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Neighborhood Racial Transition and Housing Returns: A Portfolio Approach

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    Abstract

    A portfolio test was used to determine whether neighborhood racial transition impacts the risk/return of housing. We conclude that the diversification advantages of residential real estate were adversely affected by racial transition and that hedge efficiency was positively related to neighborhood income and the proportion of owner occupancy. This result applied only to neighborhoods with a high rate of racial transition and was independent of neighborhood racial composition.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol08n02/v08p239.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 8 (1993)
    Issue (Month): 2 ()
    Pages: 239-252

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    Handle: RePEc:jre:issued:v:8:n:2:1993:p:239-252

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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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    Web page: http://www.aresnet.org/

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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. G. Donald Jud & James M. Watts, 1981. "Schools and Housing Values," Land Economics, University of Wisconsin Press, vol. 57(3), pages 459-470.
    2. James N. Brown & Harvey S. Rosen, 1982. "On the Estimation of Structural Hedonic Price Models," NBER Technical Working Papers 0018, National Bureau of Economic Research, Inc.
    3. Richard D. Evans & William Rayburn, 1991. "The Effect of School Desegregation Decisions on Single-Family Housing Prices," Journal of Real Estate Research, American Real Estate Society, vol. 6(2), pages 107-216.
    4. David Hartzell & John S. Hekman & Mike E. Miles, 1987. "Real Estate Returns and Inflation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(1), pages 617-637.
    5. Michael L. Walden, 1990. "Magnet Schools and the Differential Impact of School Quality on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 221-230.
    6. John F. Kain & John M. Quigley, 1975. "Housing Markets and Racial Discrimination: A Microeconomic Analysis," NBER Books, National Bureau of Economic Research, Inc, number kain75-1, July.
    7. White, Michelle J., 1977. "Urban models of race discrimination," Regional Science and Urban Economics, Elsevier, vol. 7(3), pages 217-232, August.
    8. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    9. Christopher A. Manning, 1986. "Intercity Differences in Home Price Appreciation," Journal of Real Estate Research, American Real Estate Society, vol. 1(1), pages 45-66.
    10. Fama, Eugene F. & Schwert, G. William, 1977. "Asset returns and inflation," Journal of Financial Economics, Elsevier, vol. 5(2), pages 115-146, November.
    11. Daniels, Charles B., 1975. "The influence of racial segregation on housing prices," Journal of Urban Economics, Elsevier, vol. 2(2), pages 105-122, April.
    12. Gau, George W, 1984. "Weak Form Tests of the Efficiency of Real Estate Investment Markets," The Financial Review, Eastern Finance Association, vol. 19(4), pages 301-20, November.
    13. Kerry D. Vandell & Robert H. Zerbst, 1984. "Estimates of the Effect of School Desegregation Plans on Housing Values Over Time," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(2), pages 109-135.
    14. Bodie, Zvi, 1976. "Common Stocks as a Hedge against Inflation," Journal of Finance, American Finance Association, vol. 31(2), pages 459-70, May.
    15. G. Donald Jud & D. Gordon Bennett, 1986. "Public Schools and the Pattern of Intraurban Residential Mobility," Land Economics, University of Wisconsin Press, vol. 62(4), pages 362-370.
    16. Stuart A. Gabriel, 1987. "Economic Effects of Racial Integration: An Analysis of Hedonic Housing Prices and the Willingness to Pay," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(3), pages 268-279.
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    Cited by:
    1. Douglas Coate & Richard Schwester, 2008. "Black-White Appreciation of Owner Occupied Homes in Upper Income Suburban Integrated Communities: The Cases of Maplewood and Montclair, New Jersey," Working Papers Rutgers University, Newark 2008-001, Department of Economics, Rutgers University, Newark.

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