary residences. These price declines are also accompanied by statistically significant changes in marketing time for those homes in high non-primary residence areas. Journal: Journal of Housing Research Pages: 159-182 Issue: 2 Volume: 27 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12092147 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:159-182 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092148_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Rokshana Binta Samad Author-X-Name-First: Rokshana Binta Author-X-Name-Last: Samad Author-Name: Tandra Das Author-X-Name-First: Tandra Author-X-Name-Last: Das Author-Name: Arpan Mitra Author-X-Name-First: Arpan Author-X-Name-Last: Mitra Author-Name: Iffat Nowshin Author-X-Name-First: Iffat Author-X-Name-Last: Nowshin Title: Assessment of Job-Housing Scenario and Its Impacts on the Dwellers of Chittagong City Abstract: One of the issues in land use planning today is jobs-housing balance. Like most other developing countries, Bangladesh fails to manage the balance between job and housing capacity and this situation is worse in Chittagong City. Our objectives in this paper are twofold. Firstly, we calculate the job-housing ratio to understand the job-housing scenario in the study area. Secondly, we identify the causes behind the imbalanced ratio, as well its impacts on employees. Using the analytical hierarchy process (AHP), we identify the causes and rank them based on employees' perception. Journal: Journal of Housing Research Pages: 183-201 Issue: 2 Volume: 27 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12092148 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:183-201 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092149_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly R. Goodwin Author-X-Name-First: Kimberly R. Author-X-Name-Last: Goodwin Author-Name: Bennie D. Waller Author-X-Name-First: Bennie D. Author-X-Name-Last: Waller Author-Name: H. Shelton Weeks Author-X-Name-First: H. Shelton Author-X-Name-Last: Weeks Title: Connotation and Textual Analysis in Real Estate Listings Abstract: Real estate listings typically include objective, factual information about property characteristics, along with subjective, descriptive language. How the agent constructs the content of the listing can either encourage or discourage potential buyers from viewing a property. Thus, understanding how buyers are interpreting the language in the listing is essential for effective marketing. This study takes an important first step towards creating a real estate specific dictionary of descriptive terms and measure of favorability. Journal: Journal of Housing Research Pages: 93-106 Issue: 2 Volume: 27 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12092149 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:93-106 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092150_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2017 American Real Estate Society Journal Manuscript Prize Winners Journal: Journal of Housing Research Pages: bmi-bmxv Issue: 2 Volume: 27 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12092150 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092150 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092151_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Housing Research, Volume 27, Number 2, 2018 Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 2 Volume: 27 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12092151 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12092151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092152_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Housing Research Pages: bmi-bmxv Issue: 1 Volume: 28 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12092152 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12092152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:1:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092153_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Housing Research Pages: fmi-fmviii Issue: 1 Volume: 28 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12092153 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12092153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092154_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Geoffrey K. Turnbull Author-X-Name-First: Geoffrey K. Author-X-Name-Last: Turnbull Author-Name: Velma Zahirovic-Herbert Author-X-Name-First: Velma Author-X-Name-Last: Zahirovic-Herbert Title: Housing Market Microstructure: What is a Competing House? Abstract: Housing market microstructure focuses on how neighborhood market conditions affect prices and liquidity. In this paper, we test alternative empirical microstructure models in which substitute houses are determined by similar price or size. Specification tests reveal that price-based measures of substitute or competing houses introduce endogeneity bias into the hedonic price function estimates. Non-nested specification tests do not provide strong support for living area-based or number-of-bedrooms-based models. But the results do support using microstructure measures that allow for asymmetric competition and shopping externalities from larger and smaller neighboring houses, a set of measures not yet employed in the literature. Journal: Journal of Housing Research Pages: 1-22 Issue: 1 Volume: 28 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12092154 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12092154 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092155_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Antti Kurvinen Author-X-Name-First: Antti Author-X-Name-Last: Kurvinen Author-Name: Jon Wiley Author-X-Name-First: Jon Author-X-Name-Last: Wiley Title: Retail Development Externalities for Housing Values Abstract: In this research study, we investigate one of the most frequently debated questions in real estate development today: What impact does retail development have on surrounding residential property values? We utilize a property registry dataset that provides comprehensive records for all retail developments in a market and merge this with residential transactions data. A propensity score matching procedure is applied to condition the sample so that housing values in close proximity to retail development are related to similar properties. We estimate that new retail development has a positive and significant impact on housing values. The estimated increase is 1.5% within a 0.5 kilometer radius, dropping to 0.6% for the 1.0 kilometer radius. Thus, positive externalities resulting from new retail development appear to more than offset potential negative externalities. Journal: Journal of Housing Research Pages: 109-128 Issue: 1 Volume: 28 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12092155 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12092155 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:1:p:109-128 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092156_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly R. Goodwin Author-X-Name-First: Kimberly R. Author-X-Name-Last: Goodwin Title: Bargaining Power and the Choice of Brokerage Contract Abstract: The exclusive right to sell listing contract is believed to be preferable to the exclusive agency listing contract because it gives the listing broker more incentive to put effort into the sale of the home and earn a commission. Researchers have developed theory and reported evidence to support that sellers are worse off by choosing the exclusive agency contract because brokers are going to exert less effort. In this study, I frame the question differently by developing a model based on combined bargaining power rather than broker effort and show how the greater potential bargaining power of the exclusive agency contract can impact the selling price, time on market, and probability of sale. Journal: Journal of Housing Research Pages: 129-144 Issue: 1 Volume: 28 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12092156 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12092156 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:1:p:129-144 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092157_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yunhui Zhao Author-X-Name-First: Yunhui Author-X-Name-Last: Zhao Title: Evidence of Government Subsidy on Mortgage Rate and Default: Revisited Abstract: I empirically evaluate the subsidized default insurance policy (implemented through the guarantee for government-sponsored enterprises) in the U.S. mortgage market. First, I find that the subsidy raised mortgage interest rates for loans eligible for the subsidy (conforming loans), which is contrary to conventional wisdom. I do so by applying regression discontinuity designs and using the exogenous variation generated by a mandate of the U.S. Congress. My strategy circumvents the endogeneity problem in conventional studies. Second, using various time-to-default models, I find that the subsidy raised the mortgage default probabilities of all conforming loans. The paper has important policy implications on financial regulation and financial stability: I caution regulators against interpreting the observed jumbo-conforming spread as an indication that the subsidy necessarily lowers mortgage rates and benefits conforming borrowers; highlights the adverse impact of the subsidy on financial stability; and calls for deeper housing finance reforms in the U.S. beyond the Dodd-Frank Wall Street Reform and Consumer Protection Act. Journal: Journal of Housing Research Pages: 23-49 Issue: 1 Volume: 28 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12092157 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12092157 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:1:p:23-49 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092158_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jaclene Begley Author-X-Name-First: Jaclene Author-X-Name-Last: Begley Title: Parent Housing Wealth, Credit Constraints, and Homeownership Transitions Abstract: In this paper, I examine how family housing wealth affects homeownership transitions during divergent periods of credit access. I use matched parent-child data from the Panel Study of Income Dynamics, and exploit variation across local housing markets, as well as the recent housing cycle, to assess this relationship. I explore how transfers are affected by parent housing values, for different housing market experiences, and for households with renter parents in these same neighborhoods. I find that increases in parent housing values are correlated with an increased likelihood of receiving a transfer, larger transfer amounts, and an increased likelihood of transitioning to homeownership during the housing bust, but not during the housing boom. In contrast, households with renter parents in these same neighborhoods are not differentially affected by local housing market fluctuations during the housing bust. Overall, my findings suggest that family wealth matters more for home purchases when there are barriers to formal channels of mortgage borrowing. Journal: Journal of Housing Research Pages: 51-79 Issue: 1 Volume: 28 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12092158 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12092158 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:1:p:51-79 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_12092159_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ying Huang Author-X-Name-First: Ying Author-X-Name-Last: Huang Author-Name: Esra Ozdenerol Author-X-Name-First: Esra Author-X-Name-Last: Ozdenerol Author-Name: Mark A. Sunderman Author-X-Name-First: Mark A. Author-X-Name-Last: Sunderman Title: The Value of Greenways: Memphis Shelby Farms Greenline as a Case Study Abstract: We investigate the value of greenways by studying the impact of accessibility to Memphis Shelby Farms Greenline on surrounding housing values by looking at access measured by the cognitive distance (or straight-line distance, hereafter cognitive distance), a measure of the perceived financial benefit of greenways and nearest actual travel distance, a measure of real benefit of greenways. We measure the benefit of greenways by showing that a 3-mile actual travel distance range to greenways gives optimum distance accessibility and produces a positive premium for nearby houses. However, the cognitive distance, a method commonly used by previous research, while not practical, has a higher value impact than the actual distance. Moreover, the cognitive benefit decreases at a faster rate than the real benefit as distance to greenways increases. Journal: Journal of Housing Research Pages: 81-107 Issue: 1 Volume: 28 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12092159 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12092159 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:1:p:81-107 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1769966_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nicholas Apergis Author-X-Name-First: Nicholas Author-X-Name-Last: Apergis Author-Name: James E. Payne Author-X-Name-First: James E. Author-X-Name-Last: Payne Title: Florida Metropolitan Housing Markets: Examining Club Convergence and Geographical Market Segmentation Abstract: This study explores the convergence of housing prices for 21 metropolitan areas within the state of Florida for the quarterly period 1987:2 to 2017:3. The examination of house price differentials between metropolitan and state-level house prices using a battery of univariate and panel unit root testing approaches yielded mixed results with respect to the presence of convergence. However, the Phillips-Sul (2007; 2009) club convergence approach identifies four distinct convergence clubs for metropolitan area house prices within Florida with a relatively clear geographical segmentation of the housing market. Journal: Journal of Housing Research Pages: 145-163 Issue: 2 Volume: 28 Year: 2019 Month: 7 X-DOI: 10.1080/10527001.2019.1769966 File-URL: http://hdl.handle.net/10.1080/10527001.2019.1769966 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:2:p:145-163 