Globalization and the Real Estate Industry: Issues, Implications, Opportunities

Globalization has reached the local and "non-tradable" bastion of real estate. In the last decade, cross-border transactions, portfolio and direct investments have surged in real estate, impacting prices, volumes and industry structure. A significant share of U.S. builders, brokers, consulting firms, real estate finance firms and investors have extended their areas of operation beyond local markets to a world-wide base. This paper draws on prior research, published data, trade publications, an industry workshop, interviews and a short survey to present a preliminary overview of how real estate is globalizing. The paper reviews questions of measurement of international trade and investment in real estate, theoretical issues surrounding the interplay of globalization and real estate, the impact on the real estate supply chain, issues of risk diversification and contagion, and the global competitiveness of the U.S. real estate industry, particularly in emerging economies. A survey of industry leaders indicates that while Europe has historically been a strong base for U.S. real estate activity, Asian markets now offer diversification opportunities due to rapid economic growth, urbanization, demographic trends and demand backlog. We point to some future research questions, such as the link between banking, capital markets and real estate in the context of global financial integration, competitiveness in global markets and employment generation, and the impact of offshoring and global sourcing on U.S. industrial agglomerations, among others

Case Study: Predictive Fairness to Reduce Misdemeanor Recidivism Through Social Service Interventions

The criminal justice system is currently ill-equipped to improve outcomes of individuals who cycle in and out of the system with a series of misdemeanor offenses. Often due to constraints of caseload and poor record linkage, prior interactions with an individual may not be considered when an individual comes back into the system, let alone in a proactive manner through the application of diversion programs. The Los Angeles City Attorney's Office recently created a new Recidivism Reduction and Drug Diversion unit (R2D2) tasked with reducing recidivism in this population. Here we describe a collaboration with this new unit as a case study for the incorporation of predictive equity into machine learning based decision making in a resource-constrained setting. The program seeks to improve outcomes by developing individually-tailored social service interventions (i.e., diversions, conditional plea agreements, stayed sentencing, or other favorable case disposition based on appropriate social service linkage rather than traditional sentencing methods) for individuals likely to experience subsequent interactions with the criminal justice system, a time and resource-intensive undertaking that necessitates an ability to focus resources on individuals most likely to be involved in a future case. Seeking to achieve both efficiency (through predictive accuracy) and equity (improving outcomes in traditionally under-served communities and working to mitigate existing disparities in criminal justice outcomes), we discuss the equity outcomes we seek to achieve, describe the corresponding choice of a metric for measuring predictive fairness in this context, and explore a set of options for balancing equity and efficiency when building and selecting machine learning models in an operational public policy setting.Comment: 12 pages, 4 figures, 1 algorithm. The definitive Version of Record will be published in the proceedings of the Conference on Fairness, Accountability, and Transparency (FAT* '20), January 27-30, 2020, Barcelona, Spai

sodC-Based Real-Time PCR for Detection of Neisseria meningitidis

Real-time PCR (rt-PCR) is a widely used molecular method for detection of Neisseria meningitidis (Nm). Several rt-PCR assays for Nm target the capsule transport gene, ctrA. However, over 16% of meningococcal carriage isolates lack ctrA, rendering this target gene ineffective at identification of this sub-population of meningococcal isolates. The Cu-Zn superoxide dismutase gene, sodC, is found in Nm but not in other Neisseria species. To better identify Nm, regardless of capsule genotype or expression status, a sodC-based TaqMan rt-PCR assay was developed and validated. Standard curves revealed an average lower limit of detection of 73 genomes per reaction at cycle threshold (Ct) value of 35, with 100% average reaction efficiency and an average R2 of 0.9925. 99.7% (624/626) of Nm isolates tested were sodC-positive, with a range of average Ct values from 13.0 to 29.5. The mean sodC Ct value of these Nm isolates was 17.6±2.2 (±SD). Of the 626 Nm tested, 178 were nongroupable (NG) ctrA-negative Nm isolates, and 98.9% (176/178) of these were detected by sodC rt-PCR. The assay was 100% specific, with all 244 non-Nm isolates testing negative. Of 157 clinical specimens tested, sodC detected 25/157 Nm or 4 additional specimens compared to ctrA and 24 more than culture. Among 582 carriage specimens, sodC detected Nm in 1 more than ctrA and in 4 more than culture. This sodC rt-PCR assay is a highly sensitive and specific method for detection of Nm, especially in carriage studies where many meningococcal isolates lack capsule genes

The Human Phenotype Ontology in 2024: phenotypes around the world.

