Short-Term Own-Price and Spillover Effects of Distressed Residential Properties: The Case of a Housing Crash

Most previous empirical studies of price spillover effects of foreclosure on no-default transactions are based on data from a stable housing-market period. In this paper, we use 2008 transactions from a housing market with a relatively large number of REO/foreclosures. Our overall results indicate that: (1) REO and in the process of foreclosure have the same spillover effects, but short sales do not produce a spillover effect; (2) models that control for the overall market trend produce smaller spillover effects; (3) the marginal effect of an REO is 1%; (4) the cumulative effects of multiple distressed neighbors can be as severe as 8%; and (5) excluding transactions of homes that were sold under distress from the sample increases the estimated marginal spillover effect to about 2% and the cumulative effects to about 21%.

A Note on the Ranking of Real Estate Authors: Where Else Do They Publish and Who Cares?

A ranking of individuals who publish in three real estate journals shows that through the end of 1990 the top 10% of the authors had at least four articles in these journals. Among the top 10% of real estate authors (sixty-four individuals), some are finance authors who occasionally publish in real estate journals. An index of concentration indicates that the top twenty individuals are relatively more diversified with respect to the field in which they publish. Finally, some publications in real estate are frequently cited by other authors.

Job Search and Immigrant Assimilation: An Earnings Frontier Approach.

This study examines labor market assimilation by measuring the information utilized by immigrants during job search. Assimilation is assumed to occur whenever such information increases with length of residence in the United States (and repeated job searches). The authors assert that information utilized during job search reduces differentials between actual and "potential" (maximum attainable) earnings. Coauthors are Henry W. Herzog, Jr.; Richard A. Hofler; and Alan M. Schlottmann. Copyright 1992 by MIT Press.

Income sources and declared charitable tax deductions

Within the framework of traditional economic theory a charitable contribution is considered a consumption good. As such, the demand for giving is affected by changes in the price of giving and current income. Moreover, changes in wealth, expected future income, and 'habits' may affect giving. Previous empirical studies of giving have not considered the possibility of the impact that donor's wealth might have on giving. One way of accounting for such possible effect is to include various sources of donor's income in the demand function. Using the Internal Revenue Service Individual Tax Model Files and a dynamic econometric model of charitable giving, we estimate demand for giving for various income groups and examine impacts of various income sources on giving. The findings indicate that the higher the share of wages and dividends in disposable income, the higher the amount of giving. The amount of giving is lower when the share of interest, capital gain, or pension income is higher.

The Nature Of Demand For Companion Pet Health Care

More than 49 percent of American households own companion animals and spend nearly five billion dollars annually for veterinary care. This paper examines the demand for cat and dog health care. The estimated price and income elasticities for overall demand are -0.12 and +0.80, respectively. However, cat owners show more sensitivity to both price and income than do dog owners. In addition, these sensitivities vary with the location and the practice composition of veterinarian firms

Principal–Agent Conflict and Broker Effort Near Listing Contract Expiration: The Case of Residential Properties

Broker behavior, Agency problem, Listing contract, D8, K12, L8,

The Optimal Choice for Lenders Facing Defaults: Short Sale, Foreclose, or REO

Housing prices, Default, Short Sale, Foreclose, REO,