Real Estate eJournal最新文献_第2页

Amenity Value of Green Space: Evidence from Philadelphia 绿地的宜人价值:来自费城的证据

Real Estate eJournal Pub Date : 2021-05-27 DOI: 10.2139/ssrn.3899624

Desen Lin, Shane T. Jensen, Susan M. Wachter

引用次数: 0

Capitalization of Local Government Grants on Land Values: Evidence from Tokyo Metropolitan Area, Japan 地方政府补助的土地价值资本化:来自日本东京都市圈的证据

Real Estate eJournal Pub Date : 2021-05-20 DOI: 10.2139/ssrn.3850086

Takafumi J. Suzuki

引用次数: 1

Curbing the Rising House Prices: The Effect of Demand and Supply Policies on House Prices from a Perspective of the Timing of Policy Implementation 抑制房价上涨:从政策实施时机的角度看供求政策对房价的影响

Real Estate eJournal Pub Date : 2021-05-15 DOI: 10.2139/ssrn.3872006

Hoon-Tark Park

{"title":"Curbing the Rising House Prices: The Effect of Demand and Supply Policies on House Prices from a Perspective of the Timing of Policy Implementation","authors":"Hoon-Tark Park","doi":"10.2139/ssrn.3872006","DOIUrl":"https://doi.org/10.2139/ssrn.3872006","url":null,"abstract":"This paper estimates the effect of the governmental announcement of demand restrictions and supply of new homes on house prices and investigates how the timing of policy implementation affects the impact of these policies. Empirically, we show that demand restrictions paired with a moderate or moderately high level of new home supply lead to a decline in house prices, whereas implementing only either demand or supply policies could result in a further increase. A critical observation from our study is that a rapid rise in house prices often self-reinforces its upward momentum, which ultimately accelerates the rate of increase in price over time. Our event study model shows that governmental interventions in the housing market have a significant impact in breaking that trend. In particular, implementing demand and supply policies simultaneously created a greater downward pressure on house prices in areas with a higher level of speculative investments, suggesting effectiveness of using both types of policies in reducing speculation. As an excessive increase in house prices compared to income growth drives the income gap between homeowners and non-owners, our study results contribute to reducing income inequality by better informing policymakers of the effective policy tools from a perspective of the timing of policy implementation.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79280282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A Housing Price Index with the Improvement-Value Adjusted Repeated-Sales (IVARS) Method 基于改进价值调整重复销售(IVARS)方法的房价指数

Real Estate eJournal Pub Date : 2021-05-06 DOI: 10.1108/IJHMA-01-2021-0005

Edward Chung Yim Yiu, K. Cheung

{"title":"A Housing Price Index with the Improvement-Value Adjusted Repeated-Sales (IVARS) Method","authors":"Edward Chung Yim Yiu, K. Cheung","doi":"10.1108/IJHMA-01-2021-0005","DOIUrl":"https://doi.org/10.1108/IJHMA-01-2021-0005","url":null,"abstract":"Article Classification: Research Paper (Construction or testing of a model or framework). Purpose: The repeat sales house price index has been widely used to measure house price movements on the assumption that the quality of properties does not change over time. This study aims to develop a novel improvement-value adjusted repeat sales (IVARS) house price index to remedy the bias due to the constant-quality assumption. Design/Methodology/Approach: This study compares the performance of the IVARS model with the traditional hedonic price model and the repeat sales model by using half a million repeated sales pairs of housing transactions in the Auckland Region of New Zealand, and by a simulation approach. Findings: The results demonstrate that using the information on improvement values from mass appraisal can significantly mitigate the time-varying attribute bias. Simulation analysis further reveals that if the improvement work done is not considered, the repeat sales house price index may be overestimated by 2.7% per annum. The more quality enhancement a property has, the more likely it is that the property will be resold. Originality: The novel IVARS index can help gauge house price movements with housing quality changes. Practical Implications: This novel index may have the potential to enable the inclusion of home condition reporting in property value assessments prior to listing open market sales.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77550821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Build More Houses: How an Incorrect Perception of Housing Supply Fueled the Great Recession and Slowed Recovery 建造更多的房子:对住房供应的错误认识如何加剧了大衰退并减缓了复苏

