Journal of Housing Economics最新文献_第9页

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

Negative externalities of long-term vacant homes: Evidence from Japan 长期空置房屋的负外部性:来自日本的证据

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-09-01 DOI: 10.1016/j.jhe.2022.101856

Masatomo Suzuki , Kimihiro Hino , Sachio Muto

{"title":"Negative externalities of long-term vacant homes: Evidence from Japan","authors":"Masatomo Suzuki , Kimihiro Hino , Sachio Muto","doi":"10.1016/j.jhe.2022.101856","DOIUrl":"https://doi.org/10.1016/j.jhe.2022.101856","url":null,"abstract":"<div><p>Employing parcel-level data on vacant houses in a depopulating city in the Tokyo metropolitan area, we provide the evidence of negative externalities of long-term vacant houses that persist for several years. Ownership of a vacant house continues, whereas the level of maintenance declines; thus, the Japanese context enables us to simply capture the long-run impact of neglect, separate from the foreclosure stigma in the US context. We find that the externality spills over to approximately 50 m and that one additional long-term vacant house within 50 m pushes property transaction prices down by approximately 3%. We argue that the externalities come at least partly from the disamenity channel, since they are not observed for vacancies that disappear within one or two years. Externalities are observed from three years after the houses become vacant, which are, often not put on the housing market, and the externalities diminish around the time the vacancies finally disappear. We also show that externalities exist only in areas where nearby long-term vacant houses are not yet common, as their existence stands out in those areas. These results imply that reducing the number of long-term vacant houses will help mitigate disamenities in areas that have not yet experienced severe declines.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"57 ","pages":"Article 101856"},"PeriodicalIF":2.4,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92282045","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

Building underwater: Effects of community-scale flood management on housing development 水下建筑:社区规模的洪水管理对住房发展的影响

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-09-01 DOI: 10.1016/j.jhe.2022.101854

Xian Liu , Douglas Noonan

引用次数: 1

Early effects of COVID-19 pandemic-related state policies on housing market activity in the United States 与COVID-19大流行相关的州政策对美国住房市场活动的早期影响

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2022-09-01 DOI: 10.1016/j.jhe.2022.101857

Barış K. Yörük

引用次数: 7