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The integration of augmented reality in virtual tours was recently identified as a top emerging trend in real estate. However, little research has been conducted to examine the impact of existing virtual tours on house search process and transaction price. Our article aims to fill this gap by studying the impact of virtual tours on transaction price and marketing duration (time on market). Matching the 2016 Orange County multiple listing service (MLS) single-family transaction records with Home Mortgage Disclosure Act (HMDA) data and U.S. Census data, we apply both propensity score matching methods and two-stage least squares (2SLSs) models with instrumental variables derived by machine learning and text analytics methods. The findings of this study not only shed light on the importance of the current and future use of technology, but also provide practical implications for real estate stakeholders with respect to effective strategies to improve house value and increase property sales.
Wei Yu; Zhongming Ma; Gautam Pant; Jing Hu. The Effect of Virtual Tours on House Price and Time on Market. Journal of Real Estate Literature 2020, 28, 133 -149.
AMA StyleWei Yu, Zhongming Ma, Gautam Pant, Jing Hu. The Effect of Virtual Tours on House Price and Time on Market. Journal of Real Estate Literature. 2020; 28 (2):133-149.
Chicago/Turabian StyleWei Yu; Zhongming Ma; Gautam Pant; Jing Hu. 2020. "The Effect of Virtual Tours on House Price and Time on Market." Journal of Real Estate Literature 28, no. 2: 133-149.
Given the long term secular decline in interest rates, assumable financing has been of little concern for decades. But given both the growth of loans insured by the Federal Housing Administration (“FHA”) and recent increase in interest rates, this situation is likely to change very soon. Using data from California, we first document the dramatic increase in FHA-insured loans since 2007. We then derive the theoretical impact of capitalizing assumable financing into house prices as interest rates increase and simulate the effect on prices of homes sold with assumable FHA financing. Results are economically significant and likely to partially offset declines in house prices associated with higher mortgage rates. Findings imply that appraisers will need to adjust comparable sales to reflect FHA loan assumptions.
Michael LaCour-Little; Zhenguo Lin; Wei Yu. Assumable Financing Redux: A New Challenge for Appraisal? The Journal of Real Estate Finance and Economics 2019, 60, 3 -39.
AMA StyleMichael LaCour-Little, Zhenguo Lin, Wei Yu. Assumable Financing Redux: A New Challenge for Appraisal? The Journal of Real Estate Finance and Economics. 2019; 60 (1-2):3-39.
Chicago/Turabian StyleMichael LaCour-Little; Zhenguo Lin; Wei Yu. 2019. "Assumable Financing Redux: A New Challenge for Appraisal?" The Journal of Real Estate Finance and Economics 60, no. 1-2: 3-39.
We provide new insights about less regulated nonbank lenders, major originators of risky subprime mortgages prior to 2008. We document significant cross-sectional variations in lending practices and show that nonbank lenders who entered the industry via less-regulated states are associated with riskier loan originations. We also show that states with lower entry barriers have not significantly increased homeownership rates nor reduced poverty rates. Consistent with the traditional banking literature, our findings suggest that while low industry entry barriers encourage more risk taking by new financial institutions, they do not necessarily translate into long-term economic benefits.
Zsuzsa R. Huszár; Wei Yu. Mortgage Lending Regulatory Arbitrage: A Cross-Sectional Analysis of Nonbank Lenders. Journal of Real Estate Research 2019, 41, 219 -248.
AMA StyleZsuzsa R. Huszár, Wei Yu. Mortgage Lending Regulatory Arbitrage: A Cross-Sectional Analysis of Nonbank Lenders. Journal of Real Estate Research. 2019; 41 (2):219-248.
Chicago/Turabian StyleZsuzsa R. Huszár; Wei Yu. 2019. "Mortgage Lending Regulatory Arbitrage: A Cross-Sectional Analysis of Nonbank Lenders." Journal of Real Estate Research 41, no. 2: 219-248.
A highly-respected public recognition of supply chain management (SCM) excellence is the Supply Chain Top 25 List, published annually by AMR Research. By employing event study method, this study extensively examined stock market reactions to annual announcements of the AMR Supply Chain Top 25 List, under various market scenarios. The results showed that SCM leading firms consistently outperform market portfolios around annual press-release dates. The mean abnormal returns observed in the event window (0, +1) were positive and statistically significant. In addition, the findings were robust across different estimation models and various market indexes adopted in the event study. At the same time, it is worth noting that the event effect on market performance was temporary and diminished within 5 trading days. This study makes contributions to the growing body of knowledge on the strategic values of firm reputation in general, and for SCM excellence in particular.
Min Shi; Wei Yu. Market Reactions to Supply Chain Management Excellence. Journal of Risk and Financial Management 2018, 11, 62 .
AMA StyleMin Shi, Wei Yu. Market Reactions to Supply Chain Management Excellence. Journal of Risk and Financial Management. 2018; 11 (4):62.
Chicago/Turabian StyleMin Shi; Wei Yu. 2018. "Market Reactions to Supply Chain Management Excellence." Journal of Risk and Financial Management 11, no. 4: 62.