Current Issues in Real Estate Finance and Economics

Real Estate: Investment and Financial Strategy

Authors: Chinloy, P.

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eBook $139.00
price for USA in USD (gross)
  • ISBN 978-94-009-2663-9
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Hardcover $219.99
price for USA in USD
  • ISBN 978-0-89838-233-4
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Softcover $179.99
price for USA in USD
  • ISBN 978-94-010-7700-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

This book has evolved from an interest in formalizing theories of real es­ tate financing and investment. While real estate has characteristics of illi­ quidity and heterogeneity, recent developments have created markets for financial claims on property assets. These financial claims render real es­ tate similar to other assets. These financial claims render real estate similar to other assets. Yet real estate markets retain degrees of ineffi­ ciency, suggesting possibilities for arbitrage opportunities. Such possi­ bilities are examined in the book. If sellers are prohibited by statute from transferring existing financing to buyers, they tend to hold properties longer when contract interest rates on loans exceed those prevailing in the market. Methods are required to account for and measure the quantity of mortgage equity arising from such favorable financing. Holders of mortgage backed securities face risks on both sides of interest rate movements. Should interest rates fall, debtors refinance. If interest rates rise, debtors do not refinance, and the holders of mortgage backed securities suffer capital losses. Hedging strategies are re­ quired. Mortgage warrants and option pricing mechanisms are discussed, and various equity unlocking mechanisms, such as collateralized mort­ gage obligations.

Table of contents (12 chapters)

  • Introduction

    Chinloy, Peter

    Pages 1-9

  • Real Estate—Institutional and Legal Environment

    Chinloy, Peter

    Pages 13-24

  • Valuation and Appraisal of Properties

    Chinloy, Peter

    Pages 25-47

  • Interest Rates, Financing, and Mortgage Multipliers

    Chinloy, Peter

    Pages 51-67

  • Fixed Rate and Payment Mortgage (FRPM)

    Chinloy, Peter

    Pages 69-86

Buy this book

eBook $139.00
price for USA in USD (gross)
  • ISBN 978-94-009-2663-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $219.99
price for USA in USD
  • ISBN 978-0-89838-233-4
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $179.99
price for USA in USD
  • ISBN 978-94-010-7700-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Real Estate: Investment and Financial Strategy
Authors
Series Title
Current Issues in Real Estate Finance and Economics
Series Volume
1
Copyright
1988
Publisher
Springer Netherlands
Copyright Holder
Kluwer Academic Publishers, Boston
eBook ISBN
978-94-009-2663-9
DOI
10.1007/978-94-009-2663-9
Hardcover ISBN
978-0-89838-233-4
Softcover ISBN
978-94-010-7700-2
Edition Number
1
Number of Pages
XII, 316
Topics