Bitter, Christopher. (2014). Subdivision Vintage and Housing Prices: Do Home Buyers Value Traditional Development? Urban Studies, 51(5), 1038 – 1056.
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Abstract
New Urbanism and traditional neighbourhood development (TND) have been championed as solutions to the problems associated with post-war suburban sprawl. However, they have yet to capture a substantial share of the US housing market. The market context for TND is not well understood as the paucity of TND makes it difficult to study directly. This paper takes a novel approach by focusing on the market for 'traditional' development itself, defined as subdivisions recorded prior to World War II, in the sprawling Tucson, Arizona, MSA. The results of the hedonic analysis demonstrate that home buyers value the features embodied in traditional development, as homes in subdivisions platted before 1940 command premiums over those in their modern counterparts, even after carefully controlling for locational and structural characteristics. Moreover, the analysis finds that the premiums have increased through time, which suggests growing demand for traditionally designed subdivisions.
Keywords
Land-use; Neighborhood; Urbanism; Transportation; Preferences; Choice; Time
Acolin, Arthur; Goodman, Laurie; Wachter, Susan M. (2019). Accessing Homeownership with Credit Constraints. Housing Policy Debate, 29(1), 108 – 125.
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Abstract
The tightening of mortgage credit in the aftermath of the global financial crisis has been identified as a factor in the decline of homeownership in the United States to 50-year lows. In this article, we review findings about the role of borrowing constraints and tightened credit in lowering access to homeownership. We also discuss how institutional changes could hinder or support this access going forward.
Keywords
Borrowing Constraints; Home Ownership; Mortgage; Model; Race; Homeownership; Credit Access; International Finance; Economic Crisis; Property; Aftermath; Access; Credit; Access To Credit; Economic Models; United States--us
Kim, Jinyhup; Bae, Chang-Hee Christine. (2020). Do Home Buyers Value the New Urbanist Neighborhood? The Case of Issaquah Highlands, WA. Journal Of Urbanism, 13(3), 303 – 324.
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Abstract
This study compares Issaquah Highlands’ home prices with those of traditional suburban single-family homes in the city of Issaquah. Issaquah Highlands is a community that was developed using New Urbanism principles. The null hypothesis is that the sale prices of houses in Issaquah Highlands are not different from the conventional suburban neighborhood in the city of Issaquah. The principal database consists of US Census Washington State Geospatial Data Archive, and the King County Tax Assessments. The final dataset contains 1,780 single family homes over the seven-year period from 2012 to 2018 based on sale records throughout the city of Issaquah. This study uses the hedonic pricing technique to assess the impact of New Urbanism on the value of single-family residences. The findings suggest that people are willing to pay a $92,700–96,800 premium (approximately 7.1–12.0 percent of the sales prices) for houses in Issaquah Highlands.
Keywords
New Urbanism; Home Prices; Real Property; Sustainable Development; Spatial Analysis (statistics); Hedonic Pricing Model; Property Value; Smart Growth; Spatial Autocorrelation; Neighborhoods; Databases; Taxation; Spatial Data; Suburban Areas; Census; Prices; Housing Prices; Urbanism; Houses; Willingness To Pay; Residential Areas; Null Hypothesis; Cities; Buyers; Hedonism; Sales; Highlands; Tax Assessments
El-Anwar, Omar; El-Rayes, Khaled; Elnashai, Amr S. (2010). Maximizing the Sustainability of Integrated Housing Recovery Efforts. Journal Of Construction Engineering And Management, 136(7), 794 – 802.
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Abstract
The large-scale and catastrophic impacts of Hurricanes Katrina and Rita in 2005 challenged the efficacy of traditional postdisaster temporary housing methods. To address these challenges, the U.S. Congress appropriated $400 million to the Department of Homeland Security to support alternative housing pilot programs, which encourage innovative housing solutions that will facilitate sustainable and permanent affordable housing in addition to serving as temporary housing. Facilitating and maximizing the sustainability of postdisaster alternative housing is an important objective that has significant social, economic, and environmental impacts. This paper presents the development of a novel optimization model that is capable of (1) evaluating the sustainability of integrated housing recovery efforts under the alternative housing pilot program and (2) identifying the housing projects that maximize sustainability. An application example is analyzed to demonstrate the use of the developed model and its unique capabilities in maximizing the sustainability of integrated housing recovery efforts after natural disasters.
Keywords
Northridge Earthquake; United-states; Disasters; Optimization; Postdisaster Alternative Housing; Sustainability; Housing Recovery
Drewnowski, Adam; Aggarwal, Anju; Rehm, Colin D.; Cohen-Cline, Hannah; Hurvitz, Philip M.; Moudon, Anne V. (2014). Environments Perceived as Obesogenic Have Lower Residential Property Values. American Journal Of Preventive Medicine, 47(3), 260 – 274.
