Creative Financing and House Prices: A Theoretical Inquiry into the Capitalization Issue

Since buyers offer a premium for access to creative financing (CF), creatively-financed houses will sell for more than otherwise identical houses purchased with standard financing. A commonly suggested method for adjusting house values to eliminate the effects of CF is the "cash equivalence" method, where the CF premium is assumed to equal the present value of savings from CF. This paper shows that in a world with active housing speculators, the cash equivalence approach gives the right answer: In an "arbitrage" equilibrium, house values must differ by exactly the present value of CF savings. Further analysis shows that when capital markets are perfect, each consumer is indifferent between CF and standard financing when arbitrage equilibrium obtains. Without perfect capital markets, however, consumers will strictly prefer one financing mode or the other.     

The Economic Implications of House Price Capitalization: A Synthesis

In this article, I synthesize an emerging literature that explores the conditions under which public and private investments and intergovernmental transfers are capitalized into local house prices and the broader economic implications of such capitalization. The main insights are: (1) house price capitalization is more pronounced in locations with strict regulatory and geographical supply constraints; (2) capitalization can induce the provision of durable local public goods and club goods; and (3) capitalization effects—which are habitually ignored by policy‐makers—have important adverse consequences for a wide range of policies such as intergovernmental aid and the mortgage interest deduction.     

Flooding and Liquidity on the Bayou: The Capitalization of Flood Risk into House Value and Ease‐of‐Sale

The existing literature focuses on how perceived flood risk affects house value. Search theory, however, implies that flood risks will be capitalized into both house price and liquidity. This article draws on search theory to develop an empirical approach for estimating flood risk capitalization into both price and selling time. The results show the mix of price and liquidity capitalization varies by level of flood risk as well as across housing market phases. Regardless of the specific capitalization pattern, the results illustrate that focusing solely on price without allowing for concomitant liquidity capitalization can yield estimates that understate the full impact of flood risk on house transactions.     

Maintenance, Housing Quality, and Vacancies under Imperfect Information

A model of a rental housing market is presented in which landlords economize on the maintenance of housing quality to profit from tenants imperfect information. In a partial equilibrium model that describes tenants by their distribution of minimum acceptable (reservation) quality for units priced at an identical rent, these profits induce entry of new units, resulting in rental vacancies. The equilibrium number of landlords and the market vacancy rate are derived in a free entry, imperfect information equilibrium in which the distribution of rental unit qualities range from the competitive quality to that which would be offered by a monopoly landlord.     

Housing Quality and the Structure Tax: Evidence from Microdata

In a previous study [13] I showed theoretically that housing quality will rise when the structure tax rate falls if capital is a noninferior input. This result was supported empirically with aggregate SMSA-level data. The present study reports empirical confirmation with microdata more appropriate for the theoretical hypothesis.     

The Effect of Subsidized Housing on Values of Adjacent Housing

This is a case study of the effect of subsidized housing on the value of adjacent non-subsidized housing. Four townhouse clusters in Fairfax County, Virginia, were selected for study because of the high degree of homogeneity between clusters. The clusters are all in the same community but vary in distance from subsidized housing. Sale prices were analyzed using a regression model which included distance from subsidized housing as an independent variable. Based on the results of the regression analysis, the authors conclude that the subsidized housing had a negative impact on the values of adjacent properties.     

Estimates of the Effect of School Desegregation Plans on Housing Values Over Time

This study investigates the impact that school desegregation can have on the market values of affected residential properties. It improves upon previous studies in that it is able to estimate not only the "racial enrollment" effect but also "other" desegregation-related effects correlated with white perceptions of school quality, etc. Through the use of a controlled longitudinal and cross-sectional data set of property sales and a ridge-regression methodology, it is able to estimate these effects over time and separate them from amenity-related effects. Results are significant in that they predict substantial desegregation-related effects on house values over time, averaging 11.4% of property value, which correlate with school desegregation court rulings and other events. Furthermore, over one-third of the magnitude of this discount is related to desegregation factors other than actual racial enrollment patterns in the schools.     

住宅消费公平价格与商品住宅性能认定

本通过对影响住宅消费公平价格形成的因素进行分析，并联系商品住宅性能认定制度，阐述了四类因素对住宅消费公平价格形成的影响和与性能认定的联系。对性能认定中存在的问题提出了建议。     

The Affordability of Adequate Housing

A "quality-based" measure of housing affordability problems employing the cost of housing just meeting adequacy standards is proposed as an improvement over the conventional "high" rent-to-income criterion. Based on Annual Housing Survey data, affordability difficulties grew between 1975 and 1983 by either measure. The conventional measure, however, overestimated the extent of quality-based affordability difficulty for renters by 20% in 1975 and 24% in 1983 based upon Section 8 housing quality standards. In addition, 35% of rental households with an affordability problem by the conventional measure did not have an affordability problem by the quality-based measure, while 19 to 23% of rental households found to have an affordability problem by the quality-based measure were not so classified using the conventional measure.     

The Performance of Annual Housing Survey Quality Measures in Explaining Dwelling Rentals in 20 Metropolitan Areas

Articles concerned with the Hedonic Estimation of the Price of Housing Services have often employed the concept of housing "quality." Quality measurement is best defined as employment of distinct variables to classify dwelling attributes which are for some reason not decomposed into their unidimensional components. The Annual Housing Survey reports a series of variables which, describing the performance of housing attributes, may be classified as quality variables. Past studies have not properly identified the stochastic nature of the performance measure-quality relationships. This paper defines that relationship and devises a procedure to measure the rent performance relationship for twenty cities in the survey. Empirical results confirm the usefulness of the measures explaining housing quality within and among metropolitan areas.     

工程施工招标中业主风险的分析与防范

详细分析在工程施工招投标过程中业主面临的招标与发包方式的风险以及业主在和承包商签订合同时可能面临的几种合同风险，并提出了在不同情况下业主应对风险的防范措施。     

The Interaction of Building Codes and Housing Prices

The study analyzes the effect of restrictive building codes on the price of housing, and the simultaneous impact of housing values on the strictness of codes. A model is defined and estimated, using data for more than 1100 localities. The results show that strict codes raised housing values, in 1970, by about one thousand dollars. They furthermore show that the strictness of codes is in turn affected by housing values, as well as by the strength of construction unions. Homeowners and construction unions are thus both observed to gain from restrictive building codes, which can explain the prevalence of such regulations.     

The Housing Market and Real Estate Brokers

The major development in this paper concerns the failure, in earlier studies, to consider interaction between alternative methods of arranging sales in the housing market. A seller may market a house by direct negotiations with buyers, without the intermediation of real estate brokers, or by listing the house with a broker. A rational seller would choose the option which offers the higher expected return on the house. In a sequence of models we argue that the seller's option of a method of sale induces competitive pressure in the choice of the commission rate by the broker. We also consider the split rate in a multiple listing system, ease of entry of brokers and the cartel hypothesis as applied to brokers. We conclude that the competitive pressure of direct negotiations between sellers and buyers, relative free entry of brokers and the inappropri-ateness of the cartel hypothesis cast serious doubt about a general consensus of opinion that the brokerage system is characterized by price fixing, excessive commissions and excessive marketing costs.     

项目建设中业主方风险分析与防范

通过宁夏大学教学综合楼工程管理案例,并结合作者多年的管理经验,分析了项目建设中业主方所面临的风险因素,并提出了业主方防范各种风险的相应策略.