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Economics
Real estate 2010: We’re not in Kansas anymore
With recent changes in the real estate market, you too may be feeling a bit like Dorothy and Toto in the Land of Oz. PAR's Consulting Economist Dr. Austin Jaffe put together a list of just how much the landscape has changed in the last few years. Follow the yellow brick road. »
10 Comments »Are PA housing markets over-valued or under-valued?
All Pennsylvania cities show evidence of relative price declines from their fair value estimates from 2006 to 2010, except Harrisburg, which extended its over-valuation, and Scranton, which is about the same. »
2 Comments »What’s the difference between price and value?
Imagine a simple housing market where all property values are known with certainty. Even though values are not observable, all current prices would be “correct” (i.e., identical) and all future prices would be perfectly predictable. In such a market, price always equals value. »
1 Comment »NAHB economist says lack of growth reduces housing affordability
Pennsylvania needs to rethink its “anti-growth” mentality in order to become more fiscally sound, according to Dr. Elliot Eisenberg, senior economist of the National Association of Home Builders (NAHB). »
No Comments »Podcast: Economy needs to rebound to strengthen real estate market
PAR’s consulting economist Dr. Austin Jaffe says the economy and the unemployment rate need to rebound in order for the real estate market to get stronger. »
No Comments »Negative equity critical threat to health of real estate market
A recent CoreLogic study reported that as of September 2009, nearly 11 million borrowers were “underwater” on their mortgages. As I’m writing this blog, there are even more borrowers swimming and trying to stay afloat. »
1 Comment »Property rights in a post-Kelo world
It used to be said that property rights, eminent domain, just compensation and the like were topics best left to the attorneys. There were plenty of questions over the years beginning with Oliver Wendell Holmes’ famous Pennsylvania Coal Co. v. Mahon (1922) decision which so unsatisfactorily failed to settle the debate about the difference... »
2 Comments »Podcast: It’s back to basics for real estate
PAR’s consulting economist Dr. Austin Jaffe says price stability and reduced foreclosures are contributing factors needed to stabilize the economy. »
3 Comments »Anatomy of a disaster: Option ARMs
Option ARMs were used from 2004 until 2007 with five-year resets (or less) to higher interest rates with standard amortization schedules. Thus, many have come into play during 2009 and we will see many more in the months ahead. »
3 Comments »Jaffe predicts home sale activity may increase in 2010
The housing market remains troubled and it may be years before the market levels out, according to Dr. Austin Jaffe, PAR’s consulting economist. »
2 Comments »
