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Cash Equivalency in Dichotomous Residential Markets

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Author Info
Steven P. Mooney (Department of Management and Finance College of Business St. Cloud State University St. Cloud, Minnesota 56301-4498)
Abstract

When a residential sale is financed using a below-market rate of interest, as with a mortgage assumption or a contract for deed, the sale price may have incorporated into it the capitalized value of the financing. One technique that is used to determine the value of the below-market financing is the cash equivalency calculation. Using cash equivalency, this study addresses the question of whether advantageous financing has the same value in two separate and dichotomous housing markets.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol05n01/v05p089.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 5 (1990)
Issue (Month): 1 ()
Pages: 89-106
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Handle: RePEc:jre:issued:v:5:n:1:1990:p:89-106

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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  1. Vinod B. Agarwal & Richard A. Philips, 1985. "The Effects of Assumption Financing Across Housing Price Categories," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 48-57. [Downloadable!] (restricted)
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