摘要:

This paper utilizes microdata to directly quantify the impact of mortgage underwriting criteria on individual homeownership propensities. To determine whether a family is constrained by these criteria, the optimal home purchase price is estimated. The results indicate that wealth and income constraints both reduce homeownership propensities, with a stronger impact for wealth constraints. Mortgage market innovations of the early 1980s seem to have reduced these effects. The research indicates, however, that even in well‐developed capital markets, the presence of borrowing constraints adversely affects homeownership propensitie

ISSN:1080-8620    

DOI:10.1111/1540-6229.00499

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

A model of rental housing is developed in which landlords cannot observe the utilization rate of their tenants. As a result of this imperfect information, an adverse selection problem exists where high utilization households have an incentive to conceal their type in order to obtain more favorable contract terms. Consequently, the market equilibrium must satisfy a self‐selection constraint, which imposes certain restrictions on the set of contracts that will be offered by landlords. These restrictions are examined in detail, and their implications for a household's decision to rent or own its housing are derive

ISSN:1080-8620    

DOI:10.1111/1540-6229.00500

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

The effect of non‐uniform commissions on the market duration of residential properties is ambiguous. While the broker's search effort is positively related to the size of the percentage commission, so is the seller's reservation price. Each of these relationships imply a time‐on‐market effect in the opposite direction of the other. A powerful statistical technique, survival regression, is employed to determine which relationship dominates. Because the probability that a property will sell at any given point in time is inversely related to the size of the percentage commission, we conclude that the negative search effects associated with low commission rates are more than offset by the positive reservation price ef

ISSN:1080-8620    

DOI:10.1111/1540-6229.00501

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper compares the income of those office properties that are included in the FRC index, with the appraised values that are used to determine the index's appreciation component. We find that the appraised value of the portfolio was a constant multiple of its current income, over the 1978–1988 period. This seems at odds with what modern valuation theory would suggest, since both nominal interest rates and several measures of real rates varied widely over the sample. An alternate interpretation of our results is that the appraised values were based on a set of expectations about future income growth, that turned out over the period, to be continually at odds with respect to actual incom

ISSN:1080-8620    

DOI:10.1111/1540-6229.00502

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

In 1982, 237 thrifts were GAAP (Generally Accepted Accounting Principle) insolvent. By 1987, 92 of these were either merged or closed and 77 remained insolvent. The remaining 68 were GAAP solvent with an average GAAP‐to‐total‐assets ratio of 5.6%. The purpose of this paper is to identify the factors that affected the probability of solvency for the 1982‐insolvent thrifts over the period 1983–1987.To identify these factors, the probability of insolvency is modeled in each year between 1983 and 1987 using logistic regression. Because a thrift can earn its way out of insolvency or raise outside capital, the probability of solvency is a function of the infusion of outside capital along with balance sheet and income statement ratios reflecting the thrifts earning ability. The only variable consistently significant in each year is the variable reflecting the raising of outsid

ISSN:1080-8620    

DOI:10.1111/1540-6229.00503

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper estimates the systematic risk (or “beta”) of unsecuritized investment grade commercial real estate, as represented by the FRC and PRISA indices of institutional real estate holdings. Systematic risk defined with respect to national consumption is compared to systematic risk defined with respect to the stock market. Also, the risk estimates are explicitly adjusted to account for “smoothing” in appraisal‐based aggregate level returns data. The systematic risk of these real estate indices appears to be virtually zero with respect to the stock market, even after correcting for smoothing, but substantially positive with respect to national co

ISSN:1080-8620    

DOI:10.1111/1540-6229.00504

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00519-174

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY