摘要:

The length of the real estate listing contract is examined as a means of providing an incentive for brokers to act in the best interest of home sellers. A limitation on the duration of the contract accomplishes this objective by imposing a cost (namely, the foregone commission) on brokers who fail to complete a sale before the contract expires. The seller's optimal contract duration balances the benefits of improved incentives against the expected cost of renegotiating a new contract in the event of a failure bv the broker.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00491

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

The purpose of this paper is to develop a dynamic model of mortgage refinancing in a contingent claim framework that simultaneously solves for the borrower's optimal mortgage refinancing strategy, the value of the refinancing call option, the value of the mortgage liability to the borrower, and the market (lender) value of the fixed‐rate contract. We also calculate the minimum differential between the contract rate on the existing mortgage and the current interest rate that is required to trigger an optimal mortgage refinancin

ISSN:1080-8620    

DOI:10.1111/1540-6229.00492

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This study tests the effects of unseasonable weather on housing starts at the national and regional level. Goodman [1] examined this issue and concluded that abnormal weather conditions have little or no effect on the pace of housing starts. The models presented in this study allow the impact of unseasonable weather on starts to vary over each month of the year whereas the specification in Goodman constrained these effects to vary between only the summer and winter. In addition, lagged weather deviations are included in the model to determine if unseasonable weather affects the demand for housing or merely the timing of housing starts. The results suggest that unseasonable weather does affect the pace of housing starts in the months of the first quarter. Oddly enough, however, the results indicate that the effects of weather on starts are not offset in following months.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00493

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Following the ERTA of 1981, partnership ownership of real estate dominated corporate ownership. This study concludes that the Tax Reform Act of 1986 provides incentive for holding real estate investments that produce sizable tax losses and/or that are eligible for large tax credits in corporate rather than partnership form. Perpetuity cash flow models are employed initially to identify key tax and cash flow variables favorable to each organizational form. The perpetuity assumption is then relaxed to consider a more representative real estate investment. A sensitivity analysis examines the extent to which the base case results are dependent on the assumed values of selected model parameters.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00494

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This note quantifies and extends Giliberto's [AREUEA Journal 16(1)] analysis of bias in appraisal‐based returns. An important clarification and distinction is made, defining two different perspectives from which one may view appraisal return bias. The Giliberto analysis addressed bias in the holding period return only. Here, after reviewing and extending Giliberto's analysis in this regard, bias is considered from another perspective, that of the arithmetic mean of a time‐series of appraisal‐based returns. The two types of bias are likely to be of opposite sign, thereby possibly offsetting one another, so that we may often observe very little bias in the means of empirical appraisal‐based returns time

ISSN:1080-8620    

DOI:10.1111/1540-6229.00495

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

The designation and regulation of local historic districts in Baltimore, Maryland started in 1964. Structures within these districts are required to maintain exteriors in the style of the historical significance of the neighborhoods. Prior studies in other cities have shown that the designation did not always lead to an increase in restoration activities in these areas. This paper analyzes the effect of the designation on transaction prices and finds historic districts do have higher prices than identical non‐historic district

ISSN:1080-8620    

DOI:10.1111/1540-6229.00496

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper develops a model of the demand for Federal Home Loan Bank (FHLB) advances by thrift institutions. It expands on a model developed in Kent [1983] by accounting for net worth in the balance sheet constraint and for borrowing in excess of the “advances limit.” The demand equation is estimated using pooled time‐series and cross‐sectional data for individual thrift institutions over the period 1979–1986. The results indicate that in addition to the traditional use of advances as a source of liquidity, advances are a particularly attractive source of funds for poorly capitalized institutions. Further, thrifts' demand for advances is responsive to the price of advances, mortgage interest rates, the dividend rate on FHLB stock, and rates on substitute sources

ISSN:1080-8620    

DOI:10.1111/1540-6229.00497

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00519-173

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY