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Default Risk And Real Estate Prices
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Book Synopsis Mortgage Default Risk and Real Estate Prices by : Karl E. Case
Download or read book Mortgage Default Risk and Real Estate Prices written by Karl E. Case and published by . This book was released on 1995 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established
Book Synopsis Default Risk and Real Estate Prices by : Karl E. Case
Download or read book Default Risk and Real Estate Prices written by Karl E. Case and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article makes the case for using index-based futures and options driven by region-specific movements in house prices as the basis for hedging mortgage default risk. Taking the view that mortgage holders write put options on real estate assets, the first part of the article lays out the theoretical case for a hedging strategy based on house price changes. The second part reviews the empirical literature on default risk and uses data from the Mortgage Bankers Association of America and repeat sales indices to test for the significance of house price movements in predicting mortgage default. The results suggest that between 1975 and 1993, periods of high default rates strongly follow real estate price declines or interruptions in real estate price increases. The relation between price declines and foreclosure rates is modeled using a distributed lag. The results support the case for a hedging strategy based on house price changes.
Book Synopsis Mortgage Default Risk and Real Estate Prices by : Karl E. Case
Download or read book Mortgage Default Risk and Real Estate Prices written by Karl E. Case and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established.
Book Synopsis Mortgage Default Risk and Real Estate Price by : Karl E. Case
Download or read book Mortgage Default Risk and Real Estate Price written by Karl E. Case and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk in the Global Real Estate Market by : Mike C. I. Nwogugu
Download or read book Risk in the Global Real Estate Market written by Mike C. I. Nwogugu and published by John Wiley & Sons. This book was released on 2012-01-26 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essential reading for professional investors, risk managers, regulators, central bankers, and real estate professionals, Risk in the Global Real Estate Market: International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs takes an international look at the ways in which U.S.-style constitutional laws, financial laws, and real estate laws in various countries affect global economics and risk; and analyzes specific constraints that deter market development such as Asset Liability Matching, inappropriate financial products, land title systems, inefficient constitutions and human biases. The sub-prime mortgage crisis (that began around 2006) and the Global Financial Crisis of 2007–2010 disrupted the economies of various countries and exposed many of the psychological, social, and economic problems inherent in the legal/risk infrastructure for mortgages, land title systems, REITs, securitization, and pensions. In this remarkable new book, Michael Nwogugu explains how these processes and statutes are unconstitutional and inefficient, and how they influence demand for housing, real estate prices, retirement savings, household wealth, consumer disposable income, marriage opportunities, job markets, crime, and regional economic growth. The resulting major economic and public health problems have continued to reduce the quality-of-life of nations, and continue to cause permanent declines in wealth, increases in crime and delinquency, high divorce rates, depression, and inadequate job creation, among other problems. The book examines a range of fields—including mechanism design, psychology, risk finance, and corporate governance; and emphasizes Constitutional economics as a distinct dimension of risk analysis. Risk in the Global Real Estate Market makes a compelling case about how constitutional torts increase information asymmetry, transaction costs, agency problems, and compliance costs, as well as inefficiency in real estate transactions. These problems, the book argues, are not unique to the United States, but also affect Commonwealth countries and other nations that have developed regulations that are similar to, or are based on U.S. commercial, securities, and or constitutional laws. Risk in the Global Real Estate Market presents a novel analysis of the sub-prime crisis (that first began in 2006), the failure of securitization (CMBS/MBS) markets, the Global Financial Crisis, and socio-economic problems caused by traditional mortgages and securitization. The book reveals that many of the statutes and processes that define mortgages, foreclosures, securitization, and REITs in the United States (and many common-law countries and nations that have adopted American-style real estate regulations) are fundamentally unconstitutional and inefficient, and have lasting negative effects on consumer psychology, the demand for real estate, price discovery in property markets, economic growth, and quality of life. The book examines the nature of constitutional torts and property rights as the foundation for business transactions and economic growth within the context of risk regulation, interstate commerce, takings, and legislation. Risk in the Global Real Estate Market introduces new theories of consumer psychology and institutional dynamics in real estate transactions; presents new theories of takings, and also surveys psychology/psychiatry studies (based on data from various countries) that confirm the harmful effects of mortgages, securitization, and foreclosures. Using elements of mechanism design, Michael Nwogugu develops new efficient financial products (Mortgage-Alternatives products), and presents a policy framework for a unified “Mortgage-Alternatives” market for the CEE/CIS region and China. He also explains why Asset Liability Matching hinders lending, capital formation and risk management, especially in developing countries.
