While prior analyses have provided substantial evidence of elevated default probabilities among mortgages originated to lower income, less credit worthy and minority borrowers, those risks may be offset by the reduced prepayment probabilities of those loans. To the investor in FHA-insured...

While prior analyses have provided evidence of elevated default probabilities among mortgages originated to lower income, less credit worthy, and minority populations, those risks may be offset by the reduced prepayment probabilities of those loans. Such offsets could serve to reduce the total...

This paper develops a new measure of "quality of the business environment" that complements existing measures of "quality of life". An annual panel of these measures is constructed and analyzed for 37 cities from 1977 to 1995. Findings indicate that many cities attractive to firms are...

Fluctuations in the stock market and in house values over the course of recent years have led to renewed macroeconomic policy debate as regards the effects of financial and housing wealth in the determination of consumer spending. This research assembles a unique matched sample of household data...

This paper explicates the intra-metropolitan geography of minority homeownership. In so doing, the analysis applies individual level Census data from the Washington D.C., Chicago, and Los Angeles metropolitan areas to estimate three-level nested logit models (NMNL) of household mobility,...

Fluctuations in the stock market and in house values over the course of recent years have led to renewed economic policy debate as regards the effects of financial and housing wealth in thedetermination of household consumption patterns. This research assembles a unique matched sample of...

Despite recent volatility and constraints in secondary market funding, analysts have ascribed substantial value creation to the securitization of commercial mortgages. Such value creation likely emanates from liquidity enhancements, regulatory arbitrage, price discrimination and risk...

This paper estimates an option-based hazard model of the competing risks of FHA mortgage termination. Results indicate that the elevated default risks of loans originated among lower credit-quality and minority borrowers are more than offset by the damped prepayment speeds of those loans, so as...

This research presents new findings on the economic cost of terror. To that end, we provide evidence of changes in house prices in the Gilo neighborhood of Jerusalem in the wake of the 2000 Second Palestinian Intifada. During that period, Gilo suffered from sporadic and ongoing gunfire from the...

This paper investigates the risk-return relationship in determination of housing asset pricing. In so doing, the paper evaluates behavioral hypotheses advanced by Case and Shiller (1988, 2002, 2009) in studies of boom and post-boom housing markets. The paper specifies and tests a multi-factor...