This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a...

A hedonic pricing model is estimated to analyse the impact of railways on house prices in terms of distance to railway station, frequency of railway services and distance to the railway line. Correcting for a wide range of other determinants of house prices we find that dwellings very close to a...

Investigation of the patterns in housing preferences has always been a strong emphasis on spatial analysis literature, mostly to the extent that housing price varies within urban macro form. The purpose of this paper is to examine the variances of housing prices in Istanbul, by using separate...

For most people, buying a home is their single largest financial commitment. Previous research shows that Chinese buyers pay less for homes with unlucky addresses and more for homes with lucky addresses. Using Singapore data on housing transactions combined with a plethora of individual buyer...

This paper uses unique panel data covering over two million repeat-sales housing transactions from four metropolitan areas to test for the presence of racial price differentials in the housing market. Drawing on the strengths of these data, our research design controls carefully for unobserved...

Investment in thinly-traded private assets involves liquidity risk. Existing literature provides limited guidance as it mainly focuses on publicly-traded security assets such as stocks and bonds. This paper develops an analytical tool for quantifying liquidity risk of private assets. Using...

In this paper, we compare the out-of-sample forecasting ability of three ARIMA family models: ARIMA, ARIMAX, and ARIMAX-GARCH. The models are tested to forecast turning points and trends in the Canadian real estate index using monthly data from April 2002 to March 2011. The results indicate that...

We evaluate the impact of foreclosure on house prices and are especially interested to evaluate heterogeneous impacts of foreclosure along the house size and income distributions across geographic regions. The study uses a novel and comprehensive dataset that encompasses detailed housing and...

In contrast to the prediction of the present-value model, many empirical studies find the price-rent ratio nonstationary. This finding is frequently interpreted as evidence of speculative bubbles. In this paper, we seek an alternative explanation. Allowing the expectations of future housing...