Term
| Whats the differnce between a competitive market and a housing market ? |
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Definition
Price of property is undertermined
Small number of buyers and sellers for a given property
Results in the range we saw for supply/ demand curve
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Term
| When we supply and demand curves to describe housing economics we must make a lot of ceteris pairbus(all other things eaqual) assumptions |
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Definition
price of other goods
Consumer's tastes
Size of market
Income of Consumers
Expectations
Price of Inputs
Number of Producers
Conditions of Technology
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Term
How does the model get around the fact that houses are dissimilar?
How does it handle rental versus owned property?
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Definition
Hedonic Pricing Models.
Market Comparison.
Examine subject property
Collect data for similar properties
Adjust sales price of comparables
Average values of comparables
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Term
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Definition
Flitering Down Theory
Trade-off Model
Cultural Agglomeration Model
Tiebout Model
Aggreaget Econonmic Fallout Model
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Term
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Definition
Explains how lower socieconomic groups occupy houses and neighborhoods that were occupied by higher income familes
No Filtering
Complete Filtering
Filtering and Adaptation |
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Term
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Definition
Explains the predominace of high-quality housing on the city perimeter
Space versus Access
Acess to city(urban)goods and services
Space-lower land cost
In the U.S the outward pull is the dominate force
Multiple-Nuclear City |
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Term
| Cultural Agglomeration Model |
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Definition
Neighborhoods of like individuals will form based on social desires and agglomeration econmics
Benfits of diversity
Stable social mix of community ladder
Alternate role modles
Artistic diversitys
Cultural cross-fertitlizatoin
Increased opportunites for the poor
Reducing social tention
Helping prepare residents life in a diverse world
Promoting neighborhoood stability |
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Term
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Definition
Desdribes the relationsihp between local government programs, taxes, and housing prices
Voting with your feet
Oats showed that property taxes is capitilzed into current value of property
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Term
Aggregate Econcmic Fallout Model
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Definition
Changes in the economic base result in changes in the negiborhood.
Neigborhoods have identifiable links to occupations and industries in the local economy |
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Term
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Definition
Decline:
Real estate agents using fear
Predatory lending practices
Lack of upkeep(broken windows) |
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Term
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Definition
Sale of property itself
Primary mortgage market
Secondary market
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Term
Proverty Lagging regions
Nature of Property |
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Definition
Absloute Deprivation
should not change except to account for price change
Mollie Orsahnsky
World bank's Standard
Socialcultural Proverty
Socialy acceptable standards change so why shouldn't the defeiction of property change as well
Relative Proverty
Concerned about the distribution of income
Perhaps confuses proverty with inequality
There will always be the |
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