Book Synopsis Mortage Default Risk and Real Estate Prices by : Karl E. Case
Download or read book Mortage Default Risk and Real Estate Prices written by Karl E. Case and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cash in on the Coming Real Estate Crash by : David J. Decker
Download or read book Cash in on the Coming Real Estate Crash written by David J. Decker and published by John Wiley & Sons. This book was released on 2006-04-03 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: After five years of skyrocketing real estate prices, fueled by low interest rates, aggressive lenders, and relative economic prosperity, something has to give. Thanks to nonstop recent press coverage of America's overheated housing market, you are probably wary of buying your next property at the top of the market. So what should you do? Whether you're an individual investor or a homeowner, Cash In on the Coming Real Estate Crash shows you how to gauge the risk of a housing bust in your own local market. More importantly, it shows you how to hedge against a crash and position yourself to profit if the bubble bursts. Critical advice covers: * Identifying signs of an impending collapse * Balancing your real estate portfolio so a crash doesn't wipe you out * Conservative financing strategies * Developing a vision for value in any market * Buying low after the bubble bursts * Knowing when to sell * And many more strategies for making money when the real estate market collapses Peppered with true stories of how homeowners, small investors, and bona? fide real estate tycoons handled and mishandled past crashes, Cash In on the Coming Real Estate Crash is the resource you need to prepare for the comingdownturn, weather the storm, and emerge on the other side stronger than ever.
Book Synopsis Asset Pricing Implications of Hedging in Real Estate Markets by : Peng Liu
Download or read book Asset Pricing Implications of Hedging in Real Estate Markets written by Peng Liu and published by . This book was released on 2007 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Markets and the Economy by : Karl E. Case
Download or read book Housing Markets and the Economy written by Karl E. Case and published by Lincoln Inst of Land Policy. This book was released on 2009 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
Book Synopsis Real-estate Derivatives by : Radu Tunaru
Download or read book Real-estate Derivatives written by Radu Tunaru and published by Oxford University Press. This book was released on 2017 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a state-of-the-art overview of real-estate derivatives which covers the description of these financial products, their applications, and the most important models.
Download or read book Journal of Housing Research written by and published by . This book was released on 2006 with total page 1430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Introducing Real Estate Assets and the Risk of Default in a Stock-flow Consistent Framework by : Samuel Yao Effah
Download or read book Introducing Real Estate Assets and the Risk of Default in a Stock-flow Consistent Framework written by Samuel Yao Effah and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two chapters are dedicated to the modeling and implementation of a stock-flow consistent framework that incorporates real estate as an asset in the portfolio of the household. The third chapter investigates the main determinants of mortgage repayment of Canadian households. This first chapter presents a five-sector stock-flow consistency growth model where the portfolio decision of the households includes their choice of how much real estate they are interested in holding. The primary aim of the chapter is to model the housing market using the stock-flow consistent approach to explain the current global financial problem triggered by the housing market. The model is then simulated to predict the behaviour of various variables and propose appropriate solutions to the financial problem in the hope of returning the economy to a suitable equilibrium. Households' portfolio consists of money deposits, bills, bank equities and real estate. The other sectors that interact with the household sector are the production firms, the banks, the central bank and the government. Aside from the household sector, the banking sector ends up holding some real estate equivalent to the amount of mortgages defaulted by the households. The supply of real estate from the production sector is therefore augmented by the additional ones held by the banks. The second chapter presents the implementation of the stock-flow consistency model of first chapter. The purpose of the chapter is to run a simulation of the model and experiment with shocks to determine the path of the economic variables of the model. Another objective in performing the experiments is to find policies for mitigating the housing crisis. The model is implemented using the Eviews computer modeling software and runs until a stationary steady state is achieved. Various shocks are applied to the baseline stationary state. The results of the monetary policy show that the mortgage rate shock is more effective in influencing the growth rate of the economy as well as controlling the real estate market. Government fiscal policy is also effective in regulating the housing market. A one-period temporary fiscal policy shock is even capable of generating permanent long run growth effects. Household expectations in future housing price increases or future high rates of housing returns have the effect of heating the real estate market without comparable increases in economic growth. Policy makers must keep these expectations in check. The third chapter analyzes the determinants of mortgage repayment options in Canada. With the freedom that comes with being debt-free and owning a home one will assume that households pay off their mortgages as soon as possible. However, there are factors that inhibit households from carrying out these payoffs. The study uses Canadian micro-level data to examine factors that drive households to default, prepay or continue to make regular mortgage payments. The research methodology uses multinomial (polytomous) logistic regression analyzes. The empirical results establish that the traditional mortgage related predictor variables for repayment are statistically significant with the expected signs. The results relating to the provinces are not significantly different from each other. The results did not however provide any significance in relation to mortgage rates and the number of children in the household.
