This article demonstrates the importance of separating the bundled good of housing into land and improvements, arguing that changes in a property's overall value will depend critically on how much of its total value is contained in the land, a proportion we call land leverage. The importance of...

This article considers the broader impact of Community Reinvestment Act (CRA) agreements-bank pledges to extend a certain volume of lending to targeted groups and communities-by examining whether they are associated with changes in lending to lower-income and minority communities in the markets...

Although credit scoring offers benefits to lenders and borrowers, its use raises important statistical issues that may affect the ability of scoring systems to accurately quantify an individual's credit risk. The evidence from a national sample of credit-bureau records suggests that concerns...

An expanded inventory demand framework is developed that focuses on the impacts of changes in the local leasing environment. We model the lease-up process as a lottery in which changes in turnover or absorption affect the probability of winning the leasing lottery. In this context, builders...

In this paper, we develop and estimate a model that decomposes the variance in office vacancy rates into market-specific, time-specific, and random components. The results indicate significant differences in natural vacancy rates across markets. We also find some persistence in deviations from...

Using a data set of over 88,000 housing sales, we find that city employment growth has a significant positive effect on suburban house values; this effect is largest for housing closest to the central business district and declines with increasing distance from it. City employment growth has a...

In this paper, we examine the importance of accessibility to employment and transportation system attributes for residential location choice, car ownership and house values. Using the 1980 Census of Housing and Journey to Work data merged with transportation system data, we find strong evidence...