Real Estate eJournal最新文献_第8页

Advantageous Selection with Intermediaries: A Study of GSE-Securitized Mortgage Loans

Real Estate eJournal Pub Date : 2020-04-12 DOI: 10.2139/ssrn.3574004

Hsin-Tien Tsai

引用次数: 0

What Do Online Listings Tell Us About the Housing Market? 网上房源信息告诉我们关于房地产市场的什么?

Real Estate eJournal Pub Date : 2020-04-06 DOI: 10.2139/ssrn.3176962

M. Loberto, Andrea Luciani, Marco Pangallo

引用次数: 17

The Geography of COVID-19 Growth in the US: Counties and Metropolitan Areas 美国COVID-19增长的地理:县和大都市区

Real Estate eJournal Pub Date : 2020-04-06 DOI: 10.2139/ssrn.3570540

William L. C. Wheaton, Anne Kinsella Thompson

{"title":"The Geography of COVID-19 Growth in the US: Counties and Metropolitan Areas","authors":"William L. C. Wheaton, Anne Kinsella Thompson","doi":"10.2139/ssrn.3570540","DOIUrl":"https://doi.org/10.2139/ssrn.3570540","url":null,"abstract":"It has been 70 days since the first case of COVID-19 was detected in the US. Since then it has spread and grown in all but 2 of 376 MSAs and all but 45 of the 636 counties that are contained in these MSA. In this paper we examine the determinants of how rapidly the virus grows once it has been seeded within a MSA or county. We find virus cases can be well predicted by area population, as well as days-since-onset. In the data, virus cases scale almost proportionately with population, and excluding population significantly changes the impact of days-since-onset. Growth is also related to residential density and per capita income, particularly at the county level. There are weaker relationships to MSA average household size, per capita income, and the fraction of the population that is over 65. These results come from parameterizing a simple power function model of cumulative infections since onset. This is shifted proportionately by the various MSA/County covariates. We also experiment with restricting the sample of areas so as to have a minimum number of cases – equal to .01% of the area’s population. This effectively focuses on the more advanced part of the virus growth curve. Here we find a significant further decrease in the coefficient of days-since-onset. This is preliminary evidence that the virus growth is tapering. We intend to repeat our analysis as time progresses.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80747088","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: 36

Government Real Estate Interventions and the Stock Market 政府房地产干预与股票市场

Real Estate eJournal Pub Date : 2020-04-04 DOI: 10.2139/ssrn.3568770

A. Akbari, Karolina Krystyniak

引用次数: 2

A Finance Approach to Climate Stress Testing 气候压力测试的金融方法

Real Estate eJournal Pub Date : 2020-04-01 DOI: 10.2139/ssrn.3573107

H. J. Reinders, D. Schoenmaker, Mathijs A. Van Dijk

引用次数: 33

Why is Intermediating Houses so Difficult? Evidence from iBuyers 居间中介为何如此困难?来自iBuyers的证据

Real Estate eJournal Pub Date : 2020-03-30 DOI: 10.2139/ssrn.3616555

Greg Buchak, Gregor Matvos, T. Piskorski, Amit Seru

{"title":"Why is Intermediating Houses so Difficult? Evidence from iBuyers","authors":"Greg Buchak, Gregor Matvos, T. Piskorski, Amit Seru","doi":"10.2139/ssrn.3616555","DOIUrl":"https://doi.org/10.2139/ssrn.3616555","url":null,"abstract":"We study the frictions in dealer-intermediation in residential real estate through the lens of “iBuyers,” technology entrants, who purchase and sell residential real estate through online platforms. iBuyers supply liquidity to households by allowing them to avoid a lengthy sale process. They sell houses quickly and earn a 5% spread. Their prices are well explained by a simple hedonic model, consistent with their use of algorithmic pricing. iBuyers choose to intermediate in markets that are liquid and in which automated valuation models have low pricing error. These facts suggest that iBuyers’ speedy offers come at the cost of information loss concerning house attributes that are difficult to capture in an algorithm, resulting in adverse selection. We calibrate a dynamic structural search model with adverse selection to understand the economic forces underlying the tradeoffs of dealer intermediation in this market. The model reveals the central tradeoff to intermediating in residential real estate. To provide valuable liquidity service, transactions must be closed quickly. Yet, the intermediary must also be able to price houses precisely to avoid adverse selection, which is difficult to accomplish quickly. Low underlying liquidity exacerbates adverse selection. Our analysis suggests that iBuyers’ technology provides a middle ground: they can transact quickly limiting information loss. Even with this technology, intermediation is only profitable in the most liquid and easy to value houses. Therefore, iBuyers’ technology allows them to supply liquidity, but only in pockets where it is least valuable. We also find limited scope for dealer intermediation even with improved pricing technology, suggesting that underlying liquidity will be an impediment for intermediation in the future.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80055831","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: 14

