摘要:

The purpose of this paper is to develop a model of the real estate brokerage and housing markets with imperfect information. The paper considers general equilibrium in these markets with and without a multiple listing service. Input prices are found to affect the equilibrium housing price, brokerage commission, and split factor. The introduction of a multiple listing service is found to have several important effects. The MLS causes housing value to increase, but its effect on the commission rate is indeterminate. Contrary to the results of another paper, MLS brokers, on average, will likely undertake more search for both buyers and listings than will a non‐MLS broker. The primary reasons are related to the greater efficiency of search in the MLS contex

ISSN:1080-8620    

DOI:10.1111/1540-6229.00366

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper analyzes the incentive affects of flat‐fee and percentage commission systems from the perspective of the economic theory of agency. Under a plausible set of assumptions the systems provide equivalent incentives. However, the relative desirability of the two systems depends upon the pricing strategy employed and factors specific to the individual. In general, neither system perfectly aligns the interests of the agent with those of the property‐owner. A surprising result of the analysis is that the optimal listing price when an agent is employed may be below the first‐best price. The first‐best price, or residual maximizing solution to the principal‐agent problem from the perspective of the property‐owner, is the solution that would occur if the agent's interests were perfectly aligned with those of the principal. This study suggests that the use of a percentage versus a flat‐fee commission may be due to information costs rather than price discrimination on the pa

ISSN:1080-8620    

DOI:10.1111/1540-6229.00367

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper presents evidence on the factors influencing the housing improvement expenditures of urban homeowners. In comparison to prior work, a more completely specified model was estimated. In particular, variables measuring the price of inputs and neighborhood quality were included and found to have a statistically significant impact on the maintenance and improvement expenditures of central city homeowners.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00368

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper estimates the burden of lost producer surplus imposed on landlords by rent control. The approach employed measures the reduction in Marshallian quasi‐rent from the side of the derived demand for factors rather than the short‐run supply of housing.A constant elasticity of substitution production function is employed to derive the input demand equation. The equation is estimated using post‐war rent control data from five major New York State cities. It turns out that rent control reduced quasi‐rent about 15%. The deadweight loss is estimated at 1.5% of gross rental payments or about 5% of net income before debt

ISSN:1080-8620    

DOI:10.1111/1540-6229.00369

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The purpose of this study is to consider the question of whether characteristics of applicants for federally subsidized housing can be used in predicting whether one is accepted or rejected by management as a tenant. Using probit analysis, a statistical model was developed for use in assisting management in objectively screening applicants. Factors found significant in determining the probability of acceptance or rejection were credit ratings, character references, length of time employed, and student status. The percent of rent subsidized by government and sex of household head had little effect on applicant acceptance. Although a meaningful model for estimating the probability of eviction could not be developed, low eviction rates resulting from the tenant selection model suggest that it may serve as a reasonable proxy.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00370

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The supply of and demand for residential mortgages has been the subject of much discussion in the literature. Many of these studies have used single equation, partial adjustment models with the price specified as the contract rate. In this study, two of the assumptions that underlie these previous studies are tested empirically. First, the proper specification of the price of mortgage funds is tested by using both the contract rate alone and all of the terms of the mortgage as the price. Second, the speed of adjustment in the mortgage market is examined by estimating the model in both the instantaneous adjustment and partial adjustment forms. Both of these tests are carried out using a simultaneous equation rather than a single equation model. The empirical results indicate that the contract rate along with the loan initiation fees, the loan‐to‐value ratio and the maturity is the better specification of price and that the partial adjustment model performs better than the instantaneous model in the mortgage mar

ISSN:1080-8620    

DOI:10.1111/1540-6229.00371

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The paper is based on a study of mortgage default risks associated with natural disasters. These risks are faced by holders of mortgages when forced by default to acquire damaged properties. A sample of residential mortgage properties damaged in the 1971 San Fernando, California earthquake is studied. Some of the mortgagors defaulted while others did not. The paper identifies and analyzes those variables associated with default using discriminant and probit regression analysis. The study concentrates on earthquake exposures in California, but has implications for all major disasters.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00372

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The objective of this study is to examine the potential benefits of using latent root regression techniques to improve the stability of appraisal coefficients (hedonic prices) over time. Another related objective is to more clearly identify the nature and implications of collinearity present in most appraisal models. The results indicate that the majority of the collinearity present in the data is of a predictive nature, hence latent root techniques will likely show little or no improvement over OLS models.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00373

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00374

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00375

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY