House price volatility; lender and borrow perception of price trends, loan and property features; and the borrower?s put option are integrated in a model of residential mortgage default. These dimensions of the default problem have, to our knowledge, not previously been considered altogether...

This study examines determinants of the downtown/non-downtown location choice for general purpose rental office users. It presents a model of location choice which accounts for linkages, personnel commuting costs and location of market centroid. It fits the model to survey data on office space...

Filtering, a change in the quality of use for a structure, has been studied extensively in housing. However, there are reasons to believe that the phenomenon is at least as significant in office markets. Reasons to expect filtering in office markets are presented in this article. Then evidence...

The use of home equity conversion debt creates a compounding obligation against the home that makes collateral deficiency a potentially dominant risk. Using an insurance methodology, an examination of this risk and its impact upon the potential for home equity conversion is conducted. The paper...

Option-based models of mortgage default posit that the central measure of default risk is the loan-to-value (LTV) ratio. We argue, however, that an unrecognized problem with extending the basic option model to existing multifamily and commercial mortgages is that key variables in the option...

Residential mortgage borrowers frequently appear to behave suboptimally with respect to their mortgage prepayment options. Many borrowers fail to exercise even well-into-the-money options while others prepay when the call option is out-of-the-money. To account for these apparently suboptimal...

Suburban office markets exhibit a pattern of variegated clustering that is little explained by the conventional theories of urban form based on agglomeration effects and the cost of distance. To explain the pattern, this paper introduces industry economies of scale for "Class A" offices....