This study documents the publicly traded equity Real Estate Investment Trust (REIT) universe during the modern REIT era (early 1990s through the present). We show the growth and consolidation of the industry, changes in property type focus, increases in institutional ownership, and the growth of...

This paper provides a new model to explain local variation in apartment rents by introducing the notion of a spatial process. This model differs from those in the literature by explicitly specifying spatial association between pairs of locations as a function of distance between them. Data on...

Real estate has historically employed statistical tools designed for independent observations while simultaneously noting the violation of these assumptions in the form of clustering of same sign residuals by neighborhood, along roads, and near facilities such as airports. Spatial statistics...

Since the early 1970s, the federal government has undertaken extensive efforts to stem the loss of wetlands by regulating the use of land. This paper investigates the extent to which residential property owners are affected by federal wetlands regulation, by presenting an empirical investigation...

Researchers since the early 1960s have constructed constant-quality price indices (CQIs) for single-family dwellings. This paper, however, applies the methodology to construct CQIs for a different property type - small multifamily rental housing with two to four units (MRH) - so that price...

This article examines the usefulness of listing prices as leading indicators of house values and as predictors of the direction of housing markets. With Multiple Listing Service data from a large metropolitan area, we create two price indexes, using first listing price and then selling price as...

Does licensing increase the quality of services? This is a major unresolved question in the economic analysis of occupational licensing. This paper provides the first empirical evidence on the simultaneous relationship between anticompetitive effects and minimal quality standards. Using data on...

Recent state legislative reforms of real estate agency relationships suggest that traditional agency law and practice are not meeting the needs of the parties involved in a residential real estate purchase and sales transaction. In this article, we argue that this is due, at least in part, to...

This article examines aggregation bias in price index construction. Specifically, we test whether changes in values of 2- to 4-unit, multi-family rental housing properties vary systematically in the same market across property size. Moreover, we examine the time trend differences across...

This study examines the traditional compensation model for real estate brokers under which both the listing and buyer brokers are paid by the seller based on a percentage of the property sales price. We argue that this model has not evolved to reflect contemporary legal agency relationships and...