Real Estate Finance: Theory and Practice / Edition 2

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Based on sound economic and finance principles, the primary goal of this market-leading text is to promote a greater understanding of how real estate financial markets work. The authors blend theory with practice applying the theoretical aspects of financial economics to explain how Real Estate financial institutions and markets have developed and evolved to their present state, and why they take the forms they do. The impact of major federal legislation that applies to real estate finance (especially residential) is also addressed.
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Editorial Reviews

Providing a foundation of economic theory and finance principles, this textbook explains how real estate finance markets work, applying theoretical perspectives to the study of real estate financial institutions and markets. The primary tools of financial analysis are applied to real estate and mortgage markets. Topics like federal regulation, ethics, fraud, and agency problems are also discussed. A companion CD-ROM contains tables, financial data, documents, and worksheets. Clauretie teaches at the University of Nevada, Las Vegas. Sirmans teaches at Florida State University. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780134334752
  • Publisher: Prentice Hall Professional Technical Reference
  • Publication date: 12/1/1995
  • Edition number: 2
  • Pages: 669
  • Product dimensions: 8.24 (w) x 10.31 (h) x 1.26 (d)

Meet the Author

Terrence M. Clauretie received his Ph.D. in Economics from Washington State University. He is currently a professor of Real Estate Finance at UNLV. To date, he has authored three texts and 75 articles in academic and professional journals. He is a fellow of the Homer Hoyt Advanced Studies Institute, and also a former adjunct professor of the National Association of Corporate Real Estate Executives.

G. Stacy Sirmans is the Kenneth G. Bacheller Professor of Real Estate at the Florida State University. He has published extensively in the real estate area on a variety of topics. His work has appeared in journals such as the Journal of financial and Quantitative Analysis, the Journal of Real Estate Finance and Economics, and the Journal of Real Estate Research. He has also served on a number of editorial boards of academic journals. Dr. Sirmans holds a Ph.D. in Finance and Real Estate from the University of Georgia. He has taught at Emory University and Clemson University, and has served as a Visiting Scholar to the Federal Home Loan Bank Board.

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Table of Contents

Ch. 1 Real Estate Finance: An Overview 2
Ch. 2 Money, Credit, and the Determination of Interest Rates 15
Ch. 3 Finance Theory and Real Estate 29
Ch. 4 The Early History of Residential Finance and Creation of the Fixed Rate Mortgage 46
Ch. 5 Postwar Residential Finance 64
Ch. 6 Alternative Mortgage Instruments 98
Ch. 7 Financing and Property Values 134
Ch. 8 Federal Housing Policies: Part I 155
Ch. 9 Federal Housing Policies: Part II 185
Ch. 10 The Secondary Mortgage Market 202
Ch. 11 Valuation of Mortgage Securities 232
Ch. 12 Controlling Default Risk Through Borrower Qualification, Loan Underwriting, and Contractual Relationships 271
Ch. 13 Loan Origination, Processing, and Closing 297
Ch. 14 Mortgage Default Insurance, Foreclosure, and Title Insurance 340
Ch. 15 Value, Leverage, and Capital Structure 362
Ch. 16 Federal Taxation and Real Estate Finance 385
Ch. 17 Sources of Funds for Commercial Real Estate Properties 421
Ch. 18 Acquisition, Development, and Construction Financing 441
Ch. 19 Permanent Financing of Commercial Real Estate Properties 467
Ch. 20 Ownership Structures for Financing and Holding Real Estate 490
Ch. 21 Real Estate in a Portfolio Context 510
Ch. 22 Liability, Agency Problems, Fraud, and Ethics in Real Estate Finance 534
Appendix 1: A Refresher Course on the Time Value of Money and Related Concepts 560
Appendix 2: Acronym List 618
Appendix 3: Software to Accompany Real Estate Finance 620
Glossary 628
Name Index 650
Subject Index 652
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