Hedonic property value models have been frequently used to value environmental amenities because markets for these goods usually do not exist. Typically, researchers cite Rosen's (1974) seminal work, which allows one to interpret functions of the hedonic regression coefficients as the marginal...

Following concerns about undervaluation of minority-owned homes, we examine the incidence of racial appraisal bias using a nationwide sample of refinanced mortgages from 2000 to 2007. A unique feature of our data is that they allow us to observe the race of the both the homeowner and the...

Existing studies generally document large price discounts for foreclosures and short sales, implying large inefficiencies in real estate markets. We consider an alternative approach that leverages the expertise and local market knowledge of residential real estate appraisers. Our approach deals...

Part of the debate over the control of drug activity in cities is concerned with the effectiveness of implementing demand- versus supply-side drug policies. This paper is motivated by the relative lack of research providing formal economic underpinning for the implementation of either policy. We...

We consider the use and impact of distressed properties as comparables in residential appraisals. First, we describe the incidence of their use and their relative comparability; second, we estimate their impact on the appraisal value itself; and third, we consider their impact on the probability...

We examine the association between online apartment rental searches and fundamental real estate market variables namely, vacancy rates, rental rates and real estate asset price returns. We find the consumer real estate searches are significantly associated with the market fundamentals after...

We use panel data, endogenous switching and instrumental variables to assess the externality value of neighborhood home-ownership. Using the cluster samples of the 1985, 1989 and 1993 American Housing Survey, we find some variation in the estimate of this value, depending on the assumptions made...

This paper tests for cointegration between regional output of an industry and national output of the same industry. An equilibrium economic theory is presented to argue for the plausibility of cointegration, however, regional economic forecasting using the shift and share framework often acts as...