Housing Market Data Research Articles

BENEFITS OF HAZARDOUS WASTE CLEANUP: NEW EVIDENCE FROM SURVEY‐ AND MARKET‐BASED PROPERTY VALUE APPROACHES

This article compares the discrete choice random utility model and the hedonic property value model in estimating the benefits of cleaning up Waukegan Harbor, a Superfund site on the Great Lakes. The study uses survey‐based conjoint choice data on housing preferences and market data on housing transactions. The research finds that the benefit estimates for different levels of cleanup are quite comparable between the models. The estimates compare very well with those of some previous studies. The results of the study suggest that tax increment financing by the local government is a feasible option to fund cleanup.

Mercado imobiliário e amenidades urbanas: a view through the window

Neste trabalho utilizamos uma equação hedônica para estimar o preço implícito de amenidades urbanas a partir de dados do mercado de imóveis no Município de São Paulo. São testadas duas especificações: uma com as variáveis explicativas originais e outra com a construção de fatores para correção de multicolinearidade. Além de considerar a confi-guração monocêntrica tradicional, propomos a inclusão de um vetor de acessibilidade para o caso de uma cidade duocêntrica. A investigação sobre as variáveis ambientais relevantes é fundamentada na interpolação espacial dos resíduos. Concluímos que a proximidade das estações de trem, a presença de áreas verdes e o zoneamento estritamente residencial valorizam o imóvel para fins residenciais, enquanto a criminalidade reduz o seu valor.

Paying for Quietness: The Impact of Noise on Geneva Rents

Using the hedonic approach, this paper analyses housing market data to infer the impact of noise on rents in Geneva, Switzerland. Using three different databases, including a geographical information system (GIS), structural, accessibility and environmental variables were obtained for a large proportion of apartments rented in Geneva. The paper is thus in line with the new generation hedonic models, which exploit the vast potential of GIS to obtain large databases including detailed characteristics of the apartments. In addition, different and original measures of noise were used in order to assess possible differences of the noise impact on rents, while existing studies typically refer to a single noise index. This paper assesses the impacts of noise related to all sources, but also to airport noise only, while existing studies usually refer to road or aircraft noise. The results can be summarised as follows. First, it is shown that the impact of all sources of noise on rents at the level of the whole canton is about 0.7 per cent per dB(A) and about 1 per cent when considering exclusively airplane noise, in the airport area. Secondly, this impact does not change fundamentally depending on the different measures of noise used in the estimations. Thirdly, the impact of noise does not depend on the institutional structure of the market-i.e. it is relatively similar in the private rental sector and in apartments directly under government control, although in the former the dynamic of noise has a greater impact. Fourthly, the results show that noise also has a higher economic impact, when the background noise level is lower. And fifthly, air pollution has a distinct impact on rents, in addition to noise.

Housing price responses to newspaper publicity of hazardous waste sites

This paper uses housing market data to examine the relationship between newspaper coverage of local hazardous waste sites and housing prices. We explore a range of measures of newspaper publicity, including the number of Superfund-related articles, the number of such articles that focus on the risk levels at the sites, and the number of such articles that appear on page one or section A. We restrict our sample to those houses sold more than once in order to eliminate confounding timE−invariant determinants of housing price. Our findings indicate a price increase of approximately US$ 100–200 per article, which could suggest that the publicity either led residents to lower their perceptions of risk or led them to increase their expectations of a clean-up (or both).

Expected Mobility

This research combines information on mortgage terminations with housing market data to distinguish borrowers who prepay their mortgages because they are moving from those who prepay to refinance without moving. It uses a closed-form valuation formula to compute the callable value of the mortgage and property level data to estimate current loan-to-value ratios. Results show that expected mobility affects borrower behavior in an asymmetric fashion. Borrowers with high expected mobility are less likely to refinance, but borrowers with strong refinancing incentives are not more likely to move. Differentiating movers from refinancers provides a clearer picture of the responsiveness of prepayments to interest rate movements.

Households and housing: choice and outcomes in the housing market

Residential relocation is the household decision that generates housing consumption changes. It is not merely a decision about changing locations; it is also a decision about tenure-about whether to own or to rent. Research into housing markets has been largely focused on the process of changing from renting to owning, as most countries in the Western world have moved from predominantly rental societies to societies of homeowners. Households and Housing is designed to demonstrate the interconnections between the housing stock and households. The focus is on understanding the demand for housing and the way in which the demand is fulfilled as households select housing. This book is concerned with both the decision to move one's residence and the resulting type of housing choice. The housing supply-the stock of dwellings-is the context within which households make choices and acquire housing. The authors use the concepts of life course, housing career, and housing hierarchy to trace the movement of households through the housing market. They paint a comprehensive picture of housing consumption by age, income, and tenure choice, illustrated with nearly 150 figures and tables. US housing market data are contrasted with data from the Netherlands to document the differential effects of government intervention. This is the most up-to-date analysis available on the dynamics of housing choices and housing markets.

Economic Effects of Racial Integration: An Analysis of Hedonic Housing Prices and the Willingness to Pay

This study evaluates household economic effects stemming from neighborhood racial integration in Oakland, California. To that end, housing market data are applied to estimate hedonic price and willingness‐to‐pay functions for neighborhood racial composition. Results of the analysis indicate the problematic nature of the constant willingness‐to‐pay assumption and suggest this standard method may underestimate the household economic effects of racial integration. The paper concludes with implications for neighborhood integration policy.

A Note On Leaning Indicators Of Housing Market Price Trends

Most indicators of changing housing demand and supply provide signals for longer term trends. Many market participants such as mortgage lenders, speculators, real estate brokers, developers, and appraisers, would benefit if short term price trends could be better monitored and predicted. This research builds upon several simple and straightforward statistical indicators of housing market price movements to analyze either local, regional or national trends. It utilizes existing housing resale data as well as new housing market data.

Housing and the Economy: Popular Myths

This paper identifies and tries to clarify the effects of a number of changes in the system of delivering mortgage credit and housing subsidies. First, we examine the trends in housing and mortgage market data and policy. This review highlights the perceived relationships of these sectors to the rest of the economy. We then focus on and develop the relationship between four issues that have been fundamental stumbling blocks to the development of effective policy. The issues are: (1) homeownership affordability, (2) measures of housing needs, (3) the costs of cycles in housing production, and (4) the effects of federal mortgage credit programs.

Hedonic housing prices and the demand for clean air

This paper investigates the methodological problems associated with the use of housing market data to measure the willingness to pay for clean air. With the use of a hedonic housing price model and data for the Boston metropolitan area, quantitative estimates of the willingness to pay for air quality improvements are generated. Marginal air pollution damages (as revealed in the housing market) are found to increase with the level of air pollution and with household income. The results are relatively sensitive to the specification of the hedonic housing price equation, but insensitive to the specification of the air quality demand equation.