Papers by Isaac Megbolugbe
Estimation Errors of Measuring Housing Quality from Tax Records, 1991
Hedonic measurement of housing quality is normally based on a wide range of data including inform... more Hedonic measurement of housing quality is normally based on a wide range of data including information on structural, neighborhood, and geographic attributes of the housing stock. Readily accessible tax assessment database across many U.S. communities typically contain limited data on housing structural attributes. It is always very expensive to augment such variables with additional data on housing neighborhood and location. Consequently, hedonic estimation of quality based on these limited data perennially suffers specification bias. Because few hedonic variables are capable of proxying the statistical influence of omitted ones, there is really no need for more expensive data that some analysts insist are necessary for proper use of hedonic index to make housing quality judgments. This makes tax records a valuable source of information for hedonic estimation.
A pricing model is developed for a reverse mortgage contract where the borrower receives payments... more A pricing model is developed for a reverse mortgage contract where the borrower receives payments either as a lump sum or in an annuity while the loan balance accumulates as a claim against the house. No underwriting criteria on income are applied. One risk of default is that the borrower will remain in the house after the negatively amortizing loan balance exceeds the value of the house. An explicit pricing model of the reverse mortgage permits the evaluation of this default "crossover" option. Alternative methods involving life insurance contracts and securitization are compared as secondary market channels.
Journal of Economic and Social Measurement, 1991
SSRN Electronic Journal, 1992
... Related papers. 1. Impacts of housing and mortgage market discrimination racial and ethnic di... more ... Related papers. 1. Impacts of housing and mortgage market discrimination racial and ethnic disparities in homeownership. Susan M Wachter, Isaac F Megbolugbe (1992). ... RD Alba, JR Logan (1992). The International migration review. ...
Journal of Real Estate Literature, 2007
Journal of Real Estate Finance and Economics, 1997
Accurate estimation of prevailing metropolitan housing prices is important for both business and ... more Accurate estimation of prevailing metropolitan housing prices is important for both business and research investigations of housing and mortgage markets. This is typically done by constructing quality-adjusted house price indices from hedonic price regressions for given metropolitan areas. A major limitation of currently available indices is their insensitivity to the geographic location of dwellings within the metropolitan area. Indices are
Urban Studies, 1993
ABSTRACT
Page 1. Boston Federal Reserve Bank Study on Mortgage Lending Revisited 277 Journal of Housing Re... more Page 1. Boston Federal Reserve Bank Study on Mortgage Lending Revisited 277 Journal of Housing Research Volume 4, Issue 2 277 © Fannie Mae 1993. All Rights Reserved. The Federal Reserve Bank of Boston Study on Mortgage Lending Revisited ...
This article provides an overview of Geographic Information Systems (GIS) and the issues surround... more This article provides an overview of Geographic Information Systems (GIS) and the issues surrounding their use in mortgage finance and related industries. After a brief introduction to GIS and geographic data, the application of GIS technology to mortgage finance is explored. The article also examines organizational challenges in developing in-house GIS capability. GIS’s greatest potential contribution is to credit, property, and agency risk management; marketing; regulatory compliance; and research and development. It is less useful in managing prepayment risk and less still in managing interest rate risk. Most existing applications draw heavily on spatial database management and map support functions of a GIS, with little emphasis on its spatial analytical capabilities. Prototype applications and research and development applications, however, draw on more powerful spatial analytical methods such as spatial statistics, spatial econometric modeling, and optimization methods. Spatia...
Despite thirty years of modeling housing markets, housing analysts still have difficulty accurate... more Despite thirty years of modeling housing markets, housing analysts still have difficulty accurately assessing housing demand. This article reviews the current state of the art in economic modeling of housing demand determinants and suggests a future direction for further research. The fully developed economic theory of the housing market for analyzing housing decisions is the neoclassical consumer theory of housing demand. The review of the various modifications that have been made to better operationalize the imperfect and noncompetitive features of the housing market show that these modifications have been introduced in several partial models. These models include tenure choice models, search models, mobility models, and housing trait models. There is currently no single model that incorporates all of the modifications attempted in these partial models. In fact, it may be impossible to operationalize and incorporate all of the modifications of the neoclassical model into a single ...
Journal of Housing Research
This article proposes a cohort method for modeling longitudinal changes in homeownership attainme... more This article proposes a cohort method for modeling longitudinal changes in homeownership attainment. Theory underlying the method draws on two research traditions: labor economists' research on the economic mobility of immigrants and housing economists' research on homeownership over the life cycle. The modeling technique was applied to native-born, non-Hispanic whites, native-born Mexican Americans, and Mexican immigrants and was used to estimate trajectories of homeownership attainment by birth cohort and arrival cohort from 1980 to 1990. The results show that temporal factors such as cohort membership, aging, and duration of U.S. residence are strong predictors of homeownership attainment. The results also show that the adjusted homeownership trajectories of younger nativeborn, non-Hispanic whites and Mexican Americans lag behind those of older cohorts.
Journal of Housing Research
This article provides an overview of Geographic Information Systems (GIS) and the issues surround... more This article provides an overview of Geographic Information Systems (GIS) and the issues surrounding their use in mortgage finance and related industries. After a brief introduction to GIS and geographic data, the application of GIS technology to mortgage finance is explored. The article also examines organizational challenges in developing in-house GIS capability. GIS's greatest potential contribution is to credit, property, and agency risk management; marketing; regulatory compliance; and research and development. It is less useful in managing prepayment risk and less still in managing interest rate risk. Most existing applications draw heavily on spatial database management and map support functions of a GIS, with little emphasis on its spatial analytical capabilities. Prototype applications and research and development applications, however, draw on more powerful spatial analytical methods such as spatial statistics, spatial econometric modeling, and optimization methods. Spatial research is critical in building next-generation mortgage finance business applications.
Journal of Real Estate Literature, Sep 1, 2007
Third World Planning Review, 1983
... THE HOPES AND FAILURES OF PUBLIC HOUSING IN NIGERIA A Case Study of Kulende andAdewole Housin... more ... THE HOPES AND FAILURES OF PUBLIC HOUSING IN NIGERIA A Case Study of Kulende andAdewole Housing Estates, Ilorin bv ISAAC F. MEGBOLUGBE '" ... Page 4. 352 PUBLIC HC)USING IN NIGERIA Kulende and Adewole Housitiq Estates KULENDE H()USING ESTATE17 ...
The Gerontologist, Jun 1, 1996
Data from the 1990 Census of Population and Housing are used to estimate the potential demand for... more Data from the 1990 Census of Population and Housing are used to estimate the potential demand for reverse mortgages among elderly women householders. A reverse mortgage product is simulated using parameters based on the Home Equity Conversion Mortgage insurance demonstration, and its effect on poverty and income distribution among this group is calculated. Approximately 1.8 million women with low incomes and home equity of $40,000 and above could see a significant increase in income under such a program.
Uploads
Papers by Isaac Megbolugbe