A Case for Mark-to-Market Residential Mortgages

Spring/Summer 1993, Vol 18, No 1 Abstract: Hartl offers and substantiates a partial solution to MBS prepayment risk. The solution involves the frequent use of mark-to-market residential mortgages in MBS mortgage pools or loans that have been structured so they are continuously and unfailingly payable at market prices. 

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Short Run Break-Even Analysis for Real Estate Projects

Spring/Summer 1993, Vol 18, No 1 Abstract: The use of break-even analysis is a useful technique for short run analysis of real estate development projects on a for-profit and nonprofit basis. The technique is explained with a short term analysis of an apartment construction project. Appropriate formula and data are presented that illustrate the feasibility analysis… Read more

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Military Base Closings: Thrifty, Objective Spendthrift Process

Fall/Winter 1992, Vol 17, No 2 Abstract: Across the United States, obsolete military bases are being targeted for closing. This article brings together valuation estimates by the Department of Defense of bases to be eliminated and estimates by economists of the excess burden of taxation. It explains the significant waste that exists and the loss in… Read more

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Real Estate and Moral Hazard

Spring/Summer 1993, Vol 18, No 1 Abstract: The author presents the conclusions of his work, to date, as chairman of the Credit Task Force of the Urban Land Institute. Why isn’t credit available at attractive rates to real estate? In part, because of the unintended consequence of new, risk-based capital rules and mark-to-market accounting; partially because… Read more

Applying Fair Market Value Concepts to Water Rights

Spring/Summer 1993, Vol 18, No 1 Abstract: Real estate professionals increasingly are asked to assess water rights which are bought, sold and leased in the western United States. The diversity of 5 different regional water markets is described along with their respective price trends. Also included is a fair market value definition for water rights and… Read more

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The Impact of Public Housing: A New Perspective

Spring/Summer 1993, Vol 18, No 1 Abstract: Since the 1960s government policy makers have favored dispersed, rather than high-density public housing development. Previous research on such developments has focused on multi-family structures. This article reports the findings of a study of one and two-family houses managed by the housing authority in Cleveland, Ohio. The authors provide new perspectives on the effects of public housing on... Read More

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