Lenders are frequently accused of mispricing the put option embedded in nonrecourse lending. Prior research shows one lender's incentives to underprice. Here, we identify the conditions for a marketwide underpricing equilibrium. We demonstrate that, in a market with many players, given...

This study examines the performance of home purchase loans originated by a major depository institution in Philadelphia under a flexible lending program between 1988 and 1994. We examine long-term delinquency in relation to neighborhood housing market conditions, borrower credit-history scores...

Deterioration of urban neighborhoods is known to induce out migration, but how well do public investments to reverse decline actually work? To evaluate Philadelphia’s greening investment, researchers measured property buyers’ willingness to pay more—and found that greening works.

This paper was presented at the conference "Policies to Promote Affordable Housing," cosponsored by the Federal Reserve Bank of New York and New York University's Furman Center for Real Estate and Urban Policy, February 7, 2002. It was part of Session 4: Housing Subsidies and Finance, and is a...

We investigate the correlation between curbside tree plantings and housing price movements in Philadelphia from 1998 to 2003, comparing two programs, one by the Philadelphia Horticultural Society (PHS) that requires block-group effort that focuses on low-income neighborhoods and the other by the...

A clustering algorithm is applied to effective rents for twenty-one metropolitan U.S. office markets, and to twenty-two metropolitan markets using vacancy data. It provides support for the conjecture that there exists a few major "families" of cities: including an oil and gas group and an...