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1776511_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Christopher Cain Author-X-Name-First: Christopher Author-X-Name-Last: Cain Author-Name: Daniel Huerta-Sanchez Author-X-Name-First: Daniel Author-X-Name-Last: Huerta-Sanchez Author-Name: Norman Maynard Author-X-Name-First: Norman Author-X-Name-Last: Maynard Title: How the Housing Crisis Changed the Pricing Function for Residential Buyers Abstract: This study uses econometric techniques to search for discrete structural changes in residential pricing equations. The study looks specifically at house pricing during the recent financial crisis to search for significant breaks in coefficients that indicate a functional change in the data. While the effects of the crisis are often captured by using a single dummy variable, this paper considers the possibility that the crisis not only reduced prices but may have affected the impact of the explanatory variables in the model. The absence of such a break, on the other hand, would suggest that variables affecting the pricing function are stable over a variety of market conditions. The results of this study suggest that a structural break does exist, and that a dummy variable is insufficient to capture the impact of this break. The methodologies employed in this study can also be used to look for less obvious structural breaks that may exist in a housing data set. The results should be of interest to buyers and sellers of residential properties, agents specializing in residential properties, and researchers looking to better capture the impact of various events on housing prices. Journal: Journal of Housing Research Pages: 164-179 Issue: 2 Volume: 28 Year: 2019 Month: 7 X-DOI: 10.1080/10527001.2020.1776511 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1776511 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:2:p:164-179 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1776513_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ekaterina Chernobai Author-X-Name-First: Ekaterina Author-X-Name-Last: Chernobai Author-Name: Tarique Hossain Author-X-Name-First: Tarique Author-X-Name-Last: Hossain Title: Liquidity Imbalance in the Residential Real Estate Market Abstract: This study emphasizes the importance of asset-based – as opposed to agent-based – housing liquidity measures, a house’s time on the market, and the time to buy for its buyer rather than its seller. It uses unique survey data to analyze spatial differences in the imbalance between these two measures in boom and bust markets of the 2000s. We find evidence of higher overall imbalance and its inter-ZIP code area dispersion in the booming years. Buyer search intensity diminishes the imbalance in boom and intensifies it in bust. Other revealed significant covariates have different effects under the two market conditions. Our model explains the liquidity imbalance variations on the ZIP code area level well, but not on the individual property level, highlighting the importance of regional idiosyncratic transaction dynamics. Journal: Journal of Housing Research Pages: 180-207 Issue: 2 Volume: 28 Year: 2019 Month: 7 X-DOI: 10.1080/10527001.2020.1776513 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1776513 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:2:p:180-207 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1776514_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly R. Goodwin Author-X-Name-First: Kimberly R. Author-X-Name-Last: Goodwin Title: Measures of Real Estate Market Sentiment and their Relationship with U.S. Home Prices Abstract: There are a wide variety of sentiment, or confidence, measures in the marketplace. The most well-known and publicized sentiment measure is the monthly consumer confidence index. The idea behind monitoring consumer confidence is that it should forecast future economic activity across the United States. Similar measures of sentiment exist in other specific markets as well. This study focuses on measures of real estate market sentiment and their ability to forecast price changes in the real estate market. The results also answer the question of whether sentiment leads real estate markets or real estate markets lead market sentiment. Journal: Journal of Housing Research Pages: 208-214 Issue: 2 Volume: 28 Year: 2019 Month: 7 X-DOI: 10.1080/10527001.2020.1776514 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1776514 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:2:p:208-214 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1776515_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Uche A. Oluku Author-X-Name-First: Uche A. Author-X-Name-Last: Oluku Title: The Low-Income Housing Tax Credit Program: An Evaluation of Household Rent Savings Abstract: This paper presents an interdisciplinary overview and a robust discussion of various aspects of the Low-Income Housing Tax Credit (LIHTC) program. The study also evaluates rent savings accruing to LIHTC households in St. Louis, Missouri, by using a two-stage empirical procedure with generalized linear models (GLMs). Rent savings varied by unit type and decreased progressively during a project’s life cycle. The LIHTC household’s rent savings in St. Louis ranged from $139 per month on older (30-year-old) studio/one-bathroom units, to a maximum of $546 per month on new (1-year-old) two-bedroom/two-bathroom units. Journal: Journal of Housing Research Pages: 215-235 Issue: 2 Volume: 28 Year: 2019 Month: 7 X-DOI: 10.1080/10527001.2020.1776515 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1776515 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:2:p:215-235 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1832858_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Justin Contat Author-X-Name-First: Justin Author-X-Name-Last: Contat Author-Name: Bennie Waller Author-X-Name-First: Bennie Author-X-Name-Last: Waller Title: Are Home Warranties Worth It? A Study in the Richmond Housing Market Abstract: We are the first to show that home warranties are beneficial by providing a valuable form of insurance to home buyers, which home sellers then (partially) extract in the form of price premiums and faster sales. The benefits of offering a home warranty differ among homes, with older homes tending to receive larger price premiums and lower-priced homes tending to sell faster. For the average home in our data that is priced at $236,000 and 28 years old, offering a home warranty is associated with a price premium of at least $4,000 and a reduction in time on market of at least 2.5 days. Additionally we find some evidence of principal-agent conflicts in the home warranty market. Journal: Journal of Housing Research Pages: 1-19 Issue: 1 Volume: 29 Year: 2020 Month: 10 X-DOI: 10.1080/10527001.2020.1832858 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1832858 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:1:p:1-19 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1831827_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ken H. Johnson Author-X-Name-First: Ken H. Author-X-Name-Last: Johnson Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Wei Feng Author-X-Name-First: Wei Author-X-Name-Last: Feng Title: Can the BH&J Buy vs. Rent Index Anticipate Housing Price Movements? Abstract: This paper investigates whether and to what extent the Beracha, Hardin, and Johnson Buy vs. Rent Index (BH&J Index) is able to anticipate future housing price movements. The BH&J Index is based on a model introduced by Beracha and Johnson (2012) in which a low index value is associated with a buy recommendation and a high index value is associated with a rent recommendation. The results of our analysis reveal a negative relation between the BH&J Index value and future housing price changes at the metropolitan level, which is consistent with the buy or rent recommendation of the index. The negative relation between the BH&J Index value and future housing price changes is statistically significant, economically meaningful, and is particularly relevant for medium-term holding periods. Journal: Journal of Housing Research Pages: 20-33 Issue: 1 Volume: 29 Year: 2020 Month: 10 X-DOI: 10.1080/10527001.2020.1831827 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1831827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:1:p:20-33 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1827616_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Larisa Fleishman Author-X-Name-First: Larisa Author-X-Name-Last: Fleishman Author-Name: Yuri Gubman Author-X-Name-First: Yuri Author-X-Name-Last: Gubman Author-Name: Alla Koblyakova Author-X-Name-First: Alla Author-X-Name-Last: Koblyakova Title: Valuation Modeling within Thin Housing Markets Case Study: Arab Housing Market in Israel Abstract: The primary aim of this paper is to introduce valuation modeling applicable to thin housing markets, with a focus on the Arab housing sector in Israel. The estimation procedure utilizes two input values: transaction data and subjective valuations provided by property owners, the data for which are derived from the Israel Tax Authority (ITA) and the Household Expenditure Survey (HES). Average property values are also weighted and ranked according to location, size, and average income factors. The main contribution of these modeling techniques is that they can be employed to estimate the residential property values in markets that experience a low frequency of housing transactions and where information is limited, with the added benefit of understanding housing value movement and market dynamics. Housing policies could be influenced by this deeper understanding of house price behavior within localities and submarkets, potentially with the ability to monitor changes in dwelling values and segmentation and segregation effects. Journal: Journal of Housing Research Pages: 34-53 Issue: 1 Volume: 29 Year: 2020 Month: 10 X-DOI: 10.1080/10527001.2020.1827616 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1827616 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:1:p:34-53 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1826663_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James E. Payne Author-X-Name-First: James E. Author-X-Name-Last: Payne Author-Name: Luis A. Gil-Alana Author-X-Name-First: Luis A. Author-X-Name-Last: Gil-Alana Title: Persistence and Long Memory Behavior in Condominium Prices: Evidence from Major U.S. Metropolitan Areas Abstract: This study examines the degree of persistence in the prices, returns, excess returns, and risk-adjusted excess returns in the condominium market for five U.S. metropolitan areas: Boston, Chicago, Los Angeles, New York, and San Francisco, using fractional integration techniques that account for structural breaks and nonlinearity. The results show that the prices, returns, excess returns, and risk-adjusted returns for condominiums across the five metropolitan areas are highly persistent, with orders of integration much greater than one in a vast majority of the cases. Such results challenge the conventional view of market efficiency. The degrees of persistence in West Coast metropolitan areas of Los Angeles and San Francisco are much greater than those of Chicago and the East Coast metropolitan areas of Boston and New York City. Journal: Journal of Housing Research Pages: 54-67 Issue: 1 Volume: 29 Year: 2020 Month: 10 X-DOI: 10.1080/10527001.2020.1826663 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1826663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:1:p:54-67 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1826664_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Arthur Acolin Author-X-Name-First: Arthur Author-X-Name-Last: Acolin Title: Housing Wealth and Consumption Over the 2001–2013 Period: The Role of the Collateral Channel Abstract: This study estimates changes in the relationship between housing wealth and consumption among homeowners during the recent housing boom and bust in the United States, focusing on the period 2001-2007, during which house prices increased and financial innovations led to an increased availability of products enabling households to extract home equity; and on the period 2007-2013, during which house prices declined and home equity withdrawal products became largely unavailable. The estimated elasticity of consumption with regard to housing wealth increased in 2004 and 2007 (.06) relative to 2001 (.04). The estimated elasticities then decreased in 2010 and 2013 (to below .04). In addition, the increase was larger among borrowing constrained households than unconstrained households. No relationship between housing prices and consumption was found among renters. These additional tests for subpopulations support the hypothesis that the increase in consumption out of housing wealth occurred through the collateral channel. Journal: Journal of Housing Research Pages: 68-88 Issue: 1 Volume: 29 Year: 2020 Month: 10 X-DOI: 10.1080/10527001.2020.1826664 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1826664 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:1:p:68-88 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1846401_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Christopher Cain Author-X-Name-First: Christopher Author-X-Name-Last: Cain Author-Name: Thomas M. Springer Author-X-Name-First: Thomas M. Author-X-Name-Last: Springer Author-Name: Elaine Worzala Author-X-Name-First: Elaine Author-X-Name-Last: Worzala Title: Housing Turnover and Employment Change Abstract: As the economy strengthens and employment increases, the relevance of how employment changes affect housing turnover becomes more apparent. Using a varying parameter model and a large cross-section of housing market data, this study demonstrates the complexity of the relationship between housing turnover and employment change. In most cases, the expected direct relationship exists; that is, employment growth spurs the housing market. However, in cases where potential homebuyers are facing higher uncertainty, such as a recessive economy or a market with foreclosures, employment growth may not positively affect housing