Pub Date : 2022-08-19DOI: 10.1007/s11146-022-09919-8
G. Aye, Christina Christou, Rangan Gupta, C. Hassapis
{"title":"High-Frequency Contagion between Aggregate and Regional Housing Markets of the United States with Financial Assets: Evidence from Multichannel Tests","authors":"G. Aye, Christina Christou, Rangan Gupta, C. Hassapis","doi":"10.1007/s11146-022-09919-8","DOIUrl":"https://doi.org/10.1007/s11146-022-09919-8","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"16 1","pages":"1 - 24"},"PeriodicalIF":0.0,"publicationDate":"2022-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76694449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-08DOI: 10.1007/s11146-022-09916-x
C. Nygaard, G. Galster, Stephen Glackin
{"title":"The Size and Spatial Extent of Neighborhood Price Impacts of Infill Development: Scale Matters?","authors":"C. Nygaard, G. Galster, Stephen Glackin","doi":"10.1007/s11146-022-09916-x","DOIUrl":"https://doi.org/10.1007/s11146-022-09916-x","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73679902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-04DOI: 10.1007/s11146-022-09917-w
Mari O. Mamre, Dag Einar Sommervoll
We rely on novel textual analysis of real estate listings and identify renovated dwellings in a dataset of Norwegian transactions to estimate the renovation premium in an urban housing market. The renovation premium is estimated in a hedonic framework by classical regression approaches and a random forest algorithm. The strength of the latter is that it allows for a more complex interplay between the renovation premium and explanatory variables. We estimate a significant positive renovation premium of 5–7 percent for renovated dwellings and a negative premium of 9–10 percent for unmaintained/neglected dwellings. These averages mask significant variations in these premiums over time, particularly, a counter-cyclical effect. Omitting renovation information also has implications for estimated short-term house price growth. Unmaintained dwellings tend to transact more in the fourth quarter, indicating that parts of the seasonal price variation reported in the literature are due to compositional variation with respect to renovation. This composition effect bias price movement estimates downward, if uncontrolled for, as unmaintained dwellings transact at significantly lower prices.
{"title":"Coming of Age: Renovation Premiums in Housing Markets","authors":"Mari O. Mamre, Dag Einar Sommervoll","doi":"10.1007/s11146-022-09917-w","DOIUrl":"https://doi.org/10.1007/s11146-022-09917-w","url":null,"abstract":"<p>We rely on novel textual analysis of real estate listings and identify renovated dwellings in a dataset of Norwegian transactions to estimate the renovation premium in an urban housing market. The renovation premium is estimated in a hedonic framework by classical regression approaches and a random forest algorithm. The strength of the latter is that it allows for a more complex interplay between the renovation premium and explanatory variables. We estimate a significant positive renovation premium of 5–7 percent for renovated dwellings and a negative premium of 9–10 percent for unmaintained/neglected dwellings. These averages mask significant variations in these premiums over time, particularly, a counter-cyclical effect. Omitting renovation information also has implications for estimated short-term house price growth. Unmaintained dwellings tend to transact more in the fourth quarter, indicating that parts of the seasonal price variation reported in the literature are due to compositional variation with respect to renovation. This composition effect bias price movement estimates downward, if uncontrolled for, as unmaintained dwellings transact at significantly lower prices.</p>","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138538194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-19DOI: 10.1007/s11146-022-09906-z
E. Balla, Raymond Brastow, D. Edgel, M. Rose
{"title":"The Effect of Regulatory Oversight on Nonbank Mortgage Subsidiaries","authors":"E. Balla, Raymond Brastow, D. Edgel, M. Rose","doi":"10.1007/s11146-022-09906-z","DOIUrl":"https://doi.org/10.1007/s11146-022-09906-z","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"262 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77157514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-13DOI: 10.1007/s11146-022-09915-y
Juergen Deppner, Marcelo Cajias
{"title":"Accounting for Spatial Autocorrelation in Algorithm-Driven Hedonic Models: A Spatial Cross-Validation Approach","authors":"Juergen Deppner, Marcelo Cajias","doi":"10.1007/s11146-022-09915-y","DOIUrl":"https://doi.org/10.1007/s11146-022-09915-y","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"93 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77308412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.1007/s11146-022-09908-x
K. C. Anderson, J. Freybote, K. T. Manis
{"title":"The Impact of Virtual Marketing Strategies on the Price-TOM Relation","authors":"K. C. Anderson, J. Freybote, K. T. Manis","doi":"10.1007/s11146-022-09908-x","DOIUrl":"https://doi.org/10.1007/s11146-022-09908-x","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"4 1","pages":"1 - 17"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78643203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-16DOI: 10.1007/s11146-022-09913-0
