This paper addresses the market's perception of risk from terrorism by examining the prices of single-family homes before and after the terrorist attacks on September 11th, 2001. In the wake of the attacks, government officials responded by raising security at sites considered to be likely...

Urban economics and sociology offer many narratives to explain the evolution ofurban America since the Second World War. These stories include the rise and fall ofsegregation, the inexorable march of the middle class to the suburbs, the ¯ltering ofaging housing stock from one class to the...

This paper examines index revision in measuring the prices for owner-occupied housing. We consider the context of equityinsurance and the settlement of futures contracts. In addition to other desirable characteristics for aggregate price indexes, their usefulness in these contexts requires...

As a stated policy objective, the U.S. Department of Housing and UrbanDevelopment seeks to boost the national homeownership rate to 70 percent by 2006. To accomplish this goal, they estimate that 3.8 million additional families be added to the ranks of U.S. homeowners. Furthermore, HUD estimates...

We examine commercial land markets in Krakow, Poland over a ten-year period of transitionfrom socialist management to a market economy. We explore the spatial and temporal evolutionof land prices over this period. In particular, we are interested in identifying trends toward oraway from...

This paper examines the dynamics of owner-occupied housing prices both at thelevel of the individual dwelling and in aggregate. Using a unique data set, a modelof individual dwelling prices is estimated that represents features of housing marketsmore faithfully than competing models. Statistical...

Currently the economics of agglomeration receives a great deal of research atten-tion, focusing on a variety of externalities to explain the evolution of cities. Muchof this research is ahistorical, with little attention paid to the cumulative history ofinvestment decisions that are manifested...

In 1989, Poland undertook a series of institutional reforms that effectively introduced economiccompetition into land markets. Over the next several years ownership rights to land previouslyunder government control were distributed to individuals and ¯rms. Prior to reforms, land hadbeen...

"The variation in default rates by region is quite substantial. Default rates in theNorthcentral states were about ve times as large as default rates in the Southeasternstates. These dierences reflect the credit rate risk associated with the real estatemarkets in each of the regions, the...

Increasingly, U.S. metropolitan areas are polycentric. While this is well recognized, there is lit-tle consensus as to the appropriate method for identifying centers of employment and their extent.Discussions of sprawl and decentralization, agglomeration and productivity, and the impacts...