Journal of Real Estate Literature最新文献

Abstract

This is the eighth release of the Real Estate Academic Leadership (REAL) rankings for authors and institutions. Similar to the previous seven releases, the rankings reflect articles contained in the top three real estate journals (The Journal of Real Estate Finance and Economics, The Journal of Real Estate Research, and Real Estate Economics) based on multiple indices. Unlike trends from the previous rankings, minor changes regarding academic institutions reflected one of two scenarios: faculty retirements and/or deaths; and faculty and recent PhD graduates transitioning to positions in industry rather than academia. Larger changes in the rankings related to academic institutions continue to reflect movement of productive research faculty from one university to another university.

Abstract

While some studies have attempted to prove the existence of positive benefits associated with homeownership, the so-called “homeownership effect,” few studies have been able to isolate the impact of homeownership on low-income families from neighborhood effects. In a pilot study using survey data collected from applicants to the U.S.-based housing charity Habitat for Humanity, I employ a quasi-experimental design to compare changes in the lives of those who were selected into the Habitat for Humanity housing program to those who applied for housing but were denied. In addition, since the recipients of Habitat houses remain in the same general area as their original residence, this provides a unique opportunity for the comparison of treatment and control groups to examine the impact of homeownership apart from neighborhood effects. I find that, in comparison to denied applicants, Habitat homeowners report more positive changes in their overall life, economic situation, and their level of community involvement, but less evidence of reported improvements in their children’s educational outcomes.

Abstract

Using a screening model with asymmetric information, I evaluate the positive and normative effects of the subsidized default insurance policy in the U.S. mortgage market. The model implies that the subsidy raises interest rates for eligible mortgages, which is contrary to conventional wisdom but is consistent with the empirical evidence in Zhao (2019 Zhao, Y. (2019). Evidence of government subsidy on mortgage rate and default: Revisited. Journal of Housing Research, 28(1), 23–49. https://doi.org/10.1080/10835547.2019.12092157[Taylor & Francis Online] , [Google Scholar]). Moreover, the model implies that the subsidy hurts borrowers it was intended to help, as well as raises the aggregate mortgage default rate. My article highlights the adverse impact of the subsidy on welfare and financial stability, and sheds light on the root cause of the global financial crisis. It also provides potentially useful reference to other countries that have (or are considering adopting) a mortgage subsidy mechanism similar to that in the US.

Abstract

This is the seventh release of the Real Estate Academic Leadership (REAL) rankings for authors and institutions. These rankings continue to include articles published solely in the top three real estate journals (The Journal of Real Estate Finance and Economics, The Journal of Real Estate Research, and Real Estate Economics) based on multiple rankings. Despite the pandemic and impacts to university budgets, many universities still managed to hire faculty, albeit many on term-limited visiting professor positions. The changes in this year’s rankings largely reflect the fiscal capacity of the most competitive institutions to weather the pandemic and remain productive in the real estate intellectual arena.