turnover. The results emphasize the importance of assessing individual housing market conditions in an effort to understand the economic impacts of employment change. Journal: Journal of Housing Research Pages: 89-106 Issue: 2 Volume: 29 Year: 2020 Month: 11 X-DOI: 10.1080/10527001.2020.1846401 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1846401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:2:p:89-106 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1846402_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ying Huang Author-X-Name-First: Ying Author-X-Name-Last: Huang Author-Name: Mark A. Sunderman Author-X-Name-First: Mark A. Author-X-Name-Last: Sunderman Author-Name: Ronald W. Spahr Author-X-Name-First: Ronald W. Author-X-Name-Last: Spahr Title: Impact of Single-Family Home Foreclosures on Apartment Rents Abstract: We examine the impacts of single-family home foreclosures on rents for 513 apartment buildings in Shelby County, Tennessee from 2001 through 2016. We find significant, positive nonlinear relationships between foreclosure rates and apartment rents, suggesting that foreclosure market shocks increase demand for apartments and cause occupancy changes from owner to renter. Specifically, rents increase with increasing nearby neighborhood single-family home foreclosure rates. Foreclosure effects were exacerbated by the higher acute foreclosure rates occurring during the 2007–2009 financial crisis, indicating greater price impacts on rents, while during periods with lower foreclosure rates, price impacts were more attenuated. Additionally, impacts on rents vary by rent levels with greater rent increases for higher-end apartments relative to lower-end units. Journal: Journal of Housing Research Pages: 107-132 Issue: 2 Volume: 29 Year: 2020 Month: 11 X-DOI: 10.1080/10527001.2020.1846402 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1846402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:2:p:107-132 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1849929_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Youngme Seo Author-X-Name-First: Youngme Author-X-Name-Last: Seo Author-Name: JongHo Im Author-X-Name-First: JongHo Author-X-Name-Last: Im Author-Name: Brian Mikelbank Author-X-Name-First: Brian Author-X-Name-Last: Mikelbank Title: Does the Written Word Matter? The Role of Uncovering and Utilizing Information from Written Comments in Housing Ads Abstract: The hedonic price model is a popular method to estimate the implicit prices of observed attributes of a property. However, the inputs to the model are only numerically quantified information. This study quantifies the unstructured qualitative statements contained in the written descriptions from the Multiple Listing Service (MLS) data. These statements contain unstructured text describing the features and setting of the house, providing important but typically unused qualitative information. Our approach is unique in that we use the qualitative information to classify these words into eight groups that reflect previously unmeasured housing quality. The purpose of the study is to test whether these previously unmeasured attributes of the property have an impact on the selling price of the property and its time on the market. The dataset consists of 5,160 home sales in Ames, Iowa between the second quarter of 2003 and the second quarter of 2015. Our findings show that the role of unstructured qualitative text varies; some are redundant to the quantitative information already in the models and have no effect, while others, particularly those reflecting the quality of the structure, represent unique information and are important predictors in determining housing prices and the time on market. Journal: Journal of Housing Research Pages: 133-155 Issue: 2 Volume: 29 Year: 2020 Month: 11 X-DOI: 10.1080/10527001.2020.1849929 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1849929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:2:p:133-155 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1846355_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bruce L. Gordon Author-X-Name-First: Bruce L. Author-X-Name-Last: Gordon Author-Name: Daniel T. Winkler Author-X-Name-First: Daniel T. Author-X-Name-Last: Winkler Title: The Omission of House Age in MLS Database Listings: The Effect on Selling Price and Time on Market Abstract: An asymmetric information problem occurs in the home buying process when sellers know more about a house than potential buyers. The listing agent must decide how much of this information to report in the local MLS and to syndicate to other sites. In some MLS datasets, the agent can choose to mark the age as “unknown,” essentially omitting this listing information. The omission raises several relevant questions, such as, why does age omission occur, how do age-omitted listed properties differ in characteristics from age-listed properties, and what effect does age omission have on a property’s time on the market and selling price? The findings show that age omission is more likely to occur when listing agents are less productive, and when homes are older and smaller, but in better condition relative to their peers. Age omission does not increase the property’s time on the market (TOM). When including time on market in the pricing model, however, omitted age properties appear to sell at a 4.7% discount. But age-omission properties have latent characteristics, and when correcting for this sample selection bias, the discount declines to a statistically insignificant 2%. The findings suggest that if less productive agents perceive an advantage to omitting a house’s age, real estate market pricing efficiency removes any significant benefit from using the strategy. The market appears to reduce the potential price incurred by the seller resulting from the omission of a property’s age. Journal: Journal of Housing Research Pages: 156-178 Issue: 2 Volume: 29 Year: 2020 Month: 11 X-DOI: 10.1080/10527001.2020.1846355 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1846355 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:2:p:156-178 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1846430_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Masanori Kuroki Author-X-Name-First: Masanori Author-X-Name-Last: Kuroki Author-Name: Wan Wei Author-X-Name-First: Wan Author-X-Name-Last: Wei Title: The Housing and Rental Price Effects of Unskilled and Skilled Immigration in the United States: 2013–2017 Abstract: This paper examines the impact of unskilled (not college-educated) and skilled (college-educated) immigration on housing prices and rental prices. An instrumental variable approach is employed to investigate causal effects. Results show that an increase in unskilled immigration inflows may lead to a greater rental price appreciation, but an increase in skilled immigration inflows may lead to a lower rental price appreciation. Contrary to previous studies, this study finds that immigration inflows have little housing price effects. Journal: Journal of Housing Research Pages: 179-194 Issue: 2 Volume: 29 Year: 2020 Month: 11 X-DOI: 10.1080/10527001.2020.1846430 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1846430 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:2:p:179-194 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1836914_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Title: Introduction: Natural Disasters and the Housing Market Journal: Journal of Housing Research Pages: S1-S2 Issue: S1 Volume: 29 Year: 2020 Month: 12 X-DOI: 10.1080/10527001.2020.1836914 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1836914 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:S1:p:S1-S2 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1836915_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carolyn Kousky Author-X-Name-First: Carolyn Author-X-Name-Last: Kousky Author-Name: Howard Kunreuther Author-X-Name-First: Howard Author-X-Name-Last: Kunreuther Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Susan Wachter Author-X-Name-First: Susan Author-X-Name-Last: Wachter Title: Flood Risk and the U.S. Housing Market Abstract: Flooding is the most frequent and costliest natural disaster in the United States, yet most households are uninsured or underinsured against flood and may incorrectly expect that government agencies provide sufficient post-flood assistance. This paper synthesizes existing research on flood risks, flood insurance, and their impacts on the U.S. housing market. We focus on the single-family market segment, as primary residences tend to be the largest category of wealth for most households. We conclude with policy implications and suggestions for future research. Journal: Journal of Housing Research Pages: S3-S24 Issue: S1 Volume: 29 Year: 2020 Month: 12 X-DOI: 10.1080/10527001.2020.1836915 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1836915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:S1:p:S3-S24 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1838172_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Caroline Ratcliffe Author-X-Name-First: Caroline Author-X-Name-Last: Ratcliffe Author-Name: William Congdon Author-X-Name-First: William Author-X-Name-Last: Congdon Author-Name: Daniel Teles Author-X-Name-First: Daniel Author-X-Name-Last: Teles Author-Name: Alexandra Stanczyk Author-X-Name-First: Alexandra Author-X-Name-Last: Stanczyk Author-Name: Carlos Martín Author-X-Name-First: Carlos Author-X-Name-Last: Martín Title: From Bad to Worse: Natural Disasters and Financial Health Abstract: Many families live on the financial edge, but a natural disaster can throw even better-situated families into financial turmoil. Comparing the financial outcomes of residents in areas hit by natural disasters with otherwise similar people in unaffected communities, this study finds that natural disasters lead to declines in credit scores and mortgage performance, increases in debt in collection, and impacts on credit card access and debt—effects that persist or even worsen over time. We also find that people who are more likely to be struggling financially before disasters strike are often the hardest hit by the disaster. Specifically, for people with low pre-disaster credit scores, as well as those who live in a community of color, the estimated declines in credit scores are particularly substantial. We find a similar pattern for mortgage delinquency and foreclosure. This pattern of results suggests that disasters may be not only harmful for affected residents on average, but may also have the effect of widening already existing inequalities. Our results also suggest that medium-sized disasters, which are less likely to receive long-term public recovery funding, lead to larger negative declines on credit scores than large disasters. Journal: Journal of Housing Research Pages: S25-S53 Issue: S1 Volume: 29 Year: 2020 Month: 12 X-DOI: 10.1080/10527001.2020.1838172 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1838172 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:S1:p:S25-S53 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1839336_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carolin Pommeranz Author-X-Name-First: Carolin Author-X-Name-Last: Pommeranz Author-Name: Bertram I. Steininger Author-X-Name-First: Bertram I. Author-X-Name-Last: Steininger Title: Spatial Spillovers in the Pricing of Flood Risk: Insights from the Housing Market Abstract: We analyze how direct and indirect effects (spatial spillovers) matter when estimating price effects for a property located in a flood zone. Using a spatial Durbin error model, we show the importance of indirect effects which amount to -6.5% for houses and -4.8% for condominiums in the flood-prone city of Dresden (Germany). Direct effects diminish when controlling for spatial spillovers. Our results are generally robust across different model specifications, urban areas, and risk-adjusted prices that include insurance costs. Thus, ignoring indirect flood effects can lead to flood management that is inefficient and cost-ineffective, as the economic consequences are underestimated. Journal: Journal of Housing Research Pages: S54-S85 Issue: S1 Volume: 29 Year: 2020 Month: 12 X-DOI: 10.1080/10527001.2020.1839336 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1839336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:S1:p:S54-S85 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1840131_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carolyn Kousky Author-X-Name-First: Carolyn Author-X-Name-Last: Kousky Author-Name: Mark Palim Author-X-Name-First: Mark Author-X-Name-Last: Palim Author-Name: Ying Pan Author-X-Name-First: Ying Author-X-Name-Last: Pan Title: Flood Damage and Mortgage Credit Risk: A Case Study of Hurricane Harvey Abstract: Using a unique, loan-level database that combines post-disaster home inspection data, flood zone designations, and loan performance measures in the area impacted by Hurricane Harvey, we examine the link between property damage, flood insurance, and mortgage credit risk. We find that compared with homes with no damage, loans on moderately to severely damaged homes are more likely to become 90 days delinquent shortly after Harvey. However, longer-term loan performance depends on whether the property is located in areas where borrowers are required to have flood insurance. Where flood insurance is required, loan prepayment rate rises with property damage. In areas where flood insurance is not required, and very few borrowers have flood insurance, we find that as property damage increases, the likelihood of needing a loan modification increases, as does the likelihood of a loan being 180 or more days delinquent or in default during the two years following Hurricane Harvey. Thus, our findings provide direct evidence that flood insurance protects homeowners and mortgage creditors against credit risk arising from flood events. Journal: Journal of Housing Research Pages: S86-S120 Issue: S1 Volume: 29 Year: 2020 Month: 12 X-DOI: 10.1080/10527001.2020.1840131 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1840131 