Urban Real Estate Research Articles

The Division of Some Mexican Haciendas during the Liberal Revolution, 1856-1862

In the middle of the nineteenth century, ecclesiastical wealth in Mexico consisted basically of real estate and mortgages. The Church avoided investments in mining, industry and commerce. There were regional differences, the Church being richer in some parts of the country than in others: in the two most important cities, Mexico and Puebla, the different ecclesiastical corporations owned about half of the total real estate, whereas in some of the smaller cities, such as Veracruz, Jalapa, Orizaba, Córdoba and San Luis Potosí, the Church was proportionately much poorer. The urban real estate consisted of houses rented on fairly favourable terms to both rich and poor, monastic buildings and churches. In the countryside, the Church was considerably poorer than in the cities: its haciendas were few compared to the number of those privately owned, and their value amounted to about 5 per cent of that of all rural estate. Real estate formed about one-half of Church possessions; the other half consisted of mortgages.

The performance and potential of noninstitutional lenders in financing urban real estate

The performance and potential of noninstitutional lenders in financing urban real estate

The Incidence of Urban Real Estate Taxes under Conditions of Static and Dynamic Equilibrium

den of that portion of the tax based on the value of the improvements is shifted forward to the occupier or, if it is business property, to his customers. That portion of the tax based on the value of land is considered to be borne by the landowner, resulting in a decrease in land-values through capitalization of the tax. This view has been amended by introducing general equilibrium considerations. A decline in investment in real

Experience in Urban Real Estate Investment.

Experience in Urban Real Estate Investment.

Experience in Urban Real Estate Investment: An Interim Report Based on New York City Properties.

Experience in Urban Real Estate Investment: An Interim Report Based on New York City Properties.

REAL ESTATE INVESTMENT EXPERIENCE IN NEW YORK CITY*

THE RECORD OF REAL ESTATE investment experience in New York City is an extraordinary one in many respects. It runs counter to widely accepted notions of the profitability of real estate investment-to what may be called the folklore of real estate investment. The record is at variance with the traditional belief that real estate values in the long run are inevitably increasing. It discloses so sharp a break in the investment experience of two succeeding generations-before and after 1930-that there seems to be more involved than the vicissitudes of cycles. These generalized statements hold more or less for every one of the numerous groups of properties analyzed in the study, but the findings show at the same time such great variation of experience as to limit consideration of urban real estate as a homogeneous class of investment. Not only do the results differ for various types of structure, but the outcome is largely determined by the timing of investment-apparently much more so than in the case of bonds or urban mortgage loans. Generally, net returns on long-term investments in the properties included in the study have been lower than one would expect considering the risks involved in real estate investment: the instability of gross and particularly of net earnings; the factors normally subsumed under depreciation and obsolescence including what may be called locational obsolescence; the exposure to specific taxes on real estate; and the hazards of other public policies exemplified by the often capricious effects of rent control. This impression is strengthened by a comparison of net returns

Urban Real Estate Markets: Characteristics and Financing. Ernest M. Fisher

Previous articleNext article No AccessBook ReviewsUrban Real Estate Markets: Characteristics and Financing. Ernest M. Fisher Homer HoytHomer Hoyt Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Journal of Political Economy Volume 60, Number 3Jun., 1952 Article DOIhttps://doi.org/10.1086/257230 Views: 1Total views on this site Copyright 1952 The University of Chicago PressPDF download Crossref reports no articles citing this article.

Urban Real Estate Markets: Characteristics and Financing

Urban Real Estate Markets: Characteristics and Financing. By Ernest M. Fisher. Financial Research Program, Studies in Urban Mortgage Financing. New York: National Bureau of Economic Research. 1951. Pp. xxii, 186. $3.00. - Volume 18 Issue 2

Urban Real Estate Markets: Characteristics and Financing

Urban Real Estate Markets: Characteristics and Financing

Urban Real Estate Markets: Characteristics and Financing.