The Human Phenotype Ontology (HPO) is a widely used resource that comprehensively organizes and defines the phenotypic features of human disease, enabling computational inference and supporting genomic and phenotypic analyses through semantic similarity and machine learning algorithms. The HPO has widespread applications in clinical diagnostics and translational research, including genomic diagnostics, gene-disease discovery, and cohort analytics. In recent years, groups around the world have developed translations of the HPO from English to other languages, and the HPO browser has been internationalized, allowing users to view HPO term labels and in many cases synonyms and definitions in ten languages in addition to English. Since our last report, a total of 2239 new HPO terms and 49235 new HPO annotations were developed, many in collaboration with external groups in the fields of psychiatry, arthrogryposis, immunology and cardiology. The Medical Action Ontology (MAxO) is a new effort to model treatments and other measures taken for clinical management. Finally, the HPO consortium is contributing to efforts to integrate the HPO and the GA4GH Phenopacket Schema into electronic health records (EHRs) with the goal of more standardized and computable integration of rare disease data in EHRs

California Housing in the Subprime/Credit Crisis— Overview and a Forward Look at Recovery

This article describes the effects of the subprime and credit crisis on the California housing market and the fall 2009 outlook for recovery. The article begins with a description of alternative measures for tracking home price changes and discusses how median price, the Federal Housing Finance Agency (FHFA) index, and the Standard & Poors/Case-Shiller index differ as indicators. Statewide, the median price, dependent on the mix of sales, rose faster and then dropped more than the FHFA index, based on same-home sales with “conforming” loans. Trends among California’s regional markets also vary by index. The FHFA indices for San Francisco Bay Area west bay and east bay areas dropped significantly less than the Case-Shiller index for the combined area. Both FHFA indices among regions and price-per-square foot data within the San Francisco Bay Area show that lower priced markets, with high shares of subprime loans experienced higher foreclosure rates, as well as the most severe price drops early in the crisis. Higher priced markets have shown more vulnerability within the last year, as the impacts of recession are added to the softening caused by the subprime and credit crisis. Uncertainties in employment recovery, interest rates, and building activity make it difficult to predict how and when the market will recover. Present trends suggest that the California housing market may be stabilizing, but it is unlikely that prices will fully recover to the pre-crisis peak in the next five years

Factors Driving the Silicon Valley Housing Market in 2007

With Silicon Valley employment still well below the 2000 peak, and rising foreclosures nationwide, this article examines whether the area's housing market is vulnerable to a correction. Recent statistics suggest that several factors have helped support home prices, but that there are uncertainties going forward. Although the San Jose MSA has regained less than one-fifth of jobs lost since 2000, there are now strong signs that employment is in recovery, with job growth occurring in diverse sectors. The San Jose MSA's wage and salary jobs now outstrip the area's resident labor force, suggesting that there may be a pent-up demand for housing from commuters in surrounding communities. This demand may be one of several factors that kept the region's housing prices stable immediately following the dot-com bust, and allowed price increases to follow in the absence of full employment recovery. Other factors include low interest rates; a mobile younger workforce, whose departure affected rent more than home prices; and a shift in investment from stocks to homeownership following the dot-com bust. In the 2007 housing market slowdown, the greatest impact nationwide has been at the low end of the market, while Silicon Valley's expensive housing market has a foreclosure rate well below the statewide average. Nevertheless, there is some evidence of softening. The number of home sales has decreased. The same-home sales price index was down slightly first quarter, as was the median price for new homes. The median price of existing homes is rising, but in part because of the drop off in sales at the low end and in part due to sellers taking homes off the market rather than lowering prices. The paper concludes with several possible scenarios for Silicon Valley home prices going forward--a two-tiered market with price increases in some segments and declines in others; price stabilization across home-types; or a significant recession-induced price decline