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Conference Paper
How the commercial real estate boom undid the banks
Browne, Lynn E.; Case, Karl E. (1992)
Conference Series ; [Proceedings] , Volume 36 , Pages 57-113

Working Paper
A model of real estate auctions versus negotiated sales
Mayer, Christopher J. (1993)
Real estate auctions have grown substantially in recent years, emergingas an alternative sales method for many institutions interested in sellinglarge amounts of property quickly. This paper develops a framework for comparing auctions to the more traditional negotiated sales. The model showsthat auctions will sell property at a discount because a quick sale results in a poorer "match" between house and buyer, on average, than could be obtained by waiting longer for a buyer. Furthermore, the model predicts that auction discounts should be larger in a down market with high vacancies, and in a ...
Working Papers , Paper 93-3

Journal Article
School quality and affordable housing in the Bay Area
Cytron, Naomi (2011-06)
Everyone knows the old real estate adage that the three most important factors in determining the value of a given property are location, location, and location. This is to say that place matters; a neighborhood confers a bundle of amenities to its residents that are specific to that geography. This bundle can include proximity to parks, small-scale retail offerings, high quality schools, and a variety of transportation options, as well as low crime rates and clean air. These amenities are arranged in a variety of configurations across space, and most households determine which aspects are ...
Community Development Research Brief , Issue June , Pages 1-10

Journal Article
Bricks and mortar, wood and shingles: are real estate markets still booming in the eight district?
Zaretsky, Adam M. (2001-01)
Comparing the recent growth in the Eighth District's real estate markets to the previous year's record-breaking pace can make things look a little sluggish. The reality is anything but.
The Regional Economist , Issue Jan , Pages 12-13

Journal Article
Taxes, income distribution, and the real estate cycle: why all houses do not appreciate at the same rate
Mayer, Christopher J. (1993-05)
Changes in house prices are generally reported on an aggregate basis. This article suggests that within a metropolitan area, high-value and low-value homes appreciate at different rates. Overall, the authors results indicate that appreciation rates are more volatile for high-priced homes than for less expensive homes around the real estate cycle. ; The different rates of price appreciation are partly explained by changes in the user cost of owning a home. Cyclical factors also play a part. Furthermore, the author found that changes in the prices of lowervalue homes have a contemporaneous ...
New England Economic Review , Issue May , Pages 39-50

Journal Article
Real estate liquidity
Krainer, John (1999)
Residential real estate markets often go through "hot" and "cold" periods. A hot market is one where prices are rising, liquidity is good in that average selling times are short, and the volume of transactions is higher than the norm. Cold markets have just the opposite characteristics - prices are falling, liquidity is poor, and volume is low. In this paper I show how liquidity depends on the value of the housing service flow, which in turn reflects the aggregate state of the economy. I use data from the San Francisco Bay Area to investigate the relationship between marketing times ...
Economic Review

Working Paper
The pattern of employment and residential land use and densities in a stochastic model of urban location
Gruenstein, John M. L. (1986)
Working Papers , Paper 86-8

Journal Article
Comments requested on proposed uniform real estate lending standards and risk-based capital guidelines
anonymous (1992-09)
Federal Reserve Bulletin , Issue Sep

Journal Article
A decade of boom and bust in the prices of single-family homes: Boston and Los Angeles, 1983 to 1993
Shiller, Robert J.; Case, Karl E. (1994-03)
The 1980s and 1990s have been turbulent times in the U.S. market for single-family homes. For most of the previous two decades, housing prices across states and metropolitan areas moved together and increased slowly in real terms while regional differences generally remained small. The 1980s and 1990s, in contrast, have seen increased price volatility and sharp differences in price behavior across regions with substantial housing price booms in some regions and major price declines in others. ; These boom-bust cycles had serious consequences for regional economies and national mortgage ...
New England Economic Review , Issue Mar , Pages 40-51

Working Paper
Asset price declines and real estate market illiquidity: evidence from Japanese land values
Yamori, Nobuyoshi; Spiegel, Mark M.; Krainer, John (2005)
We develop an overlapping generations model of the real estate market in which search frictions and a debt overhang combine to generate price persistence and illiquidity. Illiquidity stems from heterogeneity in agent real estate valuations. The variance of agent valuations determines how quickly prices adjust following a shock to fundamentals. We examine the predictions of the model by studying price depreciation in Japanese land values subsequent to the 1990 stock market crash. Commercial land values fell much more quickly than residential land values. As we would posit that the variance of ...
Working Paper Series , Paper 2004-16

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