Get Cash to More Families that Need It Now: Give Banks More Discretion to Make Home Equity Loans and Refinance Mortgages 让更多的家庭现在就需要现金:给银行更多的自由裁量权来发放房屋净值贷款和再融资抵押贷款

Real Estate eJournal Pub Date : 2020-03-19 DOI: 10.2139/ssrn.3564490

Kevin Erdmann

{"title":"Get Cash to More Families that Need It Now: Give Banks More Discretion to Make Home Equity Loans and Refinance Mortgages","authors":"Kevin Erdmann","doi":"10.2139/ssrn.3564490","DOIUrl":"https://doi.org/10.2139/ssrn.3564490","url":null,"abstract":"The economic dislocations caused by the coronavirus pandemic will almost certainly result in economic contraction. There have been calls for bold actions to attenuate the effects of this contraction and also to provide cash for struggling Americans whose incomes may be temporarily disrupted. But these actions, including direct cash payments to American households, will add to the federal deficit, and recent large fiscal deficits have tempered enthusiasm for immediate large federal outlays.<br><br>The pandemic will lead to a deep contraction that hopefully will be short. The more that national consumption can be smoothed during this time, especially for households that experience the largest temporary hits to their incomes, the quicker the recovery will be. There may be a way to allow American households to help themselves through this period and to lessen the need for more federal spending—by easing some of the restrictions on mortgage lending, to allow Americans to access their single largest asset: their homes. The nation is in the midst of an emergency, desperate for liquidity and for current sources of secured spending. It is worth considering the value of tapping this source of liquidity.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77700275","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

Financial Flexibility and Manager–Shareholder Conflict: Evidence from Reits 财务弹性与经理人-股东冲突:来自Reits的证据

Real Estate eJournal Pub Date : 2020-03-01 DOI: 10.1111/1540-6229.12226

Timothy J. Riddiough, Eva Steiner

引用次数: 23

Exploring Associations between Parking Occupancy Rate at Residential Estates and Spatial Characteristics. The Case of Ekaterinburg 住宅小区停车占用率与空间特征的关系探讨。叶卡捷琳堡事件

Real Estate eJournal Pub Date : 2020-02-28 DOI: 10.2139/ssrn.3545934

Yegor Muleev

{"title":"Exploring Associations between Parking Occupancy Rate at Residential Estates and Spatial Characteristics. The Case of Ekaterinburg","authors":"Yegor Muleev","doi":"10.2139/ssrn.3545934","DOIUrl":"https://doi.org/10.2139/ssrn.3545934","url":null,"abstract":"Financial losses due to low demand for parking spaces in garages at residential estates is a key motivation for this research. The purpose of this paper in particular is to statistically explore the relationship between parking occupancy rates and various factors on transport supply, characteristics of location and the building. The occupancy rate of parking was measured as the ratio of actual number of cars to total number of parking spaces. The fieldwork on counting occupied parking spaces was conducted 2 times per day during a week on a sample of 13 locations in different areas of a 1.4-million Yekaterinburg city in Russia. 4700 observed parking spaces give sample size of 173 records. Statistical analysis shows that the crow-fly distance to the city center as well as the number of public transport stops are strongly associated with occupancy rate for parking. Also, occupancy rate is much more affected by the type of parking ownership. Private owning means purchase of a parking space or renting it while public ownership suggests free access. So private parking means a 45% decline in occupancy compared to the public parking regime. Research provides empirical results and some theoretical underpinnings are also highlighted.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84004432","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

Selection, Leverage, and Default in the Mortgage Market 抵押贷款市场中的选择、杠杆和违约

Real Estate eJournal Pub Date : 2020-02-28 DOI: 10.2139/ssrn.3315896

Arpita Gupta, Christopher Hansman

引用次数: 27