A great deal of research has focused on the linkages between stock and bond market returns and macroeconomic events such as fluctuations in interest rates, inflation rates and industrial production. Although the comovements of real estate and other asset prices suggests that these same...

The study departs from most previous work by examining mortgage termination behavior at the household level and by examining the totality of terminations, due to both call behavior and mobility behavior. It exploits information in the American Housing Surveys (AHS) to examine national...

This paper investigates the relative maintenance levels of owner and renter-occupied housing by examining their short and long-run appreciation rates. A large data set that includes information on every parcel in Pinellas County, Florida is used to control for structural and locational...

This paper examines the variation in the rates of house price appreciation within an individual metropolitan market. A methodology is developed to examine the locational variation in house price changes in Dade County (Miami) Florida, from 1971 to 1992. House price appreciation appears to be...

A great deal of research has focused on the linkages between stock and bond market returns and macroeconomic events such as fluctuations in interest rates, inflation rates and industrial production. Although the comovements of real estate and other asset prices suggests that these same...

Unlike operating company initial public offerings (IPOs), REIT IPOs in the 1970s and 1980s were initially overpriced and subsequently under performed other REIT securities in the 100 days after the initial issuance. In contrast, the equity REIT IPOs that have come to the market in the 1990s have...

The Economic Recovery Tax Act of 1981 significantly reduced the taxation of income-producing properties by accelerating tax depreciation on both new and, especially, existing properties. A partial reversal of the 1981 legislation appears likely. To provide some insight into the possible effects...

In contrast to the conventional wisdom, real estate activity in the aggregate is not disfavored by the 1986 Tax Act. Within the broad aggregate, however, widely different impacts are to be expected. Regular rental and commercial activity will be slightly disfavored, while historic and old...

The prepayment behavior of home mortgage borrowers has been widely observed to be inconsistent with behavior implied by classical option theory. A substantial literature has emerged examining the problem, focusing on the characteristics of the mortgage and on the historic path of interest rates...

This paper investigates the role of fundamentals and investor sentiment in commercial real estate valuation. In real estate markets, heterogeneous properties trade in illiquid, highly segmented and informationally inefficient local markets. Moreover, the inability to short sell private real...