We present resiliency as a measure of liquidity, and assess its relationship to expected returns. We establish a covariance-based measure, RES, that captures opening period resiliency and, using it, find a significant non-resiliency premium that ranges from 33 to 57 basis points per month. The...

This paper explains how common misconceptions about residential real estate returns contribute to unrealistic expectations about house price appreciation. The paper evaluates several comprehensive ways of computing residential real estate returns and discusses the relation between real estate...