Martins, Antonio Miguel; Serra, Ana Paula; Martins, Francisco Vitorino; Stevenson, Simon. (2020). House Price Dynamics and Bank Herding: European Empirical Evidence. Journal Of Real Estate Research, 42(3), 365 – 396.
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Abstract
This paper examines house price dynamics, bank herding behavior, and the linkages between them. The analysis presented indicates that prior to the financial crisis, non-fundamental factors played a significant role in several European countries, including the United Kingdom, Spain, Denmark, Sweden, and Ireland. We also provide evidence indicative of herding behavior in the residential mortgage loan market. Finally, Granger causality tests show that non-fundamentally justified price dynamics contributed to the herding displayed by lenders and that this behavior was a response by banks as a group to common information on residential property assets.
Keywords
Bubbles; Market; Behavior; Fundamentals; Constraints; Policy; Model; House Prices; Mortgages; Price Bubble; Herding Behavior
Acolin, Arthur. (2019). Housing Trajectories of Immigrants and Their Children in France: Between Integration and Stratification. Urban Studies (sage Publications, Ltd.), 56(10), 2021 – 2039.
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Abstract
Immigrants have been found to exhibit different housing tenure patterns from the rest of the population in a number of contexts. This article tests whether observed differences in tenure in France can be explained by differences in socio-demographic characteristics or whether unexplained differences might result from housing market mechanisms that affect immigrants differentially from the rest of the population, and extends this to the second generation. The article relies on data from TeO, a survey of 21,761 persons designed to oversample and identify immigrants and their children, providing information about the outcomes of children of immigrants that is otherwise lacking in French statistics. The results indicate that while immigrants are significantly less likely to be homeowners, even after controlling for compositional difference, the gap in homeownership between the second generation and the rest of the population is smaller and not statistically significant. This suggests a progressive integration in the housing market over time and over generations rather than overall stratified housing trajectories. Differences in terms of the share of social housing residents, the level of residential crowding, and housing and neighbourhood characteristics also decline across generations. However, children of immigrants from some non-European origins are experiencing higher levels of stratification than other groups, with continued significant differences in tenure.
Keywords
Immigrants; Housing; Home Ownership; Children Of Immigrants; Housing Market; Social Stratification; France; Homeownership; Housing Trajectories; Tenure; Segmented Assimilation; Location Choices; Wealth; 2nd-generation; Discrimination; Segregation; Inequality; Quality; Markets; Demographics; Homeowners; Neighborhoods; Crowding; Statistical Analysis; Residential Patterns; Children; Trajectories; Residents; Residential Areas; Integration; Statistics; European Cultural Groups; Sociodemographics; Stratification; Demographic Aspects; Second Generation; Property; Public Housing; Noncitizens
Shang, Luming; Lee, Hyun Woo; Dermisi, Sofia; Choe, Youngjun. (2020). Impact of Energy Benchmarking and Disclosure Policy on Office Buildings. Journal Of Cleaner Production, 250.
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Abstract
Building energy benchmarking policies require owners to publicly disclose their building's energy performance. In the US, the adoption of such policies is contributing to an increased awareness among tenants and buyers and is expected to motivate the owners of less efficient buildings to invest in energy efficiency improvements. However, there is a lack of studies specifically aimed at investigating the impact of such policies on office buildings among major cities through quantitative analyses. In response, this study evaluated the effectiveness of the benchmarking policy on energy efficiency improvements decision-making and on real estate performances, by applying two interrupted time series analyses to office buildings in downtown Chicago. The initial results indicate a lack of statistically strong evidence that the policy affected the annual vacancy trend of the energy efficient buildings (represented by ENERGY STAR labeled buildings). However, the use of interrupted time series in a more in-depth analysis shows that the policy is associated with a 6.7% decrease in vacancy among energy efficient buildings. The study proposed a method to quantitatively evaluate the impact of energy policies on the real estate performance of office buildings, and the result confirms the positive impact of energy-efficient retrofits on the real estate performance. The study findings support the reasoning behind the owners' decision in implementing energy efficiency improvements in their office buildings to remain competitive in the market. (C) 2019 Elsevier Ltd. All rights reserved.
