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188 records from EconBiz based on author Name
1. Default costs and repayment of underwater mortgages
abstractThis paper explores an overlooked phenomenon in mortgage markets: repayment of underwater mortgages. Since repayment in this case requires the borrower to use out-of-pocket funds along with the proceeds from the house sale to settle the loan, it may appear unattractive and even irrational. But if the borrower's negative equity is less than the cost of default, which includes credit impairment and possible guilt, repayment of an underwater mortgage is a wealth-maximizing strategy. The paper shows that such repayment indeed occurs, and that it is affected by the same factors commonly used in previous studies of default: the magnitude of home equity and the borrower's credit score, which captures default cost. An increase in either variable raises the likelihood that the underwater loan is terminated by repayment rather than by default. In addition, the paper also generates an estimate of the magnitude of default cost, showing that it rises with borrower credit worthiness, a finding that is new to the literature.
Brueckner, Jan K.; Conklin, James N.; Coulson, N. Edward; Diop, Moussa;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link Link 2. State-owned enterprises and industrial land reform in China
Zhang, Lin; Coulson, N. Edward; Liu, Yuan; Zhao, Yiting;2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link 3. Default Costs and Repayment of Underwater Mortgages
Brueckner, Jan K.; Conklin, James N.; Coulson, N. Edward; Diop, Moussa;2023
Type: Working Paper;
Availability:
4. Warmth of the Welcome : Immigration and Local Housing Returns
abstractWe study the effect of immigration on home values in the U.S. Applying a county-level instrument for immigration, we find that immigration increases local house price appreciation and decreases its within-county spatial dispersion. Our estimates suggest that, on average, a one percentage point increase in the immigrant share of the local population raises house price appreciation by approximately 7 percent and reduces the dispersion of housing return within a county by about 1.5 percentage points. We also show that such effects are strikingly heterogeneous across counties and appear to be determined by local culture. Using several proxies for attitudes toward immigration at the county level, we find that immigration boosts housing returns and limits its spatial dispersion only in counties with residents who are younger, more educated, and less racially biased. Our findings highlight that the effect of immigration on home values (or the lack thereof) is highly contingent on natives’ attitudes toward immigrants
Bian, Xun; Coulson, N. Edward; Sun, Xiaojin (Aaron);2023
Availability: Link Link
5. Housing rents and inflation rates
Ambrose, Brent William; Coulson, N. Edward; Yoshida, Jiro;2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
Citations: 2 (based on OpenCitations)
6. An alternative approach to estimating foreclosure and short sale discounts
Conklin, James N.; Coulson, N. Edward; Diop, Moussa; Mota, Nuno;2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
7. Distressed comps
Conklin, James N.; Coulson, N. Edward; Diop, Moussa;2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
8. An Alternative Approach to Estimating Foreclosure and Short Sale Discounts
abstractExisting studies generally document large price discounts for foreclosures and short sales, implying large inefficiencies in real estate markets. We consider an alternative approach that leverages the expertise and local market knowledge of residential real estate appraisers. Our approach deals with omitted property characteristics and locational factors that likely plague existing estimates of foreclosure and short sale discounts. Using traditional approaches on a large nationally representative sample of residential real estate appraisals, we find discounts of approximately 20%, consistent with the existing literature. However, after implementing our methodology the foreclosure and short sale discounts are drastically reduced to roughly 5%
Conklin, James; Coulson, N. Edward; Diop, Moussa; Mota, Nuno;2022
Availability: Link Link
Citations: 1 (based on OpenCitations)
9. Distressed Comps
abstractWe consider the use and impact of distressed properties as comparables in residential appraisals. First, we describe the incidence of their use and their relative comparability; second, we estimate their impact on the appraisal value itself; and third, we consider their impact on the probability that the appraisal is below the proposed transaction price. We find, generally, that distressed comps are largely good matches to their subject properties, which suggests that they are not necessarily used as a last resort. We find that they are not a drag on appraised value because appraisers learn to make the right adjustments over time. The use of distressed comps is associated with a higher probability of a below-price appraisal due to the increased spread of appraisals around the contract price, particularly for higher priced homes. Overall, the use of distressed comps increased the uncertainty in the valuation process, but appraisers learned the appropriate adjustments over time
Conklin, James; Coulson, N. Edward; Diop, Moussa;2022
Availability: Link Link
10. Non-Cointegration and Econometric Evaluation of Models of Regional Shift and Share
abstractThis paper tests for cointegration between regional output of an industry and national output of the same industry. An equilibrium economic theory is presented to argue for the plausibility of cointegration, however, regional economic forecasting using the shift and share framework often acts as if cointegration does not exist. Data analysis on broad industrial sectors for 20 states finds very little evidence for cointegration. Forecasting models with and without imposing cointegration are than constructed and used to forecast out of sample. The simplest, non-cointegrating models are the best
Brown, Scott James; Engle, Robert F.; Coulson, N. Edward;2021
Availability: Link