Motivated by the valuation of a leasehold property in relative to a comparable freehold property under different land lease policy scenarios, this paper attempts to offer an explanation to the premium fetched by a freehold property as well as an explanation to the variations of the premium...

Where borrowers are personally liable for shortfalls when they default on their mortgages, lenders have to exercise a duty of good faith in securing a reasonable value for the foreclosed property. The lender is entitled to recover the outstanding loan as quickly as possible, and is not bound to...

The possible existence of investor clientele groups has received little attention in the real estate finance literature. In this paper we develop a clientele model, which in equilibrium produces a clustering of investors by tax characteristics. Low-tax-bracket investors are concentrated in...

Recent real estate literature has not only proposed a few theories to explain the puzzling macro feature of the positive correlation between price and transaction volume, but also attempted to identify the causal relationships between them. However, there is little empirical evidence to...

The housing market is thin. Buyers search and bargain in local housing markets, often paying different prices for nearly identical houses. Housing search literature has documented the role of local information, search cost, and the anchoring effect in determining housing transaction prices....

This study investigates the impact of migrants’ post-migration experiences on their integration and housing behaviors. Collaborating with a local town council, we surveyed 1,128 households living in Singapore public housing estates and constructed instrumental variables to resolve...

A new housing choice forecasting model is developed here to answer a practical question: how to forecast housing demand at a disaggregate level. Being different from the previous housing choice models, this model is derived from housing sub-market structure based on a random utility approach....

This paper gives a definition of urban owner-occupier housing sub-market structure. A dynamic stock flow approach is applied to this structure to understand its short-term equilibrium properties and long-term dynamic process. The paper concludes by investigating the connections between urban...

It has been demonstrated that the real estate market disciplines irrational price premiums. However, the persistence of price premiums begs the question of what causes price premiums in the first place. This paper seeks to examine two explanations for price premiums—the conventional...

There is likely to be considerable cross- and within-region variation in housing wealth. This paper examines how housing wealth has varied in the United Kingdom over the boom and bust period of 1983-93. It also analyzes, for the period 1989-93, the relationship between housing wealth, household...