We analyze real home price appreciation using a long time series (1971-1989) and large cross section (56 metro areas). Our findings yield important new insights into two outstanding issues in real estate finance an economics. The first deals with the implications for investment opportunities in...

We investigate the impact of the tax treatment of owner-occupied housing on urban form in an economy in which high and low income households choose among city and suburban communities. Because housing tax policies differentially affect the relative, after-tax price of housing for high and low...

An expanded inventory demand framework is developed that focuses on the impacts of changes in the local leasing environment. We model the lease-up process as a lottery in which changes in turnover or absorption affect the probability of winning the leasing lottery. In this context, builders...