Keywords
Office Buildings; Building Failures; Time Series Analysis; Real Property; Energy Consumption; Metropolis; Building Performance; Chicago (ill.); Building Energy Benchmarking And Disclosure Policies; Building Energy Efficiency; Time Series Modeling; Energy Star (program); Building Management Systems; Buildings (structures); Decision Making; Energy Conservation; Maintenance Engineering; Time Series; Disclosure Policy; Energy Benchmarking Policies; Building; Benchmarking Policy; Energy Efficiency Improvements Decision-making; Estate Performance; Energy Efficient Buildings; Energy Star; Energy Policies; Energy-efficient Retrofits; Interrupted Time-series; Regression; Behavior; Designs; Building Energy Benchmarking And; Disclosure Policies; Buildings; Cities; Energy Efficiency; Energy Policy; Markets; Quantitative Analysis; United States
Launching the Inspire Fund: An early step for CBE’s Office of Research “For a small college, CBE has a broad range of research paradigms, from history and arts, to social science and engineering.” — Carrie Sturts Dossick, Associate Dean of Research Upon taking on the role of Associate Dean of Research, Carrie Sturts Dossick, professor in the Department of Construction Management, undertook listening sessions to learn about the research needs of faculty, staff and students across the College of Built…
The Population Health Initiative has announced the award of eight Tier 2 pilot grants, which are intended to encourage the development of new interdisciplinary collaborations among investigators – and with community-based partners – for projects that address critical challenges to population health. One of the funded projects, “Assessing National Public Housing Authority Disaster Preparedness, Response and Recovery of Place-based Subsidized Housing Units,” includes Rebecca Walter, Windermere Endowed Chair and Associate Professor, Runstad Department of Real Estate. Walter serves as a…
Gregg Colburn, Assistant Professor of Real Estate, co-authored a new book titled Homelessness is a Housing Problem, alongside journalist Clayton Aldern. The new book explores the factors that drive homelessness, and the cultural and economic shift that can ultimately benefit all — housed and unhoused. Colburn believes housing market conditions — specifically, high housing and rental prices, and low vacancy rates — exacerbate economic and personal challenges for society’s most vulnerable. And it’s the housing market, aided by the private…
In 2021 the College of Built Environments launched the CBE Inspire Fund, designed to support CBE research activities for which a relatively small amount of support can be transformative. The second year of awards have just been announced, supporting five projects across 4 departments within the college as they address topics such as food sovereignty, anti-displacement, affordable housing, and health & wellbeing. This year’s awardees include: Defining the New Diaspora: Where Seattle’s Black Church Congregants Are Moving and Why Rachel…
Congratulations to Assistant Professor of Real Estate and CSDE Affiliate Arthur Acolin for being awarded a $10,000 Tier 2 seed grant for his project, “Accessory Dwelling Units as Potential Source of Affordable Housing Across Generations”. This grant is part of CSDE’s quarterly call for seed grant applications and is intended to help faculty initiate new research endeavors that have high relevance to population science and a strong chance of building towards extramural funding. Acolin will be conducting a joint project…
College is a time of exploration and discovery for all students. It is a time that often shapes how we view the world. Going through this transition during a moment of turbulence in the world can shape that experience significantly, which is exactly what happened for Assistant Professor of Real Estate, Arthur Acolin. As an undergraduate, international student in the US in 2008, the housing bubble and subsequent recession shaped Acolin’s future as a researcher and professor. “The subprime crisis…
The University of Washington Data Collaborative (UWDC) is now offering services to researchers across campus, including BE researchers Gregg Colburn at the Runstad Department of Real Estate and the Urban Form Lab. Housed at the Center for Studies in Demography & Ecology, UWDC provides infrastructure to access restricted data in a secure and sophisticated computing environment. Data sets available to researchers cover health records, polling data, business and consumer data, and real estate data. Researchers interested in accessing these data…