Real Estate eJournal Pub Date : 2021-05-03 DOI: 10.2139/ssrn.3840450

Kevin Erdmann

{"title":"Build More Houses: How an Incorrect Perception of Housing Supply Fueled the Great Recession and Slowed Recovery","authors":"Kevin Erdmann","doi":"10.2139/ssrn.3840450","DOIUrl":"https://doi.org/10.2139/ssrn.3840450","url":null,"abstract":"An oversupply of housing, as a result of a building boom after the turn of the century, is commonly cited as a key cause of the Great Recession and the slow recovery from that recession. Using both national data and data for individual metropolitan areas, such as housing permits, residential investment, and population trends, I show that the evidence for systematic overbuilding is weak. New building was primarily meeting sustainable demand for shelter before the crisis. Building had increased where local regions with inadequate supply had created pent up demand and in regions where population was increasing as households were forced to move away from regions with inadequate housing supply. Elevated vacancy rates, where they developed, are best explained by unexpected declines in population growth. Declining population trends had already become problematic by 2007 in cities where high vacancies and collapsing prices were the worst after the recession. Yet, in 2007 and throughout the crisis, Federal Reserve officials acted explicitly on the perception that excess supply was an impediment to a recovery in residential investment, construction employment, and general economic stability. In short, an incorrect perception of housing oversupply rather than actual oversupply fueled the deep recession and slow recovery by prompting the Federal Reserve to accept or induce negative trends in economic activity.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81770407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Impact of FinTech on Discrimination in Mortgage Lending 金融科技对抵押贷款歧视的影响

Real Estate eJournal Pub Date : 2021-05-01 DOI: 10.2139/ssrn.3840529

D. Shoag

{"title":"The Impact of FinTech on Discrimination in Mortgage Lending","authors":"D. Shoag","doi":"10.2139/ssrn.3840529","DOIUrl":"https://doi.org/10.2139/ssrn.3840529","url":null,"abstract":"The mortgage market has historically been plagued by racial discrimination, and recent data show ongoing disparities in the terms offered to minority borrowers by traditional lenders. The mortgage market has changed rapidly in the past decade, however, due to the rise of technology-based (FinTech) lenders. In this paper, I show that FinTech lenders show little to no gap in the terms provided to Black and Hispanic borrowers after adjusting for GSE credit-risk pricing determinants and loan size. This fact is shown using proprietary data on borrowers to better study racial bias and FinTech loans. The paper further shows that, in a matched analysis of observationally similar Black and Hispanic and non-Black or Hispanic borrowers, FinTech lenders provide statistically indistinguishable terms to the two groups. This stands in sharp contrast to the large discrepancies found under identical tests for traditional lenders. This matched analysis, wherein borrowers with similar characteristics such as income and age are compared, is supported by an analysis of preference and shopping heterogeneity in the National Survey of Mortgage Originations. Finally, I show that FinTech penetration in a region had consequences on legacy lender terms as well. Greater FinTech penetration in a zip code is associated with smaller discrepancies even among legacy lenders.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90060759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Rise and Fall of a Rumor: Evidence from Regional Housing Markets in China 谣言的兴衰:来自中国区域房地产市场的证据

Real Estate eJournal Pub Date : 2021-04-30 DOI: 10.2139/ssrn.3837195

Fan Zhang, Yanjiang Zhang, Jiayang Song

引用次数: 0

The Effect of Wealth Shocks on Shirking: Evidence from the Housing Market 财富冲击对逃避的影响:来自房地产市场的证据

Real Estate eJournal Pub Date : 2021-04-06 DOI: 10.2139/ssrn.3189933

Quanlin Gu, Jia He, Wenlan Qian, Yuan Ren

引用次数: 9

Distant Shocks, Migration, and Housing Supply in India 印度的遥远冲击、移民和住房供应

Real Estate eJournal Pub Date : 2021-04-05 DOI: 10.2139/ssrn.3820187

Arnab Dutta, S. Gandhi, Richard K. Green

{"title":"Distant Shocks, Migration, and Housing Supply in India","authors":"Arnab Dutta, S. Gandhi, Richard K. Green","doi":"10.2139/ssrn.3820187","DOIUrl":"https://doi.org/10.2139/ssrn.3820187","url":null,"abstract":"It is hard to estimate housing supply elasticities. India is a particularly useful country to study housing supply because it is large and has a variety of housing typologies. We estimate the supply elasticity of non-durable, durable, and vacant residential housing units in urban India. We use two migration-inducing exogenous events --- negative rainfall shocks and a highway upgrade program --- occurring in a distant state as demand shifters for local urban housing markets. We apply the Rosen-Roback spatial equilibrium framework to show that both the negative rainfall shocks and the highway upgrade program in a distant state increase inter-state migration. This increase leads to higher population and household growth, and therefore, higher demand for housing in local urban markets. Our findings are three-fold. First, we estimate the long-term supply elasticity of durable housing in urban India to be 1.64. This estimate is substantially lower than the long-run housing supply elasticity estimates of 6-13 for metropolitan areas in the United States seen in the literature. Second, we find that the supply elasticity of non-durable housing is -0.55. Negative supply elasticity of non-durable housing is consistent with the existence of urban gentrification through the demolition and upgrading of slums. And finally, we estimate the elasticity of vacant residential housing unit supply to be 2.63. We posit that a relatively higher vacant housing unit elasticity indicates speculative building by developers.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91470130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Funding Liquidity and the Valuation of Mortgage-Backed Securities 资金流动性和抵押贷款支持证券的估值

Real Estate eJournal Pub Date : 2021-03-26 DOI: 10.2139/ssrn.3813212

Brett Dunn, Mahyar Kargar

引用次数: 0