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You searched for +publisher:"Temple University" +contributor:("Huffman, Forrest;"). Showing records 1 – 2 of 2 total matches.

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Temple University

1. Zou, Yonghua. The spatial distribution of subprime/higher-priced mortgages and its relationship with housing price variations within the Philadelphia metropolitan area: global model vs. local model.

Degree: PhD, 2014, Temple University

Urban Studies

Over the last decade, the United States had experienced a boom and bust in the subprime mortgage market. The ups and downs of the subprime mortgage market became a primary factor triggering the most severe global economic recession since the Great Depression. The dissertation contributes to the literature by inquiring whether the subprime lending has exacerbated social inequity between subprime neighborhoods and other neighborhoods, through analyzing the subprime mortgage market in the Philadelphia MSA from 2000 through 2010, and focusing on two research questions: (1) the spatial distribution of subprime mortgages across census tracts; (2) the relationship between subprime intensities and housing price variations across zip-code areas. As the dissertation's study area expands from an urban to a MSA, spatial heterogeneity merits attention in this relative huge area. As a result, this dissertation not only employs a global, Ordinary Least Squares (OLS) model, but also a local, Geographically Weighted Regression (GWR) model to examine spatial variations across different neighborhoods. For the first research question, the dissertation finds: (1) a higher concentration of higher-priced mortgage for purchase and refinance in tracts with higher proportion of African-American and Hispanic residents, lower median household incomes, higher-unemployment rates, lower self-employment rates, and higher capitalization rates, after controlling for other variables; (2) the association between higher-priced mortgages and explanatory variables varies across census tracts. Because the dynamics of neighborhood subprime originations are heterogamous, the association between subprime mortgage origination and socioeconomic characteristics may be stronger in some neighborhoods than other neighborhoods. For the second research question, the dissertation finds: (1) subprime mortgage shares have a significant negative association with housing price appreciations during the housing boom period (2001-2006); (2) subprime mortgage shares have a significant positive association with housing price depreciations during the housing bust period (2006-2010); and (3) the association between housing price variations and explanatory variables differs across geographic submarkets within the Philadelphia region. The result confirms that areas where more residents obtained subprime mortgages have suffered more severely than other from the housing market's ups and downs over the last decade. The empirical results can draw broad policy implications. The primary implication is that it is time for the federal government to rethink its homeownership policy. Increased homeownership levels arising from the expansion of subprime mortgages are not sustainable, and subprime lending has exacerbated social inequity between subprime neighborhoods and other neighborhoods. The second implication is that the government needs to enforce the fair lending laws, because the cluster of subprime mortgage origination reflects the unequal opportunities of prime…

Advisors/Committee Members: Bartelt, David;, Adams, Carolyn Teich, Elesh, David, Huffman, Forrest;.

Subjects/Keywords: Urban planning; Public policy; Finance;

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Zou, Y. (2014). The spatial distribution of subprime/higher-priced mortgages and its relationship with housing price variations within the Philadelphia metropolitan area: global model vs. local model. (Doctoral Dissertation). Temple University. Retrieved from http://digital.library.temple.edu/u?/p245801coll10,276923

Chicago Manual of Style (16th Edition):

Zou, Yonghua. “The spatial distribution of subprime/higher-priced mortgages and its relationship with housing price variations within the Philadelphia metropolitan area: global model vs. local model.” 2014. Doctoral Dissertation, Temple University. Accessed April 13, 2021. http://digital.library.temple.edu/u?/p245801coll10,276923.

MLA Handbook (7th Edition):

Zou, Yonghua. “The spatial distribution of subprime/higher-priced mortgages and its relationship with housing price variations within the Philadelphia metropolitan area: global model vs. local model.” 2014. Web. 13 Apr 2021.

Vancouver:

Zou Y. The spatial distribution of subprime/higher-priced mortgages and its relationship with housing price variations within the Philadelphia metropolitan area: global model vs. local model. [Internet] [Doctoral dissertation]. Temple University; 2014. [cited 2021 Apr 13]. Available from: http://digital.library.temple.edu/u?/p245801coll10,276923.

Council of Science Editors:

Zou Y. The spatial distribution of subprime/higher-priced mortgages and its relationship with housing price variations within the Philadelphia metropolitan area: global model vs. local model. [Doctoral Dissertation]. Temple University; 2014. Available from: http://digital.library.temple.edu/u?/p245801coll10,276923


Temple University

2. Ozimek, Adam. Sticky Rents and the CPI for Owner-Occupied Housing.

Degree: PhD, 2013, Temple University

Economics

This dissertation examines the implications of sticky rents on the measurement of owner-occupied housing in the Consumer Price Index (CPI). I argue that marginal and not average rents are the most theoretically justified measurement of owners' equivalent rent (OER), and that the current measurement of rental inflation using average rents is methodologically incorrect. I then discuss the literature on sticky rents and tenure discounts and present a theoretical model showing the implications of sticky rents for aggregate measures of inflation. Then I use two new data sources to construct marginal rent measures to compare to average rent measures. The results show that marginal rents reflect market turning points sooner, and show a larger post- housing bubble decline in rents. In addition, marginal rents are shown to forecast overall inflation better than average rents. Finally, the implications of these results for policy are considered using the Taylor Rule for optimal monetary policy. The results present suggestive evidence that the impacts of switching to marginal rents may be large enough to significantly impact monetary policy and allow the Federal Reserve to be more responsive to both the boom and bust of housing bubbles.

Temple University – Theses

Advisors/Committee Members: Ritter, Moritz B.;, Dunkelberg, William C., Huffman, Forrest, Voith, Richard;.

Subjects/Keywords: Economics;

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Ozimek, A. (2013). Sticky Rents and the CPI for Owner-Occupied Housing. (Doctoral Dissertation). Temple University. Retrieved from http://digital.library.temple.edu/u?/p245801coll10,220918

Chicago Manual of Style (16th Edition):

Ozimek, Adam. “Sticky Rents and the CPI for Owner-Occupied Housing.” 2013. Doctoral Dissertation, Temple University. Accessed April 13, 2021. http://digital.library.temple.edu/u?/p245801coll10,220918.

MLA Handbook (7th Edition):

Ozimek, Adam. “Sticky Rents and the CPI for Owner-Occupied Housing.” 2013. Web. 13 Apr 2021.

Vancouver:

Ozimek A. Sticky Rents and the CPI for Owner-Occupied Housing. [Internet] [Doctoral dissertation]. Temple University; 2013. [cited 2021 Apr 13]. Available from: http://digital.library.temple.edu/u?/p245801coll10,220918.

Council of Science Editors:

Ozimek A. Sticky Rents and the CPI for Owner-Occupied Housing. [Doctoral Dissertation]. Temple University; 2013. Available from: http://digital.library.temple.edu/u?/p245801coll10,220918

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