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:S1:p:S86-S120 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1840246_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dimuthu Ratnadiwakara Author-X-Name-First: Dimuthu Author-X-Name-Last: Ratnadiwakara Author-Name: Buvaneshwaran Venugopal Author-X-Name-First: Buvaneshwaran Author-X-Name-Last: Venugopal Title: Do Areas Affected by Flood Disasters Attract Lower-Income and Less Creditworthy Homeowners? Abstract: In this paper, we show that areas affected by major flood disasters attract less affluent and less creditworthy homebuyers. House prices drop after a flood disaster. The households that purchased homes after a major flood disaster had 2–7% lower annual income and were 8.5% more likely to be seriously delinquent on their mortgages. We find the effects are stronger after repeated flooding incidents. Demand by minority homebuyers does not increase after the disasters. Lenders charge a higher interest rate and are more likely to securitize post-flood mortgages, which is consistent with the idea that lenders infer that the post-flood loans they originate are of lower credit quality ex-ante. Overall our results imply that more affordable house prices in flood-prone areas attract less affluent and more economically vulnerable households. Journal: Journal of Housing Research Pages: S121-S143 Issue: S1 Volume: 29 Year: 2020 Month: 12 X-DOI: 10.1080/10527001.2020.1840246 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1840246 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:S1:p:S121-S143 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1839320_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Timothy Dombrowski Author-X-Name-First: Timothy Author-X-Name-Last: Dombrowski Author-Name: R. Kelley Pace Author-X-Name-First: R. Kelley Author-X-Name-Last: Pace Author-Name: Dimuthu Ratnadiwakara Author-X-Name-First: Dimuthu Author-X-Name-Last: Ratnadiwakara Author-Name: V. Carlos Slawson, Jr. Author-X-Name-First: V. Carlos Author-X-Name-Last: Slawson, Jr. Title: Deductible Choice in Flood Insurance: Who Chooses the Maximum? Abstract: Although some have proposed eliminating the National Flood Insurance Program (NFIP) to reduce government expenditures, other alternatives exist that could reduce the cost of the program and increase its viability, such as increasing deductibles, which may increase participation and revenue. The​ recently released FIMA NFIP Redacted Policies Data Set provides unprecedented opportunities to examine homeowner deductible choices for flood insurance policies using policy-level data. The menu of deductibles currently ranges from $1,000 to $10,000 in Special Flood Hazard Areas (SFHAs), but until April 1, 2015, the maximum deductible was $5,000. Using a matched sample of 252,280 SFHA policies that were active for the 2013–2019 time period, we provide insight regarding characteristics of homeowners who chose the maximum deductible as well as those who switched from the $5,000 to the new $10,000 deductible. Consistent with nudge theory and stickiness, we show that the majority of the homeowners accept the default deductible option. Individuals in high-income and high-premium areas were more likely to select the maximum dedu​ctible. Level of education and past flood events do not impact whether people decide to select the maximum deductible option. Journal: Journal of Housing Research Pages: S144-S169 Issue: S1 Volume: 29 Year: 2020 Month: 12 X-DOI: 10.1080/10527001.2020.1839320 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1839320 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:29:y:2020:i:S1:p:S144-S169 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1901546_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nyakundi M. Michieka Author-X-Name-First: Nyakundi M. Author-X-Name-Last: Michieka Author-Name: Richard S. Gearhart Author-X-Name-First: Richard S. Author-X-Name-Last: Gearhart Author-Name: Yiannis Ampatzidis Author-X-Name-First: Yiannis Author-X-Name-Last: Ampatzidis Title: Oil Prices, the Housing Market, and Spillover Effects: Evidence from California’s Central Valley Abstract: This paper examines the effects of oil prices on home values in Kern County, California’s top oil producer. Using monthly data from 1990:01 to 2018:03, results from an ARDL model indicate that there is a long-run equilibrium relationship between oil prices, unemployment, interest rates, and home values. In the short run, a 1% increase in unemployment and interest rates will decrease home values by 2.06 and 0.82%, respectively. VEDC and GIRFs imply that changes in Kern’s home values will influence home prices in San Bernardino County. Los Angeles has the greatest effect on home sales in Kern County. Journal: Journal of Housing Research Pages: 77-97 Issue: 1 Volume: 30 Year: 2021 Month: 6 X-DOI: 10.1080/10527001.2021.1901546 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1901546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:1:p:77-97 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1859873_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven B. Caudill Author-X-Name-First: Steven B. Author-X-Name-Last: Caudill Author-Name: Monica Costello Author-X-Name-First: Monica Author-X-Name-Last: Costello Author-Name: Franklin G. Mixon Author-X-Name-First: Franklin G. Author-X-Name-Last: Mixon Author-Name: Ermanno Affuso Author-X-Name-First: Ermanno Author-X-Name-Last: Affuso Title: Food Deserts and Residential Real Estate Prices Abstract: The prevalence of neighborhoods with inadequate access to grocery stores, classified by the U.S. Department of Agriculture as “food deserts,” has become an issue of concern in recent years given that a growing body of research has shown that food deserts can have health-related consequences, such as heart disease, diabetes, and obesity. Despite this growing body of literature, no study to date has examined the consequences of food deserts on residential real estate prices. Using United States Census information from Shelby County, Tennessee, home to the Memphis metropolitan area, to determine whether access to a sufficient food source has an economic effect on housing prices and a dataset containing 3,298 residential real estate transactions, hedonic pricing models employing a large dataset of real estate transactions presented below in this study suggest that residential real estate prices are about 4% to 6% lower for houses located in food deserts than for their counterparts with adequate access to grocery stores. Journal: Journal of Housing Research Pages: 98-106 Issue: 1 Volume: 30 Year: 2021 Month: 6 X-DOI: 10.1080/10527001.2020.1859873 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1859873 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:1:p:98-106 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1915662_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Anne Anderson Author-X-Name-First: Anne Author-X-Name-Last: Anderson Author-Name: Richard J. Kish Author-X-Name-First: Richard J. Author-X-Name-Last: Kish Title: The Crowdfunding Down Payment Option Abstract: A variety of crowdfunding sites, such as HomeFundIt, provide competitive options for perspective homebuyers to obtain the necessary funds required for their down payment. Although other options exist through both federal and state government sponsored programs for home buying assistance, they typically have eligibility constraints regarding income levels. This paper, which is primarily descriptive, explores the crowdfunding options available and provides an overview of the potential costs and benefits of these options. The comparative cost analysis of the various alternatives finds that the HomeFundIt option is the best alternative for millennials. Journal: Journal of Housing Research Pages: 59-76 Issue: 1 Volume: 30 Year: 2021 Month: 6 X-DOI: 10.1080/10527001.2021.1915662 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1915662 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:1:p:59-76 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1827579_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chris Mothorpe Author-X-Name-First: Chris Author-X-Name-Last: Mothorpe Author-Name: David Wyman Author-X-Name-First: David Author-X-Name-Last: Wyman Title: What the Frack? The Impact of Seismic Activity on Residential Property Values Abstract: We utilize the US Geological Survey (USGS) Did You Feel It? (DYFI) system to estimate the impact of induced earthquake activity on residential property values in Oklahoma City. Hedonic models based on DYFI analyses report a higher-pricing discount for residential properties from 2010 to 2015 compared to analyses based on traditional MMI measurements. We also find that lower income households experience larger pricing impacts relative to higher-income households; however, the pricing impacts begin to dissipate in 2016 coinciding with legislation mandating a reduction in induced seismic activity. Our findings raise potential policy implications for future unconventional oil and gas development, hydraulic fracturing, and wastewater disposal. Journal: Journal of Housing Research Pages: 34-58 Issue: 1 Volume: 30 Year: 2021 Month: 6 X-DOI: 10.1080/10527001.2020.1827579 File-URL: http://hdl.handle.net/10.1080/10527001.2020.1827579 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:1:p:34-58 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1915661_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Austin J. Drukker Author-X-Name-First: Austin J. Author-X-Name-Last: Drukker Author-Name: Ted Gayer Author-X-Name-First: Ted Author-X-Name-Last: Gayer Author-Name: Harvey S. Rosen Author-X-Name-First: Harvey S. Author-X-Name-Last: Rosen Title: The Mortgage Interest Deduction: Revenue and Distributional Effects Abstract: Conventional estimates of the size and distribution of the mortgage interest deduction (MID) in the personal income tax fail to account for potentially important responses in household behavior, and thus overstate the increase in revenues and the progressivity associated with eliminating the MID. Were the MID to be eliminated, households would sell financial assets to pay down their mortgage debt, and the smaller holdings of these taxable assets would offset some of the revenue gains from taxing mortgage interest. We build on previous work that estimates the consequences of removing the MID using a framework that allows for portfolio rebalancing. Our estimates of the revenue loss of the MID are robust to various assumptions about household rebalancing behavior and the ratio of the conventional estimate to the rebalancing estimate is relatively stable over time. Based on these findings, we provide a rule of thumb for policymakers for estimating behavioral responses to changes in the MID. Journal: Journal of Housing Research Pages: 1-33 Issue: 1 Volume: 30 Year: 2021 Month: 6 X-DOI: 10.1080/10527001.2021.1915661 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1915661 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:1:p:1-33 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1985361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Heather R. Bono Author-X-Name-First: Heather R. Author-X-Name-Last: Bono Author-Name: Justin D. Benefield Author-X-Name-First: Justin D. Author-X-Name-Last: Benefield Author-Name: Marcus T. Allen Author-X-Name-First: Marcus T. Author-X-Name-Last: Allen Title: Do As I Say and As I Do: Revisiting Price and Time-on-Market for Agent-Owned Properties Abstract: Prior research documents that real estate agents sell residential properties they personally own faster and/or for a higher price than their client-owned listings. This finding is often explained in one of two ways: a) agents engage in shirking behavior when the principal cannot observe them directly (i.e., when selling a client-owned property) or b) agents listen to their own advice about how to best sell a property (i.e., when selling a property owned by the agent). To uncover the better explanation, the current study analyzes a sample of income-producing residential real estate. Sellers of income-producing real estate are likely more experienced and should recognize (and act on) good advice from an agent when it is given. That is, there should be less information asymmetry between agents and owner/clients of income producing residential properties. Thus, the agent-owned income-producing properties in our sample should not differ from client-owned income-producing properties along the dimensions of price or marketing time if agents are simply better at taking their own advice relative to the general public populating samples in related prior works. The absence of such differences in the present study suggests the price and marketing time effects observed in prior studies may be best attributed to information asymmetry rather than shirking. Journal: Journal of Housing Research Pages: 163-174 Issue: 2 Volume: 30 Year: 2021 Month: 11 X-DOI: 10.1080/10527001.2021.1985361 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1985361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:2:p:163-174 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1984756_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Norm Miller Author-X-Name-First: Norm Author-X-Name-Last: Miller Author-Name: Alison Sanchez Author-X-Name-First: Alison Author-X-Name-Last: Sanchez Author-Name: Michael Sklarz Author-X-Name-First: Michael Author-X-Name-Last: Sklarz Author-Name: Adriana Vamosiu Author-X-Name-First: Adriana Author-X-Name-Last: Vamosiu Title: Saving Real Estate Commissions at Any Price: Does Having a Real Estate Agent Influence the Sales Price of a Home? Abstract: We examine the price differentials for homes sold through traditional agents compared to For-Sale-By-Owner (FSBO) sales for two geographic markets with data from January 2016 to July 2017. While revealing that the “MLS premium” no longer exists, we find that FSBOs sell for significantly lower prices than comparable home sales sold by agents and for prices below the average differential represented by the commission rate (6%), even after accounting for endogeneity of the FSBO variable. We find that the magnitude of the