Book Synopsis Macroeconomic Growth, Real Estate Market Conditions, and the Time Series Dynamics of CMBS Loan Default Risk by : Xudong An
Download or read book Macroeconomic Growth, Real Estate Market Conditions, and the Time Series Dynamics of CMBS Loan Default Risk written by Xudong An and published by . This book was released on 2009 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent financial market turmoil calls for better understanding of the default risk of mortgages and mortgage-related securities. In this paper, I study commercial mortgage default risk using the performance data of nearly 50,000 CMBS loans. Particularly, I examine the time series dynamics of commercial mortgage default risk and the underlying systematic risk factors in both the macroeconomy and the real estate market. A first-passage model with equilibrium macroeconomic dynamics is presented, and the default hazard rate is solved. The solutions are then put into a state space form and the model is estimated with real world mortgage performance data using extended Kalman filter. Results show large variations of default risk over time in the commercial mortgage market, and that these variations are well explained by two mean-reverting latent risk factors -- a macroeconomic factor and a commercial property market-specific factor. The model and the results can be used in default risk prediction, hedging and pricing.
Book Synopsis Conceptualising Home by : Lorna Fox O'Mahony
Download or read book Conceptualising Home written by Lorna Fox O'Mahony and published by Bloomsbury Publishing. This book was released on 2006-12-01 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is difficult to overstate the everyday importance of home in law. Home provides the backdrop for our lives, and is often the scene or the subject of legal disputes. In addition, in recent decades there has been growing academic interest in the meaning of home, which has prompted empirical studies and theoretical exploration in a wide range of disciplines. Yet, while the authenticity of home as a social, psychological, cultural and emotional phenomenon has been recognised in other disciplines, it has not penetrated the legal domain, where the proposition that home can encapsulate meanings beyond the physical structure of the house, or the capital value it represents, continues to present conceptual difficulties. This book focuses on the competing interests of creditors who lend money against the security of the property and the occupiers who dwell in the property, in the context of possession actions. By mapping the concept of home as it has evolved in other disciplines against existing legal frameworks, Conceptualising Home examines the possibilities for developing a coherent concept of home in law.
Book Synopsis Real Estate Finance in the New Economy by : Piyush Tiwari
Download or read book Real Estate Finance in the New Economy written by Piyush Tiwari and published by John Wiley & Sons. This book was released on 2014-01-29 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial deregulation of the last quarter century has meantlarge flows of funds around the world seeking the highestrisk-adjusted return for investors. Real estate is now establishedas an important asset class and advances in information technologyprovide the necessary tools to complement global developments inreal estate finance and investment. A variety of investment vehicles have emerged, andReal EstateFinance in the New Economy examines these along withfinancing and risk in the context of globalization, deregulationand an increasingly integrated international world economy byexploring questions like: How have real estate financial structures evolved as economiesgrow and become internationalised? What role do economic change and financial systems play in thedevelopment of real estate investment? Are the risks associated with the ‘new economy’really new? What is the future direction for real estate financing? The authors develop an economic framework for discussions onindividual financial products to examine how real estate financialstructures change with economic growth and internationalisation andalso to show how developments in real estate finance impacteconomic growth.
Book Synopsis Discounting and Environmental Policy by : Joel Scheraga
Download or read book Discounting and Environmental Policy written by Joel Scheraga and published by Routledge. This book was released on 2018-04-27 with total page 667 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was published in 2003.The "International Library of Environmental Economics and Policy" explores the influence of economics on the development of environmental and natural resource policy. In a series of 25 volumes, the most significant journal essays in key areas of contemporary environmental and resource policy are collected. Scholars who are recognized for their expertise and contribution to the literature in the various research areas serve as volume editors and write essays that provides the context for the collection. Volumes in the series reflect three broad strands of economic research including: natural and environmental resources; policy instruments and institutions; and methodology. The editors, in their introduction to each volume, provide a state-of-the-art overview of the topic and explain the influence and relevance of the collected papers on the development of policy. This reference series provides access to the economic literature that has shaped contemporary perspectives on land use analysis and policy.
Book Synopsis Switzerland: Selected Issues by : International Monetary
Download or read book Switzerland: Selected Issues written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Switzerland: Selected Issues
