Can capital markets replace banks for funding community development?

Securities markets depend on data. In the absence of data, it is not possible to underwrite risk,> and judgments about risk are crucial to securities pricing. This essay discusses the sort of data> that would be necessary to make underwriting decisions for community development funding.

Demographic Factors and Real House Prices

Real house prices are directly determined by the willingness of households to pay for (and willingness of builders to supply) a constant-quality house. Changes in the quantity of housing demanded will affect real prices only to the extent that the long-run housing supply schedule is positively sloped. In this paper we use 1980 census data to measure the impact of the age structure and real income per household on the willingness of households to pay for a constant quality house. Extrapolating these variables forward to 2010, we conclude that evolving demographic forces are likely to raise real house prices. not lower them.

The housing finance revolution

Housing ; Housing - Prices ; Mortgages

Should the Stagnant Homeownership Rate be a Source of Concern?

The homeownership rate in the United States was essentially stagnant during the 1980's. This stagnation should be a source of concern if the rate reflects stagnant economic conditions and ownership opportunities, not if it simply reflects changing demographic conditions or preferences. Using a series of affordability measures, we find that homeownership opportunities improved almost everywhere during the 1980's, suggesting that the cause of the stagnant rate was something other than economic conditions. In fact, we find that both demographics and changes in preferences led to an increase in the proportion of households headed by single people; all else being equal, this would tend to push the owner-occupancy rate downward. We also found that while homeownership opportunities improved during the 1980's, the ex ante use cost of owning a home increased almost everywhere, reducing the financial attractiveness of owning a home. The combination of improving affordability conditions and worsening financial appeal had an overall neutral effect on the aggregate ownership rate.

Effects of Nostalgia on Responses to Negative Feedback

Nostalgia is a bittersweet emotion evoked by memories of cherished personal experiences. Though nostalgia is a self-focused emotion, it has many interpersonal effects as well. Feeling nostalgia increases feelings of social connectedness and self esteem, and may protect against negative effects of existential threat (Wildschut et al., 2006). However, less is known about the extent to which nostalgia relates to anger and aggression. We hypothesized that nostalgia would buffer against the effect of negative feedback on feelings of anger and motivation to aggress. Undergraduate students wrote about a nostalgic or objective memory, and then received negative feedback about another personal writing project. Participants reported their feelings of anger, then had the opportunity to punish the individual who gave them negative feedback by administering loud noise blasts in a competitive game. We discuss the results and real-world implications of these findings.https://scholarscompass.vcu.edu/uresposters/1283/thumbnail.jp

Taking Sides: America\u27s Secret Relations with a Militant Israel

https://digitalcommons.cedarville.edu/homecoming_images_2016/1155/thumbnail.jp