This paper examines the degree of short run co-movement in UK commercial real estate returns. The hypothesis is that a large fraction of the fluctuations may result from a small number of core disturbances that are transmitted from one region to another and from one property type to another. It...

This paper reviews the literature on price determination in the private and public real estate markets. In particular, it discusses the processes of appraisal smoothing in the private market and of price discovery between the public and the private markets. In real estate markets, the absence of...

This paper empirically analyzes the impact of high voltage (defined as 69,000 volts or greater) electric transmission lines on the prices of nearby single detached houses. The study demonstrates the importance of using the correct function specification and correcting for (commonly found)...

Lender losses on mortgage loans arise from a two-stage process. In the first stage, the borrower stops making payments if and when default is optimal. The second stage is a lengthy and costly period during which the lender employs legal remedies to obtain possession and execute a sale of the...

When a mortgage borrower becomes seriously delinquent (i.e., defaults), the lender initiates a time consuming and complex recovery process that may or may not result in foreclosure and eventual disposition of the real estate collateral (REO). This research studies this transition process for a...

The authors model the decision to replace durable capital when intensity is variable. Decisions of this type include land-redevelopment decisions where the density of residential or commercial development is a choice variable as well as capital-replacement decisions where capacity is variable....