Measuring and monitoring the true level of mortgage delinquencies across an economy is essential for asset pricing and financial system stability. Yet public measures of mortgage default risk almost always use simple averages across pools of individual assets, including balance-sheet loans or...

In this paper we provide tools for assessing the house prices and housing valuation. Wedevelop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach.The borrowing capacity of households, together with their down payment, implies how muchhousing they can attain. In...

One of the only places where environmental quality is traded on explicit markets is real estate. There are several techniques that can be used to study the effects of environmental quality on property values and infer willingness to pay for improvements. The most commonly used method is the...