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Essays on Government Policy in Real Estate Markets.

机译：关于房地产市场政府政策的论文。

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摘要

This dissertation uses administrative data to study regulatory issues in the American real estate market. The first chapter studies spillovers from home foreclosures in Cook County, Illinois. Random assignment of foreclosure cases to judges allows for estimation of the causal effect of foreclosure (relative to a foreclosure case being dismissed) on neighboring foreclosure filings and housing transactions. When a property forecloses, the local housing market is disrupted---prices fall and more lower quality homes sell---and neighbors are more likely to end up in default and going through the foreclosure process.;The second chapter examines how discontinuously applied transfer taxes distort the mar- ket for real estate sales in New York and New Jersey. These transfer taxes distort not only the price of real estate transactions that occur near the discontinuity, corresponding to sellers bearing the entire incidence of the tax, but also the volume of sales that occur---productive transactions that would occur if the tax were not discontinuous disappear from the market.;The third and final chapter estimates the market-level response of home equity loans to two discontinuous mortgage policies---the home mortgage interest deduction, and real estate appraisal regulations in the Financial Institutions Reform Recovery and Enforcement Act. The estimates therein imply that home equity debt is very responsive to both the after-tax interest rate as well as lender underwriting requirements.
机译：本文利用行政数据研究了美国房地产市场的监管问题。第一章研究了伊利诺伊州库克县房屋止赎的溢出效应。法官可以将抵押品赎回权案件随机分配给法官，以估算抵押品赎回权对相邻抵押品赎回权申请和房屋交易的因果关系（相对于取消抵押品赎回权的案件）。当财产被取消抵押品赎回权时，当地的住房市场将受到干扰-价格下降，质量下降的房屋将被出售-且邻居更有可能最终违约并经历止赎程序。第二章探讨了不连续适用的方式转让税扭曲了纽约和新泽西州房地产销售的市场。这些转让税不仅扭曲了在不连续点附近发生的房地产交易的价格（对应于承担全部税收的卖方），而且还扭曲了发生的销售量-如果不征税就进行的生产性交易。第三章，也是最后一章，估算了房屋净值贷款对两种不连续抵押政策的市场水平反应-房屋抵押贷款利息扣除和《金融机构改革和实施法案》中的房地产评估法规。其中的估计值表明，房屋净值债务对税后利率以及贷方承销要求都非常敏感。

著录项

  • 作者

    Munroe, David Joseph.;

  • 作者单位

    Columbia University.;

  • 授予单位 Columbia University.;
  • 学科 Economics General.
  • 学位 Ph.D.
  • 年度 2014
  • 页码 268 p.
  • 总页数 268
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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