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ESSAYS ON HOUSING MARKET BEHAVIOR ANALYSIS
WITHIN THE INTERNATIONAL CONTEXT
by
Diehang (Della) Zheng
A Dissertation Presented to the
FACULTY OF THE GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
DOCTOR OF PLANNING AND DEVELOPMENT STUDIES
August 2007
Copyright 2007 Diehang (Della) Zheng
Object Description
| Title | Essays on housing market behavior analysis within the international context |
| Author | Zheng, Diehang Della |
| Author email | diehangz@usc.edu |
| Degree | Doctor of Philosophy |
| Document type | Dissertation |
| Degree program | Planning |
| School | School of Policy, Planning, and Development |
| Date defended/completed | 2007-04-26 |
| Date submitted | 2007 |
| Restricted until | Unrestricted |
| Date published | 2007-06-27 |
| Advisor (committee chair) | Deng, Yongheng |
| Advisor (committee member) |
Gabriel, Stuart A. Gordon, Peter Conway, Delores |
| Abstract | This dissertation consists of three essays on urban economics and housing market, emphasizing on market behavior within an international context. Chapter One comprises an analysis of the optimal selling strategy in a market with price dispersion using the central Tokyo condominium resale market list data from 1994 to 2002. The optimal pricing strategy is chosen to maximize the return from search. Higher price dispersion leads to higher reservation and optimal asking prices, which in turn results in higher expected sales prices. Under the assumption that the offering prices follow a normal distribution, market price dispersion can increase the probability of a successful transaction and/or speed up the sale process for the overpriced properties.; Chapter Two includes a discussion of the transitional residential mortgage market in China using a unique micro dataset depicting the mortgage loan history in Beijing. While the option theory failed to explain prepayment and the default behavior in current Chinese residential mortgage markets, other non-option theory related financial economic factors play major roles. Short term mortgage borrowers are more likely to prepay. Many borrowers choose to pay off mortgage debts in bear market. Unemployment rate is positively associated with mortgage prepayment rate. Borrower's characteristics, such as income, education, marital status, etc., are significant in determining prepayment and default behaviors, hence may be used as an effective tool to screen potential high risk borrowers.; Chapter Three examines the impact of mobile home parks rent control on mobile home resale prices by using transaction data from seven California counties between 1983 and 2003. The imposition of rigid rent control (rent control without vacancy decontrol) leads to higher growth rates in resale prices; while a flexible regime, or rent control with vacancy decontrol, results in lower growth rates in resale prices. It suggests that the imposition of rigid rent control will lead to the capitalization of future rent savings when a coach is sold. That is, the buyer will not only pay for the coach but also for the net present value of the expected savings associated with the future of legally constrained rent obligations to the landlord. |
| Keyword | house price; search; mortgage; prepayment and default; rent control; mobile home park |
| Geographic subject (city or populated place) | Tokyo |
| Geographic subject (state) | California |
| Geographic subject (country) | Japan; China; USA |
| Coverage date | 1994/2002; 1983/2003 |
| Language | English |
| Part of collection | University of Southern California dissertations and theses |
| Publisher (of the original version) | University of Southern California |
| Place of publication (of the original version) | Los Angeles, California |
| Publisher (of the digital version) | University of Southern California. Libraries |
| Type | texts |
| Legacy record ID | usctheses-m556 |
| Contributing entity | University of Southern California |
| Rights | Zheng, Diehang Della |
| Repository name | Libraries, University of Southern California |
| Repository address | Los Angeles, California |
| Repository email | cisadmin@lib.usc.edu |
| Filename | etd-Zheng-20070627 |
| Archival file | uscthesesreloadpub_Volume26/etd-Zheng-20070627.pdf |
Description
| Title | Page 1 |
| Contributing entity | University of Southern California |
| Repository email | cisadmin@lib.usc.edu |
| Full text | ESSAYS ON HOUSING MARKET BEHAVIOR ANALYSIS WITHIN THE INTERNATIONAL CONTEXT by Diehang (Della) Zheng A Dissertation Presented to the FACULTY OF THE GRADUATE SCHOOL UNIVERSITY OF SOUTHERN CALIFORNIA In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PLANNING AND DEVELOPMENT STUDIES August 2007 Copyright 2007 Diehang (Della) Zheng |