effect varies by geographic market as well as type of home. Our results have implications for assessing the value of a real estate agent when determining sales commissions. Journal: Journal of Housing Research Pages: 175-206 Issue: 2 Volume: 30 Year: 2021 Month: 11 X-DOI: 10.1080/10527001.2021.1984756 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1984756 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:2:p:175-206 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1985908_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly R. Goodwin Author-X-Name-First: Kimberly R. Author-X-Name-Last: Goodwin Author-Name: Len Zumpano Author-X-Name-First: Len Author-X-Name-Last: Zumpano Title: A Brief History of the Journal of Housing Research Journal: Journal of Housing Research Pages: 111-112 Issue: 2 Volume: 30 Year: 2021 Month: 11 X-DOI: 10.1080/10527001.2021.1985908 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1985908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:2:p:111-112 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1984755_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ramya R. Aroul Author-X-Name-First: Ramya R. Author-X-Name-Last: Aroul Author-Name: J. Andrew Hansz Author-X-Name-First: J. Andrew Author-X-Name-Last: Hansz Author-Name: Jinsuk Yang Author-X-Name-First: Jinsuk Author-X-Name-Last: Yang Title: “Fix it with Green:” The Valuation Impact of Green Retrofits on Residential Transaction Price Abstract: There is a modest amount of research on the valuation impact of green housing features, but research on renovations or remodeling, which include green features called “green retrofits,” cannot be found. The analysis in this paper uses consistent controls and methods to investigate the valuation implication of green retrofits on residential transaction prices. We find that renovated properties in the sample of residential transaction prices are sold at price levels 5.8% higher on average than properties that are not renovated, all else equal. However, green retrofits sell for 9.9% higher on average than non-renovated properties, and green retrofits sell for about 12.7% higher on average than non-green renovated properties. It appears that investment in residential green building features is capitalized in housing prices. We find that green retrofitted properties spend fewer days on the market compared to other transactions. Journal: Journal of Housing Research Pages: 142-162 Issue: 2 Volume: 30 Year: 2021 Month: 11 X-DOI: 10.1080/10527001.2021.1984755 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1984755 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:2:p:142-162 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1985370_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dag Einar Sommervoll Author-X-Name-First: Dag Einar Author-X-Name-Last: Sommervoll Author-Name: Steve Swidler Author-X-Name-First: Steve Author-X-Name-Last: Swidler Title: Hedging Home Equity Risk: Examination of a Nobel Idea Abstract: Robert Shiller has long advocated the use of derivative real estate instruments to manage home equity risk and address the economic inefficiencies in the housing market. His body of work in this area is literally a Nobel, if not noble, idea, having led to his being awarded economics’ most prestigious award in 2013. While Shiller carefully lays out the benefits of managing homeowner’s equity risk, to date practical issues of hedging have been largely unexplored. With the 2006 listing of real estate futures contracts on the Chicago Mercantile Exchange (CME), it is now possible to examine hedging effectiveness using the CME derivatives. In the following analysis, we examine transaction data from Las Vegas and consider a simple futures rollover strategy along with hedging strategies whose payouts are related to changes in the underlying house price index. The results indicate that idiosyncratic risk is large and renders hedging strategies ineffective for many homeowners that lost money on the sale of their house during the financial crisis. The set of results include certain holding periods where hedge payouts are only a small fraction of their home equity losses and still other times when an individual would lose both on their home sale and on their derivatives position. Thus, the evidence suggests that while the idea of home equity risk management is a Nobel idea, hedging strategies can often lead to ineffective results. Journal: Journal of Housing Research Pages: 113-127 Issue: 2 Volume: 30 Year: 2021 Month: 11 X-DOI: 10.1080/10527001.2021.1985370 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1985370 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:2:p:113-127 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1985907_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly R. Goodwin Author-X-Name-First: Kimberly R. Author-X-Name-Last: Goodwin Title: Thirty Years of Housing Research Journal: Journal of Housing Research Pages: 107-110 Issue: 2 Volume: 30 Year: 2021 Month: 11 X-DOI: 10.1080/10527001.2021.1985907 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1985907 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:2:p:107-110 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_1985371_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven Stelk Author-X-Name-First: Steven Author-X-Name-Last: Stelk Author-Name: Leonard V. Zumpano Author-X-Name-First: Leonard V. Author-X-Name-Last: Zumpano Title: Investigating the Impact of Agency Disclosure on Home Prices Abstract: Past studies found that passage of mandatory disclosure statutes did not improve real estate consumers’ reported receipt of agency disclosure. To date, the literature has not provided evidence that consumers are harmed when they do not receive agency disclosure. Using a nationwide dataset from 2012, this study offers three findings. First, the overall proportion of buyers reporting receipt of disclosure has still not improved. Second, receipt of disclosure among ethnic minorities has improved. Finally, there is no evidence that buyers who do not report receipt of agency disclosure pay different prices for homes than buyers who do report receiving disclosure. Journal: Journal of Housing Research Pages: 128-141 Issue: 2 Volume: 30 Year: 2021 Month: 11 X-DOI: 10.1080/10527001.2021.1985371 File-URL: http://hdl.handle.net/10.1080/10527001.2021.1985371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:30:y:2021:i:2:p:128-141 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2007583_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ekaterina Chernobai Author-X-Name-First: Ekaterina Author-X-Name-Last: Chernobai Author-Name: Zhongming Ma Author-X-Name-First: Zhongming Author-X-Name-Last: Ma Title: The Effect of Walkability on House Prices Abstract: Using nearly 20,000 single-family house transactions for Orange County, California, we analyzed the effect of walkability of properties on their closing prices. We found that walkability does not have a noticeable effect on prices at an aggregate level. However, after splitting the data according to the number of garage spaces, we found that for houses with zero to one garage space, walkability had a positive impact on prices; for two-car garage properties, the walkability effect was negligible; for properties with three or more garage spaces, the effect became negative and statistically significant. So a high walkability is a valuable amenity for small houses with up to a one-car garage, but a disamenity for larger homes with three or more garage spaces. We further examined whether the impact of walkability on prices was nonlinear and found that nonlinearity existed for houses with two or three garage spaces. Our findings of the effect of walkability on prices have practical implications for real estate stakeholders. Journal: Journal of Housing Research Pages: 53-73 Issue: 1 Volume: 31 Year: 2022 Month: 4 X-DOI: 10.1080/10527001.2021.2007583 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2007583 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:1:p:53-73 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2003505_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mehak Sachdeva Author-X-Name-First: Mehak Author-X-Name-Last: Sachdeva Author-Name: Stewart Fotheringham Author-X-Name-First: Stewart Author-X-Name-Last: Fotheringham Author-Name: Ziqi Li Author-X-Name-First: Ziqi Author-X-Name-Last: Li Title: Do Places Have Value?: Quantifying the Intrinsic Value of Housing Neighborhoods Using MGWR Abstract: Real estate market analysis has long been an active area of inquiry and one that reveals much about people’s preferences regarding housing attributes. It is well-known that house prices tend to exhibit strong spatial dependency and that they vary across space due to differences in structural and neighborhood characteristics. It is perhaps less well-known but gaining recognition that the influence of various structural and neighborhood characteristics on house prices might vary over space. However, very few, if any, applications in real estate research have recognized and measured the spatial scales over which different factors affect house prices or been able to quantify the ‘intangible’ impacts certain locations have on house prices. Using house price data in King County, WA, this research applies a multiscale extension to GWR, multiscale geographically weighted regression (MGWR), to measure and investigate spatial variations in the processes affecting house prices at varying scales. In a novel attempt, this research quantifies the intrinsic value certain locations have beyond the determinants used to define traditional hedonic price models. The research also demonstrates the utility of MGWR to hedonic price analysis and its ability to identify intricate housing submarkets often overlooked by other techniques. Journal: Journal of Housing Research Pages: 24-52 Issue: 1 Volume: 31 Year: 2022 Month: 4 X-DOI: 10.1080/10527001.2021.2003505 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2003505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:1:p:24-52 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2003504_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bruce L. Gordon Author-X-Name-First: Bruce L. Author-X-Name-Last: Gordon Author-Name: Daniel T. Winkler Author-X-Name-First: Daniel T. Author-X-Name-Last: Winkler Title: Selling Prices and Time on the Market of Houses Sold through Relocation Management Companies Abstract: Employers contract with relocation management companies (RMCs) to help employees transfer from one location to another. In an efficient market, the selling price and time on the market (TOM) should not vary based on the nature of the seller. However, RMCs provide sellers with relocation package benefits that may affect TOM and selling price. This study examines a sample of 24,493 sales from 1998 to 2017, which includes 831 relocation sales. Relocation properties are more expensive, newer, and have more amenities than other transactions. The properties are less likely to be occupied during the listing period. Relocation sales of smaller properties sell 22.7% more quickly and at a 3.3% price premium in 1998–2007. TOM is 29.7% shorter for larger relocation properties in 2012–2017, suggesting more generous relocation packages for higher-level employees. Journal: Journal of Housing Research Pages: 4-23 Issue: 1 Volume: 31 Year: 2022 Month: 4 X-DOI: 10.1080/10527001.2021.2003504 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2003504 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:1:p:4-23 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2013058_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vincenzo Alfano Author-X-Name-First: Vincenzo Author-X-Name-Last: Alfano Author-Name: Massimo Guarino Author-X-Name-First: Massimo Author-X-Name-Last: Guarino Title: A Word to the Wise Analyzing the Impact of Textual Strategies in Determining House Pricing Abstract: Some of the mechanisms through which house prices are determined to remain unclear. This work aims to shed some light on the subject by analyzing the impact of text structure and given keywords in the announcements of house sales over the internet. It seems that, especially in trade among private individuals, the marketing of the announcement can make the difference. By retrieving data regarding houses on sale in Italy, one of the countries in which the housing market is still overwhelmingly composed of deals between private individuals (and not a market shared by a few big companies), we derived via OLS and fractional response probit estimation the impact of the text structure and several keywords. Our results show that there is no mark-up due to verbs and punctuation, or transport- and tourism-related keywords, while an abundance of nouns and adjectives or keywords related to investment, panorama, and cultural heritage have a positive (or expected) impact on the price. This suggests that using many nouns and adjectives in writing a house sale announcement helps to sell the property at a higher price, and also that while the latter set of keywords play a role in determining house prices, announcements leveraging transport opportunities and touristic opportunities do not. Journal: Journal of Housing Research Pages: 88-112 Issue: 1 Volume: 31 Year: 2022 Month: 4 X-DOI: 10.1080/10527001.2021.2013058 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2013058 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:1:p:88-112 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2008093_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James H. Jung Author-X-Name-First: James H. Author-X-Name-Last: Jung Author-Name: Gary Smith Author-X-Name-First: Gary Author-X-Name-Last: Smith Title: Earthquakes and Home Prices: The Napa and Ridgecrest Quakes Abstract: A comparison of residential home sales six months before and after the 2014 South Napa and 2019 Ridgecrest earthquake sequences shows that prices dropped substantially, and that the effects on individual home prices were directly related to the intensity with which the earthquakes were felt at the location of each home. Journal: Journal of Housing