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The core of this text is based on sound economic and finance principles 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. Dramatic changes in the real estate financial markets and the impact of major federal legislation that applies to real estate finance (especially residential) are addressed. Direct application using ARGUS software makes this book extremely hands on giving students practical, real-world experience in real estate analysis.
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.
I. 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. II. RESIDENTIAL REAL ESTATE FINANCE. 4. The Early History of Residential Finance and Creation of the Fixed Rate Mortgage. 5. Modern Residential Finance. 6. Alternative Mortgage Instruments. 7. Financing and Property Values. 8. Federal Housing Policies: Part 1. 9. Federal Housing Policies: Part 2. 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. III. 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. IV. 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.