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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.58,Issue3,P.366-407

语言

英文

关键字

Sample selection correction; Hedonic price model; Spatial modeling; Financing; Cash; CASH; FHA; DISCRIMINATION

作者单位

[Jauregui, Andres] Calif State Univ Fresno, Craig Sch Business, Dept Finance & Business Law, Gazarian Real Estate Ctr, 5245 N Backer Ave,M-S PB5, Fresno, CA 93740 USA. [Tidwell, Alan] Univ Alabama, Culverhouse Coll Commerce, Dept Econ Finance & Legal Studies, 245 Mary Alston Hall,Box 870224, Tuscaloosa, AL 35487 USA. [Sah, Vivek] Univ Nevada, LEE Business Sch, LIED Inst Real Estate Studies, BEH 530A,4505 S Maryland Pkwy, Las Vegas, NV 89154 USA. Jauregui, A (reprint author), Calif State Univ Fresno, Craig Sch Business, Dept Finance & Business Law, Gazarian Real Estate Ctr, 5245 N Backer Ave,M-S PB5, Fresno, CA 93740 USA. E-Mail: andresjauregui@csufresno.edu; oatidwell@cba.ua.edu; vivek.sah@unlv.edu

摘要

This study examines house transaction price differentials observed among funding type combinations; accounting for potential sample selection and spatial biases yields a better approximation of price differentials between group combinations. Consistent with expectations we detect, and correct for, selectivity and spatial biases. Transactions with conventional financing have superior characteristics compared to all-cash funded transactions, and Federal Housing Administration (FHA) and Veterans Affairs (VA) funded houses have inferior characteristics relative to all-cash characteristics. Price counterfactuals for (1) all-cash financed property, (2) conventional, (3) FHA, and (4) VA property transactions reveal, consistent with expectations, unexplained coefficient pricing premiums, i.e., a financing premium. However, total all-cash explained housing/neighborhood characteristics, are superior relative to FHA and VA financed properties. Results reinforce the notion that credit matters in the provision of financial services with regard to housing prices, while Blinder-Oaxaca price differential decompositions provide additional insights.