Eli Beracha, J. Freybote, Zhenguo Lin, Michael J. Seiler
{"title":"Time on Market and the Cash Discount for Condos","authors":"Eli Beracha, J. Freybote, Zhenguo Lin, Michael J. Seiler","doi":"10.1007/s11146-022-09913-0","DOIUrl":"https://doi.org/10.1007/s11146-022-09913-0","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78293273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-16DOI: 10.1007/s11146-022-09914-z
Avis Devine, Andrew Sanderford, Chongyu Wang
{"title":"Sustainability and Private Equity Real Estate Returns","authors":"Avis Devine, Andrew Sanderford, Chongyu Wang","doi":"10.1007/s11146-022-09914-z","DOIUrl":"https://doi.org/10.1007/s11146-022-09914-z","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"121 1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88760709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-11DOI: 10.1007/s11146-022-09907-y
Julia Braun, Hans-Peter Burghof, Julius Langer, Dag Einar Sommervoll
Housing markets display several correlations to multiple economic sectors of an economy. Their enormous impact on economies’ health, wealth, and stability is uncontroversial. Interestingly, the forms of financing residential property vary widely between the different countries in terms of both, the available product types and the institutions offering them. This research examines the implications of different financial intermediaries on housing market cycles with special emphasis on two institutional types, conventional banks and building and loan associations. Introducing a heterogeneous agent-based model, the interactions of buyers, sellers, and the two types of credit institutions are assessed. Heterogeneous economic principles and expectations of agents create endogenous market conditions which are strongly influenced by the lending practices of financial intermediaries.
Focusing primarily on collateral values to decide about lending, conventional banks may contribute to volatile housing markets which are prone to recessions. Building and loan associations, on the other hand, rely to a greater extent on endogenously created borrower information. Thus, they are able to cushion the volatility of house prices caused by procyclical mortgage lending of conventional banks and increase the stability of the housing market. Simulations show that the most stable market conditions are attained if both types of financial intermediaries serve the mortgage lending market jointly. Furthermore, transaction and homeownership rates are the highest in this market setting. These findings advocate in favor of diversified financial markets.
{"title":"The Volatility of Housing Prices: Do Different Types of Financial Intermediaries Affect Housing Market Cycles Differently?","authors":"Julia Braun, Hans-Peter Burghof, Julius Langer, Dag Einar Sommervoll","doi":"10.1007/s11146-022-09907-y","DOIUrl":"https://doi.org/10.1007/s11146-022-09907-y","url":null,"abstract":"<p>Housing markets display several correlations to multiple economic sectors of an economy. Their enormous impact on economies’ health, wealth, and stability is uncontroversial. Interestingly, the forms of financing residential property vary widely between the different countries in terms of both, the available product types and the institutions offering them. This research examines the implications of different financial intermediaries on housing market cycles with special emphasis on two institutional types, conventional banks and building and loan associations. Introducing a heterogeneous agent-based model, the interactions of buyers, sellers, and the two types of credit institutions are assessed. Heterogeneous economic principles and expectations of agents create endogenous market conditions which are strongly influenced by the lending practices of financial intermediaries.</p><p>Focusing primarily on collateral values to decide about lending, conventional banks may contribute to volatile housing markets which are prone to recessions. Building and loan associations, on the other hand, rely to a greater extent on endogenously created borrower information. Thus, they are able to cushion the volatility of house prices caused by procyclical mortgage lending of conventional banks and increase the stability of the housing market. Simulations show that the most stable market conditions are attained if both types of financial intermediaries serve the mortgage lending market jointly. Furthermore, transaction and homeownership rates are the highest in this market setting. These findings advocate in favor of diversified financial markets.</p>","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138538220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-10DOI: 10.1007/s11146-022-09886-0
Spencer J. Couts
{"title":"How do Non-Core Allocations Affect the Risk and Returns of Private Real Estate Funds?","authors":"Spencer J. Couts","doi":"10.1007/s11146-022-09886-0","DOIUrl":"https://doi.org/10.1007/s11146-022-09886-0","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81635635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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