When mortgage borrowers default and have no desire or ability to keep their property, then loss mitigation involves a sale of the property via one of the following options: (1) the lender allows pre-foreclosure "short sale" by the borrower, (2) the lender institutes the foreclosure process under...

Local governments often use powers of eminent domain to take residential properties for public use. In such cases, the local government will use their appraisers to calculate an offer on the property. If the government's goal is to avoid costly (use of administrative resources) litigation it may...

Home-sellers may not occupy their property when listed for sale. While previous research has analyzed the effect of a vacancy on the sales price of residential properties, no research to date has quantified the economic benefits and costs of renting vis-a-vis leaving a property vacant while...

Using Clark County, Nevada land auction data from the Bureau of Land Management, we find evidence that the price paid per acre to be maximized at approximately 14 acres. We also find that convexity exists on the value-size curve up to approximately 8 acres. We attribute this phenomenon partially...

When a seller hires an agent to sell his/her property, a successful outcome depends on the list price, marketing time, unobserved relative bargaining power of the buyers and sellers, and the effort levels of the seller and the seller's agent. A divergence with respect to the list/transaction...

This paper extends the existing research on real estate investment trust (REIT) operating efficiencies. We estimate a stochastic-frontier, panel-data model specifying a translog cost function, covering 1995-2003. The results disagree with previous research in that we find little evidence of...