Three essays in United States real estate markets

2015-07-24This dissertation contains three independent essays on the real estate market in the United States. These three papers cover same research timeframe between 2006 and 2012. The data in this period can illustrate the discrepancy of the outcome, before and after subprime crisis. ❧ The first two essays focus on residential mortgages with the topics of agency effect and liquidity effect, respectively. The third essay studies the distressed housing. It measures the impact of auction sale on housing value, comparing with the other types of selling options. By looking at the secondary market and the housing market, these essays capture some missing variables in previous literature. The first essay supports the agency effect is important in default risk. The second essay finds that mortgage market liquidity should be used to estimate the termination risks for private-label mortgages. Final essay shows that auction status would affect the housing price significantly