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Abstract
Background: Studies have tried to link obesity rates and physical activity with multiple aspects of the built environment. Purpose: To determine the relation between residential property values and multiple perceived (self-reported) measures of the obesogenic environment. Methods: The Seattle Obesity Study (SOS) used a telephone survey of a representative, geographically distributed sample Of 2,001 King County adults, collected in 2008-2009 and analyzed in 2012-2013. Home addresses were geocoded. Residential property values at the tax parcel level were obtained from the King County tax assessor. Mean residential property values within a 10-minute walk (833-m buffer) were calculated for each respondent. Data on multiple perceived measures of the obesogenic environment were collected by self-report. Correlations and multi-variable linear regression analyses, stratified by residential density, were used to examine the associations among perceived environmental measures, property values, and BMI. Results: Perceived measures of the environment such as crime, heavy traffic, and proximity to bars, liquor stores, and fast food were all associated with lower property values. By contrast, living in neighborhoods that were perceived as safe, quiet, clean, and attractive was associated with higher property values. Higher property values were associated, in turn, with lower BMIs among women. The observed associations between perceived environment measures and BMI were largely attenuated after accounting for residential property values. Conclusions: Environments perceived as obesogenic are associated with lower property values. Studies in additional locations need to explore to what extent other perceived environment measures can be reflected in residential property values. (C) 2014 American Journal of Preventive Medicine
Keywords
Body-mass Index; Physical-activity; Objective Measures; Childhood Obesity; Food Stores; Neighborhood Disorder; Atherosclerosis Risk; Collective Efficacy; Racial Composition; Built Environment
Acolin, Arthur; Hoek-Smit, Marja C.; Eloy, Claudia Magalhaes. (2019). High Delinquency Rates in Brazil’s Minha Casa Minha Vida Housing Program: Possible Causes and Necessary Reforms. Habitat International, 83, 99 – 110.
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Abstract
Brazil's main housing program, Minha Casa Minha Vida (MCMV), has contracted the construction of over 3 million housing units since 2009, providing access to homeownership for low and middle-income households through a combination of credit, subsidies and guarantees. In this paper, we analyze disaggregated delinquency information at the project level for the section of the program that serves households in the lowest income range (Faixa 1). Our analysis of program performance in six metropolitan regions shows an overall level of delinquency of 28% as of the end of 2015. We identify four hypotheses to explain this elevated level of delinquency: the peripheral location of the units, insufficient income to cover ongoing costs, moral hazard in the management of the program, and organized crime in some projects. Our analysis shows that in 4 of the 6 regions, low-income projects in peripheral locations exhibit substantially higher non-payment levels and that lower income households have higher levels of delinquency. Based on our analysis, we recommend modifications to program design, including the inclusion of location criteria in subsidy scaling. The findings provide evidence of the limits of MCMV Faixa l's approach to solving Brazilian low-income housing needs and contribute to an emerging body of literature pointing to the importance of location in housing programs.
Keywords
Income; Urban Growth; Housing; Home Ownership; Moral Hazard; Affordable Housing; Delinquency Rate; Housing Program; Integrated Urban Development; Programa Minha Casa Minha Vida; Social Housing; Mexico; Scale
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
Rowe, Daniel H.; Bae, Chang-hee Christine; Shen, Qing. (2010). Assessing Multifamily Residential Parking Demand and Transit Service. Ite Journal-institute Of Transportation Engineers, 80(12), 20 – 24.
Abstract
This study examined the relationship of multifamily residential parking demand and transit level of service in Two King County, WA, USA, Urban Centers: First Hill/Capitol Hill (FHCH) and redmond. In addition, current parking policies were assessed for their ability to meet the observed parking demand, and an alternative method to collect parking demand data was explored.
El-Anwar, Omar; Chen, Lei. (2014). Maximizing the Computational Efficiency of Temporary Housing Decision Support Following Disasters. Journal Of Computing In Civil Engineering, 28(1), 113 – 123.
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Abstract
Postdisaster temporary housing has long been a challenging problem because of its interlinked socioeconomic, political, and financial dimensions. A significant need for automated decision support was obvious to address this problem. Previous research achieved considerable advancements in developing optimization models that can quantify and optimize the impacts of temporary housing decisions on the socioeconomic welfare of displaced families and total public expenditures on temporary housing as well as other objectives. However, the computational complexity of these models hindered its practical use and adoption by emergency planners. This article analyzes the computational efficiency of the current implementation of the most advanced socioeconomic formulation of the temporary housing problem, which uses integer programming. Moreover, it presents the development of a customized variant of the Hungarian algorithm that has a superior computational performance while maintaining the highest quality of solutions. An application example is presented to demonstrate the unique capabilities of the new algorithm in solving large-scale problems.
Keywords
Decision Support Systems; Emergency Management; Integer Programming; Computational Efficiency; Temporary Housing Decision Support Following Disasters; Financial Dimensions; Political Dimensions; Socioeconomic Dimensions; Socioeconomic Welfare; Emergency Planners; Socioeconomic Formulation; Hungarian Algorithm; Multiobjective Optimization; Maeviz-hazturk; Housing; Computation; Disasters; Temporary Structures; Temporary Housing; Optimization; Disaster Management
Acolin, Arthur; Lin, Desen; Wachter, Susan M. (2019). Endowments and Minority Homeownership. Cityscape, 21(1), 5 – 62.
Abstract
Fifty years after the adoption of the 1968 Fair Housing Act that prohibits discrimination in the housing market, homeownership rates have not increased for Black or Hispanic households. The current homeownership rate for Black households is 42 percent, identical to the 1970 census reported level, and 48 percent for Hispanic households, lower than that in 1970. Using data from the 1989, 2005, and 2013 American Housing Surveys, we identify the extent to which group differences in household endowments account for persistently low minority homeownership levels.
Keywords
Borrowing Constraints; Household Formation; Race; Wealth; Trends; Rates