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Articles 1 - 11 of 11
Full-Text Articles in Real Estate
A Burning Question: Does Arson Increase When Local House Prices Decline?, Michael D. Eriksen, James M. Carson
A Burning Question: Does Arson Increase When Local House Prices Decline?, Michael D. Eriksen, James M. Carson
Michael D Eriksen
We construct panel data on house prices and the determined cause of 4.8 million individual fires in the United States between 1986 and 2010 to test whether decreases in local housing market prices coincided with increases in arson. Since some insured homeowners may attempt to disguise the actual cause of fire as accidental, we also examine how decreases in local house prices are associated with changes in the total number of fires and the probability of determined causes of accidental fires. For the sample period, our results suggest that declines in local house prices coincided with increases in arson, the …
Commonality In Liquidity And Real Estate Securities, Anjeza Kadilli
Commonality In Liquidity And Real Estate Securities, Anjeza Kadilli
Anjeza Kadilli
We conduct an empirical investigation of the pricing and economic sources of commonality in liquidity in the U.S. REIT market. Taking advantage of the specific characteristics of REITs, we analyze three types of commonality in liquidity: within-asset commonality, cross-asset commonality (with the stock market), and commonality with the underlying property market. We find evidence that the three types of commonality in liquidity are priced in REIT returns but only during bad market conditions. We also find that using a linear approach, rather than a conditional, would have underestimated the role of commonality in liquidity risk. This explains (at least partly) …
Major Personal Finance Faq, Richard H. Serlin
Major Personal Finance Faq, Richard H. Serlin
Richard H. Serlin
A rare source of detailed, extensive, state of the art answers to some of the most important questions in personal finance.
Housing Vouchers And The Price Of Rental Housing, Michael D. Eriksen, Amanda Ross
Housing Vouchers And The Price Of Rental Housing, Michael D. Eriksen, Amanda Ross
Michael D Eriksen
We estimate the effect of increasing the supply of housing vouchers on rents using a panel of housing units in the American Housing Survey. We do not find that an increase in vouchers affected the overall price of rental housing, but do estimate differences in effects based on an individual unit’s rent before the voucher expansion. Our results are consistent with voucher recipients renting more expensive units after receiving the subsidy. We also find that the largest price increases were for units near the maximum allowable voucher rent in cities with an inelastic housing supply.
The Future Of Fannie And Freddie, Mark A. Calabria, Michael E. Levine, David J. Reiss, Lawrence J. White, Mark Willis
The Future Of Fannie And Freddie, Mark A. Calabria, Michael E. Levine, David J. Reiss, Lawrence J. White, Mark Willis
David J Reiss
This is a transcript of a panel discussion titled, “The Future of Fannie and Freddie.” The panelists were Dr. Mark Calabria from the Cato Institute; Professor David Reiss from Brooklyn Law School; Professor Lawrence White from NYU Stern School of Business; and Dr. Mark Willis from NYU’s Furman Center for Real Estate and Urban Policy. The panel was moderated by Professor Michael Levine from NYU School of Law. Panelists looked at economic policy and future prospects for Fannie and Freddie. The remarks have not been edited by the panelists.
Goliath Versus Goliath In Hight-Stakes Mbs Litigation, Bradley T. Borden, David J. Reiss
Goliath Versus Goliath In Hight-Stakes Mbs Litigation, Bradley T. Borden, David J. Reiss
Bradley T. Borden
The loan-origination and mortgage-securitization practices between 2000 and 2007 created the housing and mortgage-backed securities bubble that precipitated the 2008 economic crisis and ensuing recession. The mess that the loan-origination and mortgage-securitization practices caused is now playing out in courts around the world. MBS investors are suing banks, MBS sponsors and underwriters for misrepresenting the quality of loans purportedly held in MBS pools and failing to properly transfer loan documents and mortgages to the pools, as required by the MBS pooling and servicing agreements. State and federal prosecutors have also filed claims against banks, underwriters and sponsors for the roles …
The Effect Of Mortgage Broker Licensing On Loan Origination Standards And Defaults Under The Originate-To-Distribute Model: Evidence From The U.S. Mortgage Market, Lan Shi, Yan Zhang
The Effect Of Mortgage Broker Licensing On Loan Origination Standards And Defaults Under The Originate-To-Distribute Model: Evidence From The U.S. Mortgage Market, Lan Shi, Yan Zhang
Lan Shi
No abstract provided.
The Impact Of Second Loans On Subprime Mortgage Defaults, Michael D. Eriksen, James B. Kau, Donald C. Keenan
The Impact Of Second Loans On Subprime Mortgage Defaults, Michael D. Eriksen, James B. Kau, Donald C. Keenan
Michael D Eriksen
An estimated 12.6% of primary mortgage loans were simultaneously originated with a second loan from 2004 until 2008, although relatively little is known about how the presence of such subordinate loans affects the default decisions of borrowers. We use a novel data series of loan servicing records from 2002 until 2010 to identify such borrowers and find evidence that the default behavior of these borrowers significantly differs from borrowers without second loans. Estimating a discrete-time proportional odds hazard model, we find borrowers with a second loan were 62.7% more likely to default each month on their primary loan when conditioning …
Greenbacks For Building Green: Does A Lender For Sustainable Construction Projects Need To Make Adjustments To Its Current Practices?, Darren Prum
Darren A. Prum
In the development of real property, the availability of money to secure construction resources becomes an important factor for success. The construction loan plays a central role in providing funds to erect a building on real property, but a lender faces numerous exposures that might result in a loss. In evaluating a project to determine its viability and to uncover any exposure it might present, a lender will conduct an extensive underwriting review process and will use mitigation techniques through the construction loan agreement and disbursement requirements to reduce the perceived risks to an acceptable business level, for those developments …
The Disciplining Effect Of Concern For Referrals: Evidence From Real Estate Agents, Lan Shi, Christina Tapia
The Disciplining Effect Of Concern For Referrals: Evidence From Real Estate Agents, Lan Shi, Christina Tapia
Lan Shi
No abstract provided.
Incentive Effect Of Piece Rate Contracts: Evidence From Two Small Field Experiments, Lan Shi
Incentive Effect Of Piece Rate Contracts: Evidence From Two Small Field Experiments, Lan Shi
Lan Shi
No abstract provided.