Research Pages: 74-87 Issue: 1 Volume: 31 Year: 2022 Month: 4 X-DOI: 10.1080/10527001.2021.2008093 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2008093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:1:p:74-87 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2007584_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Denise Gravatt Author-X-Name-First: Denise Author-X-Name-Last: Gravatt Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Ken H. Johnson Author-X-Name-First: Ken H. Author-X-Name-Last: Johnson Title: A Note on the Estimation of the Degree of Over- Or Under-Pricing of Housing Markets Relative to Their Long-Term Pricing Trend Abstract: This note outlines the estimation methodology of the degree of over- or under-pricing for a given housing market relative to its long-term pricing trend. The purpose of this effort is to provide buyers, sellers, real estate professionals, and policy makers a tool that estimates the premium (over-pricing) or discount (under-pricing) a local market is experiencing at a given moment. In general, this model is designed more for greater public rather than academic consumption. Journal: Journal of Housing Research Pages: 1-3 Issue: 1 Volume: 31 Year: 2022 Month: 4 X-DOI: 10.1080/10527001.2021.2007584 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2007584 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:1:p:1-3 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2021725_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Amir Borges Ferreira Neto Author-X-Name-First: Amir Author-X-Name-Last: Borges Ferreira Neto Author-Name: Kayla Whetstone Author-X-Name-First: Kayla Author-X-Name-Last: Whetstone Title: The Effect of the Raiders’ Relocation to Las Vegas on Residential Property Values Abstract: We examine the effect of National Football League’s Raiders organization relocation from Oakland, California to Las Vegas, Nevada on real estate properties. We focus on residential properties in Las Vegas, and two key dates: the announcement of relocation and inauguration of the Allegiant stadium. Using data from the Clark County Assessor’s Office, we employ a hedonic pricing model for single-family residential properties. Our results show differential effects across space and values. Residential properties closer to the stadium experience positive effects of the announcement, while those farther way experience negative effects. The effect of the across the conditional distribution is downward slopping for the announcement suggesting positive effects for properties in lower tail of the conditional distribution and negative effects for those in the upper tail. The inauguration has overall no statistically significant effect, suggesting the gap in prices from the announcement is closed. Journal: Journal of Housing Research Pages: 181-195 Issue: 2 Volume: 31 Year: 2022 Month: 10 X-DOI: 10.1080/10527001.2021.2021725 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2021725 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:2:p:181-195 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2016340_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jason Beck Author-X-Name-First: Jason Author-X-Name-Last: Beck Author-Name: Frank Scott Author-X-Name-First: Frank Author-X-Name-Last: Scott Author-Name: Aaron Yelowitz Author-X-Name-First: Aaron Author-X-Name-Last: Yelowitz Title: The Impact of Real Estate Agent Specialization and Activity Level on Market Outcomes Abstract: Real estate agents play a critical role in reducing transaction costs in home sales. The incentives they face and the effect they have on selling price and time on market have been shown to differ depending on the legal setting governing the contractual relationship between principal (home owner) and agent. Using 8 years of Multiple Listing Service (MLS) data from a large Midwestern city, we study a market where the large majority of transactions involve a listing agent working directly with the seller and a cooperating agent working directly with the buyer. We find that more active agents sell homes more quickly, but at a lower price. Important differences emerge when we separate agents’ roles into listing agents and selling agents. We find that recent market activity by listing agents leads to significantly lower sales prices and a quicker sale. An additional listing in the previous 60 days is associated with a 0.3% reduction in sales price and a 0.8-day decrease in days on market. More active selling agents are associated with fewer days on market, but with no apparent impact on price. Relative to less active agents, listing agents in the most active quintile are associated with an 8% lower transaction price and 14 fewer days on market. Journal: Journal of Housing Research Pages: 163-180 Issue: 2 Volume: 31 Year: 2022 Month: 10 X-DOI: 10.1080/10527001.2021.2016340 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2016340 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:2:p:163-180 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2026030_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yasmine Essafi Zouari Author-X-Name-First: Yasmine Author-X-Name-Last: Essafi Zouari Author-Name: Aya Nasreddine Author-X-Name-First: Aya Author-X-Name-Last: Nasreddine Author-Name: Arnaud Simon Author-X-Name-First: Arnaud Author-X-Name-Last: Simon Title: The Role of Housing in a Mixed-Asset Portfolio: The Particular Case of Direct Housing Within the Greater Paris Area Abstract: This article explores the role of physical residential real estate within the optimal multi-asset portfolio. Specifically, we consider direct housing within the Grand Paris metropolis between 1996 and 2017 as an asset class together with financial assets. Our findings bring several contributions to the residential market literature. First, directly held housing investment brings diversification benefits to the mixed-asset portfolio. Second, using hierarchical clustering technique, we divide the Greater Paris area into five homogenous groups of communes and compute the optimal weight of each commune as well as each group of communes in the tangency portfolio. Third, we check the weights’ stability through time and confirm that residential real estate always catches the highest weight in the optimal portfolio. Finally, we run additional tests to compare listed real estate performances in a mixed asset portfolio with those obtained by considering physical residential real estate. We conclude that listed real estate is not a substitute for direct housing. Journal: Journal of Housing Research Pages: 196-219 Issue: 2 Volume: 31 Year: 2022 Month: 10 X-DOI: 10.1080/10527001.2022.2026030 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2026030 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:2:p:196-219 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2028357_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jeffrey G. Robert Author-X-Name-First: Jeffrey G. Author-X-Name-Last: Robert Title: Note: A Call for Research Into Low-Income Housing’s Growing Insurance Problem Abstract: Housing affordability continues to capture national attention with housing shortages estimated to persist in the coming years. This article presents a new barrier to housing affordability by connecting recent predictive analytics techniques in the insurance industry to general liability insurance for low-income housing. Specifically, this article seeks to broaden awareness and serves as a call for more empirical research into the impact of crime score modeling on low-income housing supply, land values, operating costs, and resident services. Journal: Journal of Housing Research Pages: 241-246 Issue: 2 Volume: 31 Year: 2022 Month: 10 X-DOI: 10.1080/10527001.2022.2028357 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2028357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:2:p:241-246 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2008094_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: D. Brian Blank Author-X-Name-First: D. Author-X-Name-Last: Brian Blank Author-Name: Michael J. Highfield Author-X-Name-First: Michael J. Author-X-Name-Last: Highfield Author-Name: Rustin T. Yerkes Author-X-Name-First: Rustin T. Author-X-Name-Last: Yerkes Title: Risk in Loan Pools of GNMA-Guaranteed MBS: Evidence From Bank and Non-Bank Issuers Abstract: While the recent decade of changing mortgage origination is well documented, loan pools assembled by MBS issuers have yet to be examined. To address this void in the literature, we provide an overview of the securitization process to connect institutions issuing securities to the origination process and clarify distinctions between GNMA as compared to FNMA and FHMLC in the MBS issuance process. Then, using a proprietary database of all MBS issuers approved by GNMA as of December 2016, we focus on the role of regulatory status in the risk of securitized loan pools for GNMA-guaranteed MBS. We find non-bank GNMA-approved issuers pool riskier mortgages with higher debt-to-income ratios, higher delinquency rates, higher gross margins, and slower prepayment than traditional depository institutions issuing MBS. Although the GNMA liquidity guarantee for MBS servicers protects MBS investors, our findings have long-run implications for U.S. taxpayers. Journal: Journal of Housing Research Pages: 135-162 Issue: 2 Volume: 31 Year: 2022 Month: 10 X-DOI: 10.1080/10527001.2021.2008094 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2008094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:2:p:135-162 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2008092_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stuart J. Fowler Author-X-Name-First: Stuart J. Author-X-Name-Last: Fowler Author-Name: Sean Salter Author-X-Name-First: Sean Author-X-Name-Last: Salter Author-Name: Cayman Seagraves Author-X-Name-First: Cayman Author-X-Name-Last: Seagraves Author-Name: Philip Seagraves Author-X-Name-First: Philip Author-X-Name-Last: Seagraves Title: Academic Tenure, Income Uncertainty, and Real Estate Risk-Taking Abstract: While real estate investment via home ownership is inherently risky for all owners, individual households face varying degrees of risk that may affect the decision to rent versus own. The uncertainty of future cash flows to an enterprise or household is likely to influence investment behavior in large, long-lived capital such as real estate. This study uses a unique data set of university professors to estimate risk preference sensitivity to changes in the degree of uncertainty of labor income. A structural modeling econometric approach indicates that nontenured professors, who have the least secure incomes, are 33% less likely to own a home than their tenured colleagues, despite having similar average incomes. For those with tenure, 38% of their home ownership can be explained by academic tenure. Our calculations indicate that 124,729 tenured professors decided to purchase a home solely because of the job security tenure entails: roughly .2% of the total U.S. national housing stock. Journal: Journal of Housing Research Pages: 113-134 Issue: 2 Volume: 31 Year: 2022 Month: 10 X-DOI: 10.1080/10527001.2021.2008092 File-URL: http://hdl.handle.net/10.1080/10527001.2021.2008092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:2:p:113-134 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2078530_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lily Shen Author-X-Name-First: Lily Author-X-Name-Last: Shen Author-Name: Thomas M. Springer Author-X-Name-First: Thomas M. Author-X-Name-Last: Springer Title: The Odd One Out? The Impact of Property Uniqueness on Selling Time and Selling Price Abstract: We employ machine learning to develop measures of residential real estate uniqueness from written advertisements. These measures are exogenous from sale prices. We distinguish the effect of market uniqueness (comparing houses for sale at the same time) from the effect of universal uniqueness (comparing houses in the same sub-market) on sale prices and time on the market (TOM). The hedonic models show that a one-standard-deviation increase in market uniqueness leads to a 13% ($48,490) increase in sale prices at the cost of delaying the transaction for 1.7 days, whereas a one-standard-deviation increase in universal uniqueness leads to only an 11% ($41,030) increase in sale prices at the cost of delaying the transaction for 3 days. We validated the impact of uniqueness on TOM using two hazard models. Our results highlight the importance of uniqueness and market timing in real estate. Journal: Journal of Housing Research Pages: 220-240 Issue: 2 Volume: 31 Year: 2022 Month: 10 X-DOI: 10.1080/10527001.2022.2078530 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2078530 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:31:y:2022:i:2:p:220-240 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2078465_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Florence Neymotin Author-X-Name-First: Florence Author-X-Name-Last: Neymotin Author-Name: Fred Forgey Author-X-Name-First: Fred Author-X-Name-Last: Forgey Title: Government Stimulus and Mortgage Payments during COVID-19: Evidence from the US Census Household Pulse Survey Abstract: We investigated the impact of governmental stimulus payments and how they were employed by individuals—whether saved, spent, or used to pay down debt—on mortgage repayment. We determined that there was a positive effect for individuals who were eligible for the Economic Impact Payment (EIP) Stimulus and used it to increase their ability to make their next mortgage payment. However, this did not affect their overall likelihood of having paid off their mortgage. These findings held after various demographic controls were employed, as well as after controlling for alternative measures of spending meant to disentangle the EIP from other long-term patterns of saving and spending. Differences by Race and Socioeconomic status or age were also explored. Our results provide preliminary evidence that the EIP had a positive effect on mortgage payments during the COVID-19 pandemic, and show that future government stimulus payments should take into account