FINANCING AND HOUSE PRICES

J. Sa‐Aadu, C. F. Sirmans and John D. Benjamin

Journal of Financial Research, 1989, vol. 12, issue 1, 83-91

Abstract: Recent empirical evidence on the effect of below‐market financing on house prices has suffered from estimation and interpretation problems. In this paper, a methodology is developed to solve these problems. Using data for mortgage revenue bonds, the methodology is tested with results indicating that all financing subsidy is capitalized into house prices.

Date: 1989
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