Local House Price Paths: Accelerations, Declines, and Recoveries

Local Quantile House Price Indices

Locally weighted quantile regressions allow the coefficients of hedonic house price functions to vary over space. Using data on all house sales in Cook County, Illinois, for 20002011, I show how the full distribution of appreciation rates changed over time in small geographic areas. The estimates reveal significant spatial variation in appreciation rates both geographically and across the distr...

Why Do House Prices Fall? Perspectives on the Historical Drivers of Large Nominal House Price Declines

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Local times for typical price paths and pathwise Tanaka formulas

Following a hedging based approach to model free financial mathematics, we prove that it should be possible to make an arbitrarily large profit by investing in those one-dimensional paths which do not possess local times. The local time is constructed from discrete approximations, and it is shown that it is α-Hölder continuous for all α < 1/2. Additionally, we provide various generalizations of...

Understanding House-Price Dynamics

*The views expressed here are those of the author and do not necessarily represent the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System. or most homeowners, housing is the single most important component of their nonpension wealth. Therefore, a change in house prices greatly affects the total wealth of many households. Furthermore, movements in house prices can af...

House Price Index Methodologies