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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.
Preface. PART 1: FINANCE AND REAL ESTATE. 1. Real Estate Finance: An Overview. 2. Money. Credit. and the Determination of Interest Rates. 3. Finance Theory and Real Estate. PART 2: RESIDENTIAL REAL ESTATE FINANCE. 4. The Early History of Residential Finance and Creation of the Fixed Rate Mortgage. 5. Postwar Residential Finance. 6. Alternative Mortgage Instruments. 7. Financing and Property Values. 8. Federal Housing Policies. 9. Federal Housing Policies. 10. The Secondary Mortgage Market. 11. Valuation of Mortgage Securities. 12. Controlling Default Risk Through Borrower Qualification. Loan Underwriting. and Contractual Relationships. 13. Loan Origination. Processing. and Closing. 14. Mortgage Default Insurance, Foreclosure, Title Insurance. PART 3: COMMERCIAL REAL ESTATE FINANCE. 15. Value, Leverage, and Capital Structure. 16. Federal Taxation and Real Estate Finance. 17. Sources of Funds for Commercial Real Estate Properties. 18. Acquisition. Development. and Construction Financing. 19. Permanent Financing of Commercial Real Estate Properties. 20. Ownership Structures for Financing and Holding Real Estate. PART 4: SPECIAL TOPICS IN REAL ESTATE FINANCE. 21. Real Estate in a Portfolio Context. 22. Liability. Agency Problems. Fraud. and Ethics in Real Estate Finance. Appendix 1: Refresher Course on the Time Value of Money and Related Concepts. Appendix 2: Acronym List. Appendix C: Software to Accompany Real Estate Finance. Glossary. Name Index. Subject Index.