patterns in saving affecting repayment. Journal: Journal of Housing Research Pages: 66-80 Issue: 1 Volume: 32 Year: 2023 Month: 1 X-DOI: 10.1080/10527001.2022.2078465 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2078465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:1:p:66-80 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2041343_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ying Huang Author-X-Name-First: Ying Author-X-Name-Last: Huang Author-Name: J. Reid Cummings Author-X-Name-First: J. Reid Author-X-Name-Last: Cummings Author-Name: Ronald W. Spahr Author-X-Name-First: Ronald W. Author-X-Name-Last: Spahr Author-Name: Mark A. Sunderman Author-X-Name-First: Mark A. Author-X-Name-Last: Sunderman Title: Public Auction versus Private Negotiation in Residential Property Sales Abstract: The U.S. residential real estate market is unlike international markets of Australia, Singapore, and New Zealand, where public auctions are common or even preferred by property sellers, particularly for new homes. In these foreign markets, excess demand and supply shortages drive sale price premiums for auctioned properties. We use residential property sales for 2000-2017 from Montgomery, Alabama, to investigate latent differences between sale prices for properties selling at public auction versus sale prices resulting from privately negotiated transactions closed by real estate agents who report results to their regional multiple listing service. Of the residential properties in our sample, only 0.6 percent sold via auction, and there were no sales of newly constructed homes. Properties sold by auction demonstrate reduced information asymmetry and improved pricing accuracy; however, these properties tend to be in the lower price range, older, lower quality, previously on the market for a more significant amount of time, and those selling at lower prices. In addition to using other econometric methods, we incorporate a factor analysis, a method not often used in real estate research but well suited to our study. New homes sold via private negotiation show the highest orthogonal factor loading. At the same time, our demand and bank-owned property variables have higher factor loadings for publicly auctioned properties. Our conclusions persist even after removing foreclosed properties from the analysis. Journal: Journal of Housing Research Pages: 21-40 Issue: 1 Volume: 32 Year: 2023 Month: 1 X-DOI: 10.1080/10527001.2022.2041343 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2041343 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:1:p:21-40 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2045818_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Geoffrey K. Turnbull Author-X-Name-First: Geoffrey K. Author-X-Name-Last: Turnbull Author-Name: Minrong Zheng Author-X-Name-First: Minrong Author-X-Name-Last: Zheng Title: The Lingering Effects of Court-Ordered Busing on School Quality Capitalization Abstract: Previous research shows that court-ordered busing to desegregate public schools dampens housing market capitalization of school quality even after the court order is lifted. This paper considers how long this effect lasts. The meta-analysis of 50 school quality capitalization studies finds that, while the effect of previous busing on capitalization fades over time, it does so slowly, with significant negative net effects persisting for about 5.5 years. Journal: Journal of Housing Research Pages: 41-56 Issue: 1 Volume: 32 Year: 2023 Month: 1 X-DOI: 10.1080/10527001.2022.2045818 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2045818 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:1:p:41-56 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2079170_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mariya Letdin Author-X-Name-First: Mariya Author-X-Name-Last: Letdin Author-Name: Meagan McCollum Author-X-Name-First: Meagan Author-X-Name-Last: McCollum Title: Mortgage Relief: Who CARES? Abstract: We analyze the effects of being ineligible for mortgage payment relief by examining the aftermath of the Home Affordable Refinance Program (HARP). Using a comparable sample of borrowers with publicly (Freddie Mac) and privately (Bbx) securitized loans we compare loan performance and quantify potential wealth, consumption, and credit consequences for prime borrowers whose loans were placed in private securitization pools and who were thus ineligible for a government relief program. We show that restricting program benefits to include only borrowers in federally backed mortgage pools results in significant loss in wealth (through reduced prepayment and increased default) for those otherwise similar borrowers whose loans are placed outside of GSE pools. The greatest detriment is documented in CBSAs with the largest housing price declines. The results shed light on the potential consequences of an identical provision in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which provides mortgage forbearance relief to qualifying borrowers, whose loans are placed in a government backed mortgage pool. Journal: Journal of Housing Research Pages: 81-102 Issue: 1 Volume: 32 Year: 2023 Month: 1 X-DOI: 10.1080/10527001.2022.2079170 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2079170 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:1:p:81-102 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2033389_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sergio Gárate Alvarez Author-X-Name-First: Sergio Author-X-Name-Last: Gárate Alvarez Author-Name: Anthony Pennington-Cross Author-X-Name-First: Anthony Author-X-Name-Last: Pennington-Cross Title: Short-Term Property Rental Platforms and the Housing Market: House Prices and Liquidity Abstract: This article examines how the short-term peer-to-peer rental market impacts the housing market. Instead of examining premier tourist destinations, our analysis is in a typical state within the United States – Wisconsin (ranked about 20th in terms of population and output). Our results indicate that a doubling of Airbnb properties in a neighborhood increases the price of housing by approximately 11%. However, the impact is heterogeneous. For example, the impact of Airbnb is largest in less dense neighborhoods with high house prices. By contrast, there is no price impact at all in the most urban and dense neighborhoods. We found no consistent evidence that the presence of Airbnb effects liquidity. Journal: Journal of Housing Research Pages: 1-20 Issue: 1 Volume: 32 Year: 2023 Month: 1 X-DOI: 10.1080/10527001.2022.2033389 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2033389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:1:p:1-20 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2052547_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhiyong An Author-X-Name-First: Zhiyong Author-X-Name-Last: An Title: Paternalism versus Veblen: How Should the Government Address the Concern for Relative Consumption in Housing? Abstract: This paper compares the optimal tax policies of welfarist and paternalistic governments to address the concern for relative consumption in housing, where the former respects such concern, whereas the latter does not. The results of our analysis suggest that the optimal tax policies are identical. More specifically, we show that irrespective of a welfarist or a paternalistic government, the concern should be addressed with a property tax; the optimal property tax rate is proportional to the degree of the concern; and whereas the concern leads to higher income guarantees, it does not result in higher marginal income tax rates. Journal: Journal of Housing Research Pages: 57-65 Issue: 1 Volume: 32 Year: 2023 Month: 1 X-DOI: 10.1080/10527001.2022.2052547 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2052547 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:1:p:57-65 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2170769_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bastian Krämer Author-X-Name-First: Bastian Author-X-Name-Last: Krämer Author-Name: Cathrine Nagl Author-X-Name-First: Cathrine Author-X-Name-Last: Nagl Author-Name: Moritz Stang Author-X-Name-First: Moritz Author-X-Name-Last: Stang Author-Name: Wolfgang Schäfers Author-X-Name-First: Wolfgang Author-X-Name-Last: Schäfers Title: Explainable AI in a Real Estate Context – Exploring the Determinants of Residential Real Estate Values Abstract: A sound understanding of real estate markets is of economic importance and not simple, as properties are a heterogenous asset and no two are alike. Traditionally, parametric or semi-parametric and, thus, assumption-based hedonic pricing models are used to analyze real estate market fundamentals. These models are characterized by the fact that they require a-priori assumptions regarding their functional form. Usually, the true functional form is unknown and characterized by non-linearities and joint effects, which are hard to fully capture. Therefore, their results should be interpreted with caution. Applying the state-of-the art non-parametric machine learning XGBoost algorithm, in combination with the model-agnostic Accumulated Local Effects Plots, (ALE) enables us to overcome this problem. Using a dataset of 81,166 residential properties for the seven largest German cities, we show how ALE plots enable us to analyze the value-determining effects of several structural, locational and socio-economic hedonic features. Our findings lead to a deeper representation of real estate market fundamentals. Journal: Journal of Housing Research Pages: 204-245 Issue: 2 Volume: 32 Year: 2023 Month: 7 X-DOI: 10.1080/10527001.2023.2170769 File-URL: http://hdl.handle.net/10.1080/10527001.2023.2170769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:2:p:204-245 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2106039_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jenny Gnagey Author-X-Name-First: Jenny Author-X-Name-Last: Gnagey Author-Name: Matt Gnagey Author-X-Name-First: Matt Author-X-Name-Last: Gnagey Author-Name: Christopher Yencha Author-X-Name-First: Christopher Author-X-Name-Last: Yencha Title: The Impact of Legalizing Accessory Dwelling Unit Rentals on Property Values: Evidence from Ogden, Utah Abstract: We study the impact of legalizing the rental of Accessory Dwelling Units (ADUs) on property values. We use a dataset of property sales in Ogden, Utah both before and after a policy change legalizing ADU rentals in 2016. We apply repeat sales and differences-in-difference methods to evaluate the impact of the ordinance on property values. Theoretically, the ordinance could increase property values due to the higher expected returns available from ADU rental income, however, potential congestion, noise, and parking issues could alternatively cause property values to decrease. In our analysis, we find no significant impact of ADU legalization on property values in areas affected by the policy change compared to unaffected areas. These results are robust to a number of different model specifications. Several features of Ogden’s real estate market and policy environment may also contribute to this null result including challenges in effectively prohibiting black market long-term ADU rentals in areas where they remain illegal and/or property owners using ADUs for short-term vacation rentals which is legal city-wide. These results suggest that legalizing residential ADU rentals may be an effective way to increase the supply of affordable rental housing and provide supplemental income to homeowners without negatively impacting property values. Journal: Journal of Housing Research Pages: 103-122 Issue: 2 Volume: 32 Year: 2023 Month: 7 X-DOI: 10.1080/10527001.2022.2106039 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2106039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:2:p:103-122 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2111749_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Author-Name: Lauren Simon Author-X-Name-First: Lauren Author-X-Name-Last: Simon Author-Name: Akhila Veldandi Author-X-Name-First: Akhila Author-X-Name-Last: Veldandi Title: Adjacency Neighborhood Effects and Owner-Assessed Home Values Abstract: Adjacency neighborhood effects such as neighbor interactions or perceived neighborhood quality have been neglected in the housing literature due to a lack of data. We investigate the impact of these effects on the housing wealth perceived by homeowners. Using a national longitudinal survey, we find that perceived neighborhood quality positively impacts owner-assessed home values. However, this effect is driven by homeowners’ assessment of their neighborhoods’ quality relative to other neighborhoods rather than their neighborhoods’ perceived cleanliness or upkeep. Depending on the financial characteristics of homeowners, we also find neighbor interactions and perceived neighborhood safety to have a significant relation with self-assessed home values. Trust and support among neighbors and joint feel of the home and neighborhood on the other hand have no relation with estimated values. While neighborhood quality consistently explains owner-assessed values, home quality only has a relation with value estimates for homeowners with certain financial characteristics. Considering the importance of perceived housing wealth for household financial decisions as well as transaction prices, our findings have implications for policy makers and developers. Journal: Journal of Housing Research Pages: 123-141 Issue: 2 Volume: 32 Year: 2023 Month: 7 X-DOI: 10.1080/10527001.2022.2111749 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2111749 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:2:p:123-141 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2161733_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Duygu Gokce Author-X-Name-First: Duygu Author-X-Name-Last: Gokce Author-Name: Feyza Topcuoglu Author-X-Name-First: Feyza Author-X-Name-Last: Topcuoglu Title: Spatial Mapping of Gated Community-Based Housing Formations around Metro Stations at the Time of COVID-19 and a Residents’ View Abstract: At its peak period of the COVID-19 spread, this study