This paper identifies a critical issue in the Weighted Repeated Sales (WRS) method - the omission of market risk in the weight estimation model specified by Case and Shiller (1989). It demonstrates that the omission of market risk is conceptually unjustified. Through extensive examination of the...

This study examines the heterogeneous appraiser behavior and its implication on the traditional appraisal smoothing theory. We show that the partial adjustment model is consistent with the traditional appraisal smoothing argument only when all the appraisers choose the same smoothing technique....

Amendments to the Fair Lending Act have exempted an age restriction on ownership from fair housing prohibitions. This paper studies the economic impact of such ownership restriction on housing values. Using American Housing Survey data, we find that there is a significant premium attached to the...

This paper is concerned with the extent to which rehabilitation tax credits affect the conditional probability of commercial real estate rehabilitation. Very little has been written about the rehabilitation tax credit, despite the fact that it has been a feature of the U.S. tax code since 1978....

The effect of gated access restrictions on garden apartment rents is empirically evaluated. Garden apartment rents are positively related to the presence of gated access constraints, although the combination of in-unit alarms with gated access is rent neutral. One-bedroom and two-bedroom units...

Published research has offered little evidence in support of foreign real estate investment. Most of the literature suggests that foreign real estate yields investors in mixed-asset portfolios no tangible benefits in terms of diversification gains. However all these studies were done on the...