Market Efficiency, Housing Affordability and the Real Estate …市场效率，住房负担能力与房地产….pptVIP

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Market Efficiency, Housing Affordability and the Real Estate …市场效率，住房负担能力与房地产….ppt

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Market Efficiency, Housing Affordability and the Real Estate …市场效率，住房负担能力与房地产…

Market Efficiency, Housing Affordability and the Real Estate “Bubble” Samuel Alfred Leger Basic Idea To develop a better understanding of the current real estate and housing markets Develop a new measure of housing affordability Research Questions What is driving housing appreciation? Is the real estate market staying efficient? Is there actually a real estate “bubble”? What can recent homebuyers do to stay afloat in an inflated real estate market? Research Develop a measure of housing market efficiency and use this measure also to consider housing affordability Examine housing market conditions within the Cape Fear region Information Table Research Examine home prices, interest rates and household income to see how those variables have swayed. Interest rates adjust to record lows Household income and inflation were modest Possible drivers for housing affordability Research and Process Developing a measure of housing affordability and tracking it over a period of time To discover any extremes in the market, either today or in the recent past. Research and Process Considering median house prices along with the median household income; a ratio of these is developed for North Carolina with regional data reach conclusions about the local market. Purpose Give insight about market conditions, housing affordability and the much discussed real estate “bubble” Bibliography Anderson, Randy and Youguo Liang., 2001, Mature and Yet Imperfect: Real Estate Capital Market Arbitrage, Journal of real Estate Portfolio Management, 7: 3, pg. 281. Fickes, Mike., 2001, Feasting on Market Inefficiency Worldwide, National Real Estate Investor, 43: 11, pg. 26. Geddes, Ryan., 2004, Housing Bubble Building?, Business Journal, 19: 49, pg. 1. Guran, Lleana., 2000, Housing Opportunity Index, Housing Economics, 48: 6, pg. 3. Liang, Youguo and Richard A. McLemore., 2004, Housing Appreciation- The Three Fundamental Drivers, Real Estate Finance, 21: 1, pg. 3. Rex, Tom R., 2000, Housing Afford