Forced Sales And House Prices
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Forced Sales And House Prices
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Author : John Y. Campbell
language : en
Publisher:
Release Date : 2009
Forced Sales And House Prices written by John Y. Campbell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Foreclosure categories.
This paper uses data on house transactions in the state of Massachusetts over the last 20 years to show that houses sold after foreclosure, or close in time to the death or bankruptcy of at least one seller, are sold at lower prices than other houses. Foreclosure discounts are particularly large on average at 28% of the value of a house. The pattern of death-related discounts suggests that they may result from poor home maintenance by older sellers, while foreclosure discounts appear to be related to the threat of vandalism in low-priced neighborhoods. After aggregating to the zipcode level and controlling for regional price trends, the prices of forced sales are mean-reverting, while the prices of unforced sales are close to a random walk. At the zipcode level, this suggests that unforced sales take place at approximately efficient prices, while forced-sales prices reflect time-varying illiquidity in neighborhood housing markets. At a more local level, however, we find that foreclosures that take place within a quarter of a mile, and particularly within a tenth of a mile, of a house lower the price at which it is sold. Our preferred estimate of this effect is that a foreclosure at a distance of 0.05 miles lowers the price of a house by about 1%.
Subprime Crisis The Lessons For Business Students
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Author : Luque Jaime Perez
language : en
Publisher: World Scientific
Release Date : 2017-02-16
Subprime Crisis The Lessons For Business Students written by Luque Jaime Perez and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-16 with Business & Economics categories.
The first major global economic contraction of the 21st century, or the "Great Recession", as it is more commonly known, began in December of 2007, and would prove to be one of the most catastrophic economic events in postmodern history. The bursting of the American housing bubble and the subprime mortgage crisis that followed are widely attributed as being the primary causes for this economic downturn. The content of this book presents an in-depth analysis of several of the leading causes of the subprime crisis, as well as the subsequent measures that were used to contain a widespread economic recession. It is the aim of this book to provide adequate information and tools for readers to gain insight on how we can prevent the same mistakes from happening again. This analysis also explores an interesting question when considering public policy; was the economic disaster, that ensued, caused by overzealous consumers who borrowed more than they could afford, or was it caused by institutional entities that gambled away the American economy?
The Inflation Of House Prices Its Extent Causes And Consequences
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Author : Leo Grebler
language : en
Publisher: Free Press
Release Date : 1979
The Inflation Of House Prices Its Extent Causes And Consequences written by Leo Grebler and has been published by Free Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.
Examining The Consequences Of Mortgage Irregularities For Financial Stability And Foreclosure Mitigation
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Author :
language : en
Publisher: DIANE Publishing
Release Date :
Examining The Consequences Of Mortgage Irregularities For Financial Stability And Foreclosure Mitigation written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Handbook Of Economic Forecasting
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Author : Graham Elliott
language : en
Publisher: Newnes
Release Date : 2013-08-23
Handbook Of Economic Forecasting written by Graham Elliott and has been published by Newnes this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-23 with Business & Economics categories.
The highly prized ability to make financial plans with some certainty about the future comes from the core fields of economics. In recent years the availability of more data, analytical tools of greater precision, and ex post studies of business decisions have increased demand for information about economic forecasting. Volumes 2A and 2B, which follows Nobel laureate Clive Granger's Volume 1 (2006), concentrate on two major subjects. Volume 2A covers innovations in methodologies, specifically macroforecasting and forecasting financial variables. Volume 2B investigates commercial applications, with sections on forecasters' objectives and methodologies. Experts provide surveys of a large range of literature scattered across applied and theoretical statistics journals as well as econometrics and empirical economics journals. The Handbook of Economic Forecasting Volumes 2A and 2B provide a unique compilation of chapters giving a coherent overview of forecasting theory and applications in one place and with up-to-date accounts of all major conceptual issues. Focuses on innovation in economic forecasting via industry applications Presents coherent summaries of subjects in economic forecasting that stretch from methodologies to applications Makes details about economic forecasting accessible to scholars in fields outside economics
United Kingdom
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2016-06-16
United Kingdom written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-16 with Business & Economics categories.
This paper discusses how Financial Sector Assessment Program (FSAP) stress test assesses the resilience of the banking sector as a whole rather than the capital adequacy of individual institutions. The FSAP approach to stress testing is essentially macroprudential: it focuses on resilience of the broader financial system to adverse macro-financial conditions rather than on resilience of individual banks to specific shocks. This test ensures consistency in macroeconomic scenarios and metrics across firms to facilitate the assessment of the banking system as a whole. The stress test analysis is intended to help country authorities to identify key sources of systemic risk in the banking sector and inform macroprudential policies to enhance its resilience to absorb shocks.
European Real Estate
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Author : Dilek Pekdemir
language : en
Publisher: Springer
Release Date : 2015-09-07
European Real Estate written by Dilek Pekdemir and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-07 with Business & Economics categories.
This book provides a thorough overview of the European real estate Market. It evaluates the performance difference between countries and sectors, and what implications this has for optimal investment strategy within real estate asset classes.
Housing And The Financial Crisis
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Author : Edward L. Glaeser
language : en
Publisher: University of Chicago Press
Release Date : 2013-08-19
Housing And The Financial Crisis written by Edward L. Glaeser and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-19 with Business & Economics categories.
Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.
Handbook Of Regional And Urban Economics Vol 5b
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Author : Gilles Duranton
language : en
Publisher: Elsevier
Release Date : 2015-05-15
Handbook Of Regional And Urban Economics Vol 5b written by Gilles Duranton and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-15 with Business & Economics categories.
Developments in methodologies, agglomeration, and a range of applied issues have characterized recent advances in regional and urban studies. Volume 5 concentrates on these developments while treating traditional subjects such as housing, the costs and benefits of cities, and policy issues beyond regional inequalities. Contributors make a habit of combining theory and empirics in each chapter, guiding research amid a trend in applied economics towards structural and quasi-experimental approaches. Clearly distinguished from the New Economic Geography covered by Volume 4, these articles feature an international approach that positions recent advances within the discipline of economics and society at large. Editors are recognized as leaders and can attract an international list of contributors Regional and urban studies interest economists in many subdisciplines, such as labor, development, and public economics Table of contents combines theoretical and applied subjects, ensuring broad appeal to readers
The Great American Housing Bubble
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Author : Adam J. Levitin
language : en
Publisher: Harvard University Press
Release Date : 2020-06-09
The Great American Housing Bubble written by Adam J. Levitin and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-09 with Business & Economics categories.
The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.