Cash Equivalency in Dichotomous Residential Markets

Steven P. Mooney
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Steven P. Mooney: Department of Management and Finance College of Business St. Cloud State University St. Cloud, Minnesota 56301-4498, http://condor.stcloudstate.edu/~bulletin/fire/index.html

Journal of Real Estate Research, 1990, vol. 5, issue 1, 89-106

Abstract: When a residential sale is financed using a below-market rate of interest, as with a mortgage assumption or a contract for deed, the sale price may have incorporated into it the capitalized value of the financing. One technique that is used to determine the value of the below-market financing is the cash equivalency calculation. Using cash equivalency, this study addresses the question of whether advantageous financing has the same value in two separate and dichotomous housing markets.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1990
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