investigates how transit-oriented sub-centered housing developments responded against the pandemic in line with the residents’ spatial experience and changing preferences. In this context, Batikent, a gated-community-based urban development and one of the successful urban residential projects realized in the 1980s in Ankara, Turkiye, was chosen as a case study. The four metro stations located on the same track in Batikent’s most densely populated areas were taken as reference points, and their surroundings, 1 km in diameter were spatially examined in terms of the housing types they host, and differences in their land coverages and building and population density, etc. A survey was carried out to examine the residents’ COVID-19 experience in line with spatial qualities. To match them against COVID-19 with the spatial patterns, both results were compared to the COVID-19 spread maps, collected for six months starting from October 2020 to March 2021. The spread risk was prominent in the places where the buildings are in closer proximity and increased interaction with the commercial networks. The results also suggest that perceived qualities of the residential environment are critical in dealing with extreme urban phenomena. Neither the spatial formation of the urban form nor the living habits change instantaneously but being aware of the capabilities of the spatial setting and properties which combat the pandemics helps with the spatial scale of the local adaptation process. Journal: Journal of Housing Research Pages: 156-179 Issue: 2 Volume: 32 Year: 2023 Month: 7 X-DOI: 10.1080/10527001.2022.2161733 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2161733 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:2:p:156-179 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2127252_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Heather R. Bono Author-X-Name-First: Heather R. Author-X-Name-Last: Bono Author-Name: Hilde Patron Author-X-Name-First: Hilde Author-X-Name-Last: Patron Author-Name: William J. Smith Author-X-Name-First: William J. Author-X-Name-Last: Smith Title: The Impact of Selected Aesthetic Building Restrictions on Georgia’s Single-Family Housing Markets Abstract: This paper analyzes the economic impact that selected “look and feel” or aesthetic building restrictions have on housing prices and housing availability in Georgia counties. We model the median value of homes using ordinary least squares, and as a robustness check, we also use a partial least squares structural equations model. We also estimate a supply of housing, as measured by single family housing permits, using a negative binomial regression. We find that aesthetic building restrictions do not have a statistically significant impact on the value of single-family homes or their supply. Journal: Journal of Housing Research Pages: 142-155 Issue: 2 Volume: 32 Year: 2023 Month: 7 X-DOI: 10.1080/10527001.2022.2127252 File-URL: http://hdl.handle.net/10.1080/10527001.2022.2127252 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:2:p:142-155 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2168585_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Simon Thaler Author-X-Name-First: Simon Author-X-Name-Last: Thaler Author-Name: David Koch Author-X-Name-First: David Author-X-Name-Last: Koch Title: Real Estate Pictures: The Role of Furniture Preferences in Subjective Valuation Abstract: In real estate pictures, home staging, which is the temporary display of high-end furniture, is meant to positively impact the sales process for the involved parties: the broker, the seller and also the buyer. In this article we focus on the impact of home staging on the price aspect in this process. In our experimental design to isolate the effect of furniture on valuation, we show pictures with furniture to one group and those without furniture to the other group. The main task for both groups of students is to estimate the market value of an empty apartment. Additionally, they must state their preferences for furniture in an apartment. On aggregate, we do not find significant differences in market value estimates between the two conditions, which is in line with the recent literature. At subsets based on individually indicated preferences for furniture, we find two main differences: those in the group with lower indicated preferences for furniture do not adjust their value estimates in a second estimation task, where the presence of furniture is changed, while those in the second group adjust their value estimates in the second estimate, where the adjustments are significant with a magnitude of approximately 11% based on their preferred condition. We conclude that if a client indicates a high preference for furniture, then the presented furniture affects his or her perception of the property. Additionally, we monitor the dwell time, which is significantly longer for the furnished condition and is an indication of information reception. Journal: Journal of Housing Research Pages: 180-203 Issue: 2 Volume: 32 Year: 2023 Month: 7 X-DOI: 10.1080/10527001.2023.2168585 File-URL: http://hdl.handle.net/10.1080/10527001.2023.2168585 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:32:y:2023:i:2:p:180-203 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2168587_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Doan Thi Hong Thinh Author-X-Name-First: Doan Thi Hong Author-X-Name-Last: Thinh Author-Name: Marcel-Cristian Voia Author-X-Name-First: Marcel-Cristian Author-X-Name-Last: Voia Title: Risk of Claims and Moral Hazard for House Insurance in Canada Abstract: We investigate the risk of claims using hazard models for house insurance for the three periods: prior to, during and after the financial crisis. The present study is based on the data provided by Property & Casualty Carrier for the Canadian Market. The semiparametric Cox proportional hazard model results suggest that Canada’s house insurance options (Bronze, Silver, Gold, and Platinum) influence the risk of claims. The smaller coverage option, Bronze, has much fewer claims than the complete coverage option, Gold. This may suggest the presence of a moral hazard problem. The financial crisis however impacted the role of the type of coverage had on the risks of claims reducing the moral hazard problem, after controlling for the characteristics of the houses. Journal: Journal of Housing Research Pages: 1-16 Issue: 1 Volume: 33 Year: 2024 Month: 1 X-DOI: 10.1080/10527001.2023.2168587 File-URL: http://hdl.handle.net/10.1080/10527001.2023.2168587 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:33:y:2024:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2216874_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jeffrey G. Robert Author-X-Name-First: Jeffrey G. Author-X-Name-Last: Robert Author-Name: Velma Zahirovic-Herbert Author-X-Name-First: Velma Author-X-Name-Last: Zahirovic-Herbert Title: The Influence of TIF Overlay Zoning on Residential Real Estate Prices Abstract: Tax increment financing, a form of overlay zoning, are purported to spur economic development and promote the public interest of the community. However, these municipal overlay zones frequently generate hostility due to their use of public funds. While a large volume of knowledge exists on the impact of residential real estate prices within a tax increment financing district, little is known about the impact of the municipal overlay zone on the surrounding community. Using four, similarly timed, but separate tax increment financing districts and a transactional residential real estate dataset, we test price implications for residential real estate property at three separate geographic distances. Using propensity score matching and fixed effects modeling, we find that the imposition of tax increment financing districts increased surrounding residential real estate property values. Journal: Journal of Housing Research Pages: 50-66 Issue: 1 Volume: 33 Year: 2024 Month: 1 X-DOI: 10.1080/10527001.2023.2216874 File-URL: http://hdl.handle.net/10.1080/10527001.2023.2216874 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:33:y:2024:i:1:p:50-66 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2210776_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Cathrine Nagl Author-X-Name-First: Cathrine Author-X-Name-Last: Nagl Title: Sentiment Analysis Within a Deep Learning Probabilistic Framework – New Evidence from Residential Real Estate in the United States Abstract: This paper is devoted to the relationship between news sentiment and changes in housing market movements. It provides a novel and straightforward approach to account for heterogeneous expectations of market actors within a probabilistic framework utilizing machine learning. Our novel sentiment index shows a persistent and statistically significant explanatory power for the prediction of the housing market, in contrast to common dictionary approaches. This holds for news headlines and abstracts and different definitions of sentiment indices. Our results can be regarded as the first sentiment-based evidence of heterogeneous actors in the housing market and underline the importance of different expectations for measuring non-fundamental drivers. Journal: Journal of Housing Research Pages: 25-49 Issue: 1 Volume: 33 Year: 2024 Month: 1 X-DOI: 10.1080/10527001.2023.2210776 File-URL: http://hdl.handle.net/10.1080/10527001.2023.2210776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:33:y:2024:i:1:p:25-49 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2190448_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jack Tsai Author-X-Name-First: Jack Author-X-Name-Last: Tsai Author-Name: Kaylee Fish Author-X-Name-First: Kaylee Author-X-Name-Last: Fish Author-Name: Vanessa Schick Author-X-Name-First: Vanessa Author-X-Name-Last: Schick Title: Tenants Who Delayed Rent Payments During 2020–2021 Eviction Moratoria: Spending Patterns and Associations with Psychiatric Characteristics Abstract: This study examined spending behaviors of U.S. tenants who reported delaying rent payments during federal eviction moratoria in 2020-2021, enacted in response to the Coronavirus Disease-2019 (COVID-19) pandemic. A national sample of 772 middle and low-income tenants who reported delaying rent payments because of the eviction moratoria were assessed from May 2020 to October 2020. Among tenants who delayed paying rent, most rent money was spent on groceries (11-19%), utilities (9-14%), substance use (8-10%), and debt (7%) across two time periods; the remaining rent money was spent on other expenses including recreation and medical care. Sociodemographic and psychiatric characteristics together only explained 2-3% of the variance in spending in major expense categories suggesting the broad impact of the COVID-19 pandemic. Together, these findings provide insight into spending behaviors of tenants during a time of great financial and psychological distress. Journal: Journal of Housing Research Pages: 17-24 Issue: 1 Volume: 33 Year: 2024 Month: 1 X-DOI: 10.1080/10527001.2023.2190448 File-URL: http://hdl.handle.net/10.1080/10527001.2023.2190448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:33:y:2024:i:1:p:17-24 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2225929_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xun Bian Author-X-Name-First: Xun Author-X-Name-Last: Bian Author-Name: Feifei Zhu Author-X-Name-First: Feifei Author-X-Name-Last: Zhu Title: Does Owning a Home Make Us More Generous? Abstract: We examine the multifaceted influence of homeownership on charitable giving through several channels: tax deductibility, household wealth, and mobility. We find that homeowners donate substantially more than renters, and tax deductibility, wealth, and mobility are important predictors of the owner-renter gap in donations. We also show that the owner-renter difference in donations cannot be fully explained by these three channels. After controlling for an extensive list of household characteristics and the three channels, homeowners still donate approximately 20% more than renters. Our results are robust to a variety of modeling and identification strategies as well as different measures of donations. Our study further reveals that the likelihood of donating correlates inversely with mobility but is insensitive to tax deductibility and wealth. In contrast, tax deductibility and wealth are important predictors of the size of contributions. Furthermore, we show the owner-renter difference in donations varies substantially by generational cohorts. Journal: Journal of Housing Research Pages: 80-111 Issue: 1 Volume: 33 Year: 2024 Month: 1 X-DOI: 10.1080/10527001.2023.2225929 File-URL: http://hdl.handle.net/10.1080/10527001.2023.2225929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:33:y:2024:i:1:p:80-111 Template-Type: ReDIF-Article 1.0 # input file: RJRH_A_2224599_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andres Jauregui Author-X-Name-First: Andres Author-X-Name-Last: Jauregui Author-Name: Jacquelin Curry Author-X-Name-First: Jacquelin Author-X-Name-Last: Curry Author-Name: Marcus T. Allen Author-X-Name-First: Marcus T. Author-X-Name-Last: Allen Author-Name: Emil Milevoj Author-X-Name-First: Emil Author-X-Name-Last: Milevoj Title: Evaluating the Impact of Economic Variables on the Decision to Obtain a Real Estate License in California Abstract: We provide first evidence of the economic factors that motivate individuals to obtain a real estate license to potentially pursue a career in real estate sales. We focus on four key housing indicators: median house price, median days on the market, housing affordability, and housing sales performance. Our results indicate that house price is the main driving force for individuals to take the California real estate salesperson license exam as well as for those real estate salespersons wanting to upgrade to the broker license. Journal: Journal of Housing Research Pages: 67-79 Issue: 1 Volume: 33 Year: 2024 Month: 1 X-DOI: 10.1080/10527001.2023.2224599 File-URL: http://hdl.handle.net/10.1080/10527001.2023.2224599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjrhxx:v:33:y:2024:i:1:p:67-79