摘要:

Home ownership is a claim on the stream of net rents. Like any income‐producing asset, the market capitalizes its value. The price‐rent multiple depends upon the expected growth rate of revenues and expenses, on financing terms, and on taxes. This paper derives this price‐rent multiple in terms of these variables and calculates its value from 1963 through 1978.The results indicate that housing prices grew more rapidly than rents and the CPI largely as the result of a 33% increase in the price‐rent multiple over those years. This increase in the capitalization rate occurred, despite higher nominal financing terms, because the relative terms of housing finance tended to ease and because the expected growth rate of rents increased more than its discou

ISSN:1080-8620    

DOI:10.1111/1540-6229.00240

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

This paper is concerned with applying an optimum bidding procedure, originally proposed by Friedman, to the purchase of development land. It is assumed that the vendor sells the land to the highest bidder in a sealed bid auction without any consideration of the design of the proposed development. Friedman's model for optimal bidding is introduced, and a case study is presented to demonstrate its applicability.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00241

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

This paper is concerned with determining whether commercial banks and mutual savings banks serve separable clienteles in the mortgage market. In order to test the hypothesis, determinants of mortgage lending terms at a major commercial bank and a large mutual savings bank were analyzed. The results indicate that market segmentation does exist. However, some variable signs were other than anticipated. Nevertheless, the significance level of the summary statistic shows that the overall population was separable for the two institutions. Thus, the results of this paper are preliminary. To draw general conclusions, additional data from a larger sample must be obtained.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00242

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

During most of the postwar period the increase of the prices of single‐family homes in Sweden have exceeded the general inflation, while for several years the opposite is true of apartment houses. We discuss the reasons and present estimates of capital gains attached to this price behavior. It turns out that apartment houses have often yielded nominal but no real capital gains. Single‐family homes have yielded realaccruedcapital gains amounting to approximately 3% of GNP during the period 1963–1976. We also present a rough indirect method of estimatingrealizedcapital gains, first disregarding, and then including the effects of

ISSN:1080-8620    

DOI:10.1111/1540-6229.00243

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

Legislatures institute usury ceilings for a variety of reasons. The ceilings are designed to (1) curb excessive profits, (2) lower interest rates and inflation, (3) stimulate housing and growth, (4) subsidize certain consumer groups, and (5) protect the unwary and uninformed. However, in each case, the usury celings set up perverse effects which may defeat these goals. Particularly since the legislatures do not provide for administrative remedies, rationing, or adjustable ceilings, they cannot control these effects. Any reinstitution of ceilings must avoid these problems if the goals of the program are not to be defeated. However, the most effective policy would be to avoid the usury ceilings altogether.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00244

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

This study examines determinants of the downtown/non‐downtown location choice for general purpose rental office users. It presents a model of location choice which accounts for linkages, personnel commuting costs and location of market centroid. It fits the model to survey data on office space usage, distinguishing between market oriented and non‐market oriented firms.The study finds that market oriented firms are primarily sensitive to market location, while non‐market oriented firms are more sensitive to linkages and personnel commuting costs. It also finds that linkages play a limited role in the location decisions even for non‐market oriented offices because, in the medium size cities studied, few firms are linkage in

ISSN:1080-8620    

DOI:10.1111/1540-6229.00245

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY