Journal of Housing Economics最新文献_第8页

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

{"title":"Land valuation using public records and kriging: Implications for land versus property taxation in cities","authors":"William D. Larson, Jessica Shui","doi":"10.1016/j.jhe.2022.101871","DOIUrl":"10.1016/j.jhe.2022.101871","url":null,"abstract":"<div><p>We construct land values for each parcel in Maricopa County (Phoenix), Arizona, from 2000 through 2018 using a novel public dataset containing the universe of land sales and parcel records in the county. We then compare residential land values constructed using two classes of source data, vacant land sales and land under existing structures. Between 2012 and 2018, estimated land values for developed parcels are, on average, 14% higher when estimated using vacant land due to plattage effects and other unobserved factors. Growth rates are similar, facilitating the use of vacant land price indices to trace valuations over time from an accurate base year valuation. Dynamics between prices of Maricopa County land and housing suggest hypothetical land value tax revenues are more pro-cyclical than property tax revenues, with elasticities of 3.3 and 2.3 with respect to national house prices, respectively. By 2018, houses had recovered 96% of pre-crisis (2007) values, but land had only recovered 66%. These findings demonstrate a source of risk of dependence on public revenues from land value taxes versus a base-period revenue-neutral property tax.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"58 ","pages":"Article 101871"},"PeriodicalIF":2.4,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1051137722000432/pdfft?md5=8e7c2e0ab31257fcbc1f938769c0ab09&pid=1-s2.0-S1051137722000432-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41876401","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: 3

A statistical learning approach to land valuation: Optimizing the use of external information 土地估价的统计学习方法:优化外部信息的使用

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101873

David Albouy , Minchul Shin

引用次数: 0

A matching method for land valuation 土地估价的匹配方法

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101878

Jeffrey Zabel

{"title":"A matching method for land valuation","authors":"Jeffrey Zabel","doi":"10.1016/j.jhe.2022.101878","DOIUrl":"https://doi.org/10.1016/j.jhe.2022.101878","url":null,"abstract":"<div><p>One approach to land valuation, particularly used by accessors, is to base price estimates of target properties on comparable properties that recently sold. These properties are chosen to be close matches of the target unit and their transaction prices are used to predict the market price of the target unit. But the choice of comparables is typically not consistent and transparent. In this study, a systematic analytical procedure for choosing comparables that is easy to implement is developed. A hedonic regression using these comparables is then run and the predicted value of the target unit is the assessed value. One of the advantages of this procedure is that it should be straightforward for assessors and public finance officials to use and understand and easy to explain to residents.</p><p>This approach is used to estimate land value as well as market prices (that includes the value of the structure) for single family residential properties using data from Maricopa County Arizona from 2007-2018. The best estimators obtain a median prediction accuracy error of 10% and more than 60% of these predictions have a prediction accuracy error within 10% for later years in the sample. These are within the bounds obtained by Zillow for 666 U.S. counties. Market prices are disaggregated into structure, lot, and neighborhood values. On average, these three components make up approximately 30%, 20%, and 50% of total average price. This provides for a nice “rule of thumb” for decomposing the market average property value into these three components; two of which relate to land value.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"58 ","pages":"Article 101878"},"PeriodicalIF":2.4,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138189158","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: 0

Land value estimation using teardowns 基于拆解的土地价值估算

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101874

Daniel McMillen , Ruchi Singh

引用次数: 2

Hedonic, residual, and matching methods for residential land valuation 住宅用地估价的享乐、残差和匹配方法

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101870

Steven C. Bourassa , Martin Hoesli

引用次数: 0

Special issue on land valuation: Introduction 土地估价特刊：简介

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101881

Daniel McMillen , Jeffrey Zabel

引用次数: 0

Discrimination against the atypical type of tenants in the Tokyo private rental housing market: Evidence from moving-in inspection and rent arrear records 东京私人租赁住房市场对非典型租户的歧视:来自迁入检查和拖欠租金记录的证据

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jhe.2022.101879

Masatomo Suzuki , Kohei Kawai , Chihiro Shimizu

{"title":"Discrimination against the atypical type of tenants in the Tokyo private rental housing market: Evidence from moving-in inspection and rent arrear records","authors":"Masatomo Suzuki , Kohei Kawai , Chihiro Shimizu","doi":"10.1016/j.jhe.2022.101879","DOIUrl":"10.1016/j.jhe.2022.101879","url":null,"abstract":"<div><p>This paper documents the discrimination against the ‘atypical’ type of tenants in the Tokyo private rental housing market, using tenant-level records on the moving-in inspection process and future rent arrears, which go beyond previous experimental and audit studies on the availability of listing rental properties. We exhibit discrimination in that atypical tenants (e.g., single elderlies, single mothers, and foreigners) are likely to be rejected at the moving-in inspection, even after controlling for their estimated probability of getting into rent arrears using observable traits of individual tenants, including payment ability measures. This can be taste-based and/or statistical discrimination, the latter of which reflects the other potential costs for owners to accommodate atypical tenants, such as the risk of getting into trouble with neighbors. More specifically, statistical discrimination based on their high risk of rent arrears does not exist clearly, as much as the risk is explained by their observable traits, including their weak payment ability. Moreover, the study illustrates that the probability of acceptance at the moving-in inspection is reduced by unreasonable moving behaviors—a move to a place that does not require a moderate commuting distance, a move within the same community, and an increase in commuting distance than before, and in units with low rental costs.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"58 ","pages":"Article 101879"},"PeriodicalIF":2.4,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45872616","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: 1

What is the impact of macroprudential regulations on the Swedish housing market? 宏观审慎监管对瑞典房地产市场的影响是什么?

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-09-01 DOI: 10.1016/j.jhe.2022.101840

Mats Wilhelmsson

{"title":"What is the impact of macroprudential regulations on the Swedish housing market?","authors":"Mats Wilhelmsson","doi":"10.1016/j.jhe.2022.101840","DOIUrl":"10.1016/j.jhe.2022.101840","url":null,"abstract":"<div><p>Housing shortages and urbanization have led to higher house prices and higher levels of household debt. Sweden's Financial Supervisory Authority has introduced several borrower-based, macroprudential tools to control debt growth over the last ten years. In 2010, a mortgage loan-to-value (LTV) ratio was introduced, and in 2016, the amortization of 1 percent of the loan balance was mandated by law if a mortgage's value was higher than 50 percent of the property value. Furthermore, in 2018, the amortization requirement was tightened, as all households with a mortgage valued at larger than 4.5 times their annual income were forced to be amortized by 1 percent of the loan balance. The question is whether the Financial Supervisory Authority's macroprudential tools have exerted the intended effect. We combine a hedonic regression modeling approach with a regression discontinuity design (RDD) to estimate the causal impact on house prices. The effect of these macroprudential tools is estimated on the single-family housing market and the condominium market. We are using microdata of one million housing transactions between 2008 and 2019. Our estimates indicate that the amortization requirement in 2016 resulted in a negative impact of around 7 percent on housing prices but that a slightly lower impact resulted from the 2018 amortization requirement. The 2010 LTV ratio requirement did not impact the prices of dwellings.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"57 ","pages":"Article 101840"},"PeriodicalIF":2.4,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45489990","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: 0