{"title":"School quality as a catalyst for bidding wars and new housing development","authors":"Crocker H. Liu, Patrick S. Smith","doi":"10.1111/1540-6229.12426","DOIUrl":"https://doi.org/10.1111/1540-6229.12426","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"183 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83029643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The determinants of office cap rates: The international evidence","authors":"J. Białkowski, S. Titman, Garry J. Twite","doi":"10.1111/1540-6229.12424","DOIUrl":"https://doi.org/10.1111/1540-6229.12424","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"42 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89605831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The remote work revolution: Impact on real estate values and the urban environment: 2023 AREUEA Presidential Address","authors":"Stijn Van Nieuwerburgh","doi":"10.1111/1540-6229.12422","DOIUrl":"https://doi.org/10.1111/1540-6229.12422","url":null,"abstract":"Abstract The covid‐19 pandemic induced a major shift in the prevalence of remote and hybrid work arrangements. This review article studies the effects of this remote work revolution for residential and commercial real estate values and for the future of cities. It also discusses consequences for productivity, innovation, local public finance, and the climate. The last part of the article discusses policy interventions.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"181 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135845088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Lenders’ pricing strategy: Do neighborhood risks matter?","authors":"Sumit Agarwal, Yongheng Deng, Jia He, Yonglin Wang, Qi Zhang","doi":"10.1111/1540-6229.12421","DOIUrl":"https://doi.org/10.1111/1540-6229.12421","url":null,"abstract":"This article explores the different pricing strategies of lenders who originate both government-sponsored enterprise (GSE) and non-GSE loans. We find that conditional on loan and borrower characteristics and some observable local economic factors, mortgage rates on GSE loans vary significantly across regions. However, we observe no sizable regional variation in loan amounts or default risk. By contrast, the mortgage rates on non-GSE loans depend almost entirely on borrowers and loan characteristics. In addition, we find that spatial variations in GSE mortgage rates are highly responsive to regional prepayment risk. Our results are robust to various controls for neighborhood characteristics, including regional-level bank competition, borrower accessibility to mortgages, and household income levels. Overall, the findings offer a novel insight into how lenders adjust pricing strategies in response to a changing lending environment. The results provide implications relating to the present and imminent dangers of housing bubbles and the intensified refinancing wave following the COVID-19 pandemic.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"97 2","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The riskiness of outstanding mortgages in the United States, 1999 ‐ 2019","authors":"W. Larson","doi":"10.1111/1540-6229.12419","DOIUrl":"https://doi.org/10.1111/1540-6229.12419","url":null,"abstract":"Working Papers prepared by staff of the Federal Housing Finance Agency (FHFA) are preliminary products circulated to stimulate discussion and critical comment. The analysis and conclusions are those of the authors alone, and should not be represented or interpreted as conveying an official FHFA position, policy, analysis, opinion, or endorsement. Any errors or omissions are the sole responsibility of the authors. References to FHFA Working Papers (other than acknowledgment) should be cleared with the authors to protect the tentative character of these papers. their and assembling a wonderful Fisher, Steve Oliner, and participants FHFA comments and encouragement. Abstract This paper introduces summary measures of credit risk for the stock of all outstanding mortgages in the United States for each quarter between 1999 and 2019. Mortgage terminations play a fundamental role in offsetting risk introduced by the flow of new originations because of refinance activity and the often dual nature of home buyers as concurrent sellers. To illustrate these concepts in a policy setting, I show the Home Affordable Refinance Program increased origination risk metrics but reduced overall risk due to the associated terminations of even riskier loans. Generally, book-level risk tends to lag behind originations: while origination risk peaked in 2006, the risk of outstanding mortgages peaked in 2007, and while origination risk bottomed out in 2011 and has been rising since, book-level risk continued its downward trend in 2019. Other results highlight previously rarely-examined market segments, including credit unions, the Federal Home Loan Bank system, and loans guaranteed by the Farm Service Agency/Rural Housing Service.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"15 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85886807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Property taxes and rental housing: Evidence from China","authors":"Chengrui Xiao, Bo Zhou","doi":"10.1111/1540-6229.12420","DOIUrl":"https://doi.org/10.1111/1540-6229.12420","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"18 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75422713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Distressed comps","authors":"James N. Conklin, N. Edward Coulson, Moussa Diop","doi":"10.1111/1540-6229.12418","DOIUrl":"https://doi.org/10.1111/1540-6229.12418","url":null,"abstract":"We consider the use and impact of distressed properties as comparables in residential appraisals. First, we describe the incidence of their use and their relative comparability; second, we estimate their impact on the appraisal value itself; and third, we consider their impact on the probability that the appraisal is below the proposed transaction price. We find, generally, that distressed comps are largely good matches to their subject properties, which suggests that they are not necessarily used as a last resort. We find that they are not a drag on appraised value because appraisers learn to make the right adjustments over time. The use of distressed comps is associated with a higher probability of a below-price appraisal due to the increased spread of appraisals around the contract price, particularly for higher priced homes. Overall, the use of distressed comps increased the uncertainty in the valuation process, but appraisers learned the appropriate adjustments over time.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"11 3","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Testing machine learning systems in real estate","authors":"Wayne Xinwei Wan, Thies Lindenthal","doi":"10.1111/1540-6229.12416","DOIUrl":"https://doi.org/10.1111/1540-6229.12416","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"6 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82928520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}