This paper examines the link between nonperforming loans, real estate prices, and the banking system. We found that the level of nonperforming loans affects bank profitability as well as the price performance of real estate markets. We also analyzed the factors that cause the ratio of...

This study is the first to identify whether specific individual homebuyer characteristics, such as repeat versus first-time, local versus out-of-town, individual versus joint decision-makers, and Web versus non-Web users relate to the rating of a firm’s overall service quality and whether or...

This paper tests for evidence of political manipulation in the allocation of subsidized mortgage loans in Mexico during the 1990’s. First, I develop a baseline model of loan allocation across states as a function of housing need, eligibility for lending programs, and administrative capacity to...

It is well known that expected returns vary by industry (Lyon et al., 1999), and that REIT-based mimicking portfolios may capture the information in real estate investment trust (REIT) prices (Downs, 2000). This study performs REIT-based mimicking portfolio analysis. The results indicate that...

Despite both empirical and anecdotal evidence suggesting the importance of common systematic factors determining price appreciation in residential real estate markets, the existing literature focuses almost exclusively on the impact of local variables. This paper presents a theoretical model of...

In this study, we follow the female in a cohort analysis of her housing choices in Taiwan, using data from the population and housing census for 1980, 1990 and 2000. In addition to looking at the female population as a whole, we also compare the differences between females who are heads of...

In U.S. commercial real estate markets, a single index product produced by the National Council of Real Estate Investment Fiduciaries (NCREIF) has been used for both asset class research and for agent evaluation benchmarking. While the NCREIF Index is an invaluable tool for the U.S. real estate...

This paper examines cycles and common cycles in the property market and the economy. While focusing on common cycles, the study also incorporates common trends in the meantime, so it covers the whole spectrum of dynamic analysis. It has been found that property shares common cycles, particularly...

A considerable number of U.S. borrowers still choose adjustable rate mortgages (ARMs) over fixed rate mortgages (FRMs) even when interest rates are historically very low. This study examines the psychological reasons for the popularity of ARMs by testing the Prospect theory’s reflection...

This paper mainly conducts an empirical study of the term structure of the Shanghai office rental market. Based on 555 executed contracts in the Shanghai office rental market from 2005 to 2008, the building quality and micro location are controlled, which are generally omitted in previous...