Urban Real Estate Markets: Characteristics and Financing.

Urban Real Estate Markets: Characteristics and Financing

Urban Real Estate Markets: Characteristics and Financing

CHANGING INSTITUTIONAL PATTERNS OF MORTGAGE LENDING

AN ATTEMPT TO SUMMARIZE recent institutional changes in mortgage lending requires a review of some of the outstanding characteristics of recent decades which have created the environment in which institutional change has occurred. Such a review can make no pretense of presenting a complete statistical picture-the data are too fragmentary and scattered. As these decades recede into history, there is some justification for setting down some of their salient aspects. In this paper, therefore, will be found a mixture of quantitative material and qualitative observation which, it is hoped, will serve at least as a useful summary and reminder of some things we tend to forget and a record for those who will struggle with some aspects of the same problems that have confronted uswhen our memories are no longer available. Some of the outstanding characteristics of the decade of the twenties relevant to our purposes are, then, first appropriate. The general economic expansion of that period found no more dramatic expression in any area than in that of mortgage lending. The expansion of mortgage lending was, in turn, a manifestation of a rapid expansion of our urban real estate inventory. Unfortunately, this expansion cannot be measured with a satisfactory degree of accuracy. The estimates approach their greatest accuracy in connection with the expansion of our residential facilities. During the decade I920 to I929, according to the best evidence available, new construction accounted for about 7 million dwelling units, reflected in an increase in inventory from an estimated I7.6 million dwelling units in I920 to nearly 23.3 million in I930, an increase of over 32 per cent.' The highest rate of expansion in one year was in I925 when there were added approximately 937,000 dwelling units.2 This is a mark which has now been reached in the fourth year of the fantastic post-World War II boom. Likewise, a rapid rate of expansion occurred in office structures and industrial plants. But this expansion cannot be measured as accurately as can the expansion in residential facilities. And the most spectacular

Principles of Urban Real Estate

Principles of Urban Real Estate

Survey of Federal Legislation Affecting Private Home Financing since 1932

Reliable estimates indicate that between 192I and I93I the amount of the indebtedness on urban real estate in the United States more than trebled; this debt per capita more than doubled; the ratio of this debt of real estate values more than trebled; and the ratio of the annual charges on this debt to the national income more than doubled.' The burden of the debt was, of course, increased by the decline in income and property values during the depression. By I932 the number of foreclosures in urban areas, which had risen steadily even during the years of prosperity, had mounted to nearly four times the 1926 level.2 New lending had practically ceased. Such demand for loans as existed arose almost entirely from the necessity of refinancing existing obligations, and lending institutions, pressed for liquidity, were unable to meet even this demand. These developments focused attention on certain basic defects which had long existed in this portion of the credit system. The most important of these defects may be listed as follows:3 (i) the instability of real estate values, resulting from population movements and enhanced by the flow of speculative funds into and out of the real estate market, which has caused lenders to restrict their first mortgage loans to rather low percentages of appraised property values; (2) the unsatisfactory, costly, and frequently illegal system of second and third mortgages, resulting from the fact that many families attempting home ownership have not been able to provide from their own funds the difference between the amount of

Urban Real Estate Mortgage Delinquency

Urban Real Estate Mortgage Delinquency

Credit Expansion, 1920 to 1929, and its Lessons

Credit Expansion. — Bank loans and investments, 95. — Urban real estate mortgages; held by banks, mortgage trusts, mutual savings banks, Life Insurance Companies, Building and Loan Associations, 96. — Farm mortgages; held by Federal Land banks, Joint Stock banks; general data, 105. — Securities outstanding, 107. — Installment selling; electrical equipment, radio industry, General Motors Acceptance Corporation, 108. — Summary, 115. — Credit expansion somewhat analogous to monetary inflation, 119. — Consequence of credit expansion: illustrated by developments in the radio industry, the automobile industry, the construction industry, 121. — Conclusion, 128.