Journal of Housing Economics最新文献_第8页

Price dispersion and time-on-market in the housing market 住房市场的价格分散和上市时间

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101875

Danny Ben-Shahar , Roni Golan

引用次数: 0

The impact of a home purchase restrictions (HPR) policy on the distressed property market in Beijing 限购政策对北京楼市的影响

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101877

Song Shi , Hong Zhang , Jun Zhang

{"title":"The impact of a home purchase restrictions (HPR) policy on the distressed property market in Beijing","authors":"Song Shi , Hong Zhang , Jun Zhang","doi":"10.1016/j.jhe.2022.101877","DOIUrl":"10.1016/j.jhe.2022.101877","url":null,"abstract":"<div><p>Distressed property sales, which are carried out under court order by online auction, have increased rapidly in China in recent years. We examine how the implementation of home purchase restrictions (HPR) by the Chinese government in 2017 has affected the market for distressed properties in Beijing. We first use a stylized second-price auction model to derive theoretical predictions for how HPR should impact the number of auction entrants, auction prices/premia, and auction bidders’ average willingness to pay. We then test those predictions using data on court sales from the Taobao online auction platform from 2015 to 2018. By comparing legal auctions of housing before and after April 2017, we obtain empirical results consistent with the model's predictions. Specifically, our analysis documents that auction entrants fell by approximately 70% and auction premia by 16%–27% after the HPR policy was implemented. Furthermore, the average bidder's willingness to pay relative to the seller's valuation fell from 80% to 40%, which suggests that bidders who were affected by HPR had higher valuations, on average, than bidders who weren't.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"58 ","pages":"Article 101877"},"PeriodicalIF":2.4,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42941255","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}

引用次数: 2

Urban land valuation with bundled good and land residual assumptions 基于捆绑商品和土地剩余假设的城市土地估价

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101872

John M. Clapp , Thies Lindenthal

{"title":"Urban land valuation with bundled good and land residual assumptions","authors":"John M. Clapp , Thies Lindenthal","doi":"10.1016/j.jhe.2022.101872","DOIUrl":"10.1016/j.jhe.2022.101872","url":null,"abstract":"<div><p>This paper develops a new approach to estimate the value of urban land. We extend AMM theory by adding the assumption of partial irreversibility. Bundled goods assumptions imply that land value with a structure can evolve differently than as-if vacant value, even in the first decades of structure life. We develop a hybrid model that nests bundled goods with land residual methods and we develop a new test of predictive accuracy. Granular house price indices produced by machine learning are used to estimate hybrid economic structure and land values.</p><p>We fit hybrid models to Maricopa County assessor data on houses up to 25 years old during a bust and recovery period (2007–2018). Results support structure value that evolves at some fraction (<1.0) of property value: i.e., partial bundling. The hybrid model achieves substantially lower Coefficients of Dispersion (CODs) than the land residual method, and both methods easily beat standard AVMs that do not separate land and structure values.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"58 ","pages":"Article 101872"},"PeriodicalIF":2.4,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1051137722000444/pdfft?md5=2f32cb8601961d3b96db318ed075401d&pid=1-s2.0-S1051137722000444-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46885142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Note to special issue: Land values 特刊注释：土地价值

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/S1051-1377(22)00074-2

引用次数: 0

Bowling alone, buying alone: The decline of co-borrowers in the US mortgage market 独自打保龄球，独自买房:美国抵押贷款市场共同借款人的减少

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101876

Eglė Jakučionytė , Swapnil Singh

引用次数: 0

Estimating land values using residential sales data 利用住宅销售数据估算土地价值

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101869

Stanley D. Longhofer , Christian L. Redfearn

引用次数: 4

Practitioner's panel paper on land valuation guidance 土地估价指引执业者小组文件

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101880

Paul Bidanset, Aleksandrs Elkins, Ron Rakow, Jennifer Rearich, Carmela Quintos

引用次数: 1

Adverse selection in the market for mortgage servicing rights 抵押服务权市场中的逆向选择

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101858

Tom Mayock , Lan Shi

引用次数: 0

Assessing evidence for inattention to the costs of homeownership 评估忽视购房成本的证据

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101861

Leila Bengali

引用次数: 1

Land valuation using public records and kriging: Implications for land versus property taxation in cities 使用公共记录和克里格的土地估价:城市土地税与财产税的含义

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101871

William D. Larson, Jessica Shui

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引用次数: 3