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Until the recent introduction of real estate futures on the Chicago Mercantile Exchange (CME), there have been few opportunities to manage house price risk. This paper examines whether house price risk can be effectively hedged in Las Vegas, one of the CME contract cities. The analysis considers...
Persistent link: https://www.econbiz.de/10012750101
Real estate and real estate investment trust performance has been examined in a number of papers. In general, there has been little evidence that real estate investment trusts (REITs) have earned significant positive abnormal returns based on REIT indices such as NAREIT and Wilshire. There is,...
Persistent link: https://www.econbiz.de/10012742032
Recent research on mutual fund performance has ignored the impact of initial public offering on mutual fund performance. We show that the real estate mutual funds returns, at least in the 1990's, are almost entirely a function of REIT IPO returns, and that, after controlling for the REIT IPO...
Persistent link: https://www.econbiz.de/10012742143
This paper examines the degree of integration between rural and metropolitan mortgage markets and addresses three fundamental questions regarding the rural mortgage market. First, does a jumbo/conforming loan rate differential exist in the rural mortgage market, and if so, to what extent do...
Persistent link: https://www.econbiz.de/10012785629
Loss mitigation is the process by which lenders attempt to minimize losses associated with foreclosure. As competition increases in the mortgage industry, lenders and servicers are under great pressure to adopt loss mitigation tactics rather than simply use foreclosure as the means of dealing...
Persistent link: https://www.econbiz.de/10012743986
We model and examine the financial aspects of the land development process incorporating the industry practice of preselling lots to builders through the use of option contracts as a risk management technique. Using contingent claims valuation, we are able to determine endogenously the land...
Persistent link: https://www.econbiz.de/10012773412
Persistent link: https://www.econbiz.de/10002893642
A theoretical model of commercial property valuation is developed where individual property owners are price takers with respect to the spot lease price, new tenants randomly arrive to lease space, and existing tenants may choose to vacate space. The timing of tenant arrivals and departures is...
Persistent link: https://www.econbiz.de/10010800481
"In the presence of increasing demand for single-family housing in suburban areas, many local jurisdictions have implemented land use strategies in order to curb the growth rate in new development. Such ""slow-growth"" strategies are aimed ostensibly at limiting development patterns referred to...
Persistent link: https://www.econbiz.de/10010834240
Persistent link: https://www.econbiz.de/10005680534