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We examine and test the merits of diversifying portfolios of real estate securities internationally and across property types. Our analysis covers the period January 1990 through July 2005. Using data from the Global Property Research GPR 250 Property Securities Index, which has monthly prices for five property type indexes in 21 countries, we decompose country and property type sources of variation in real estate security returns. We find that property type effects are smaller than country effects. Property type specialization explains only 6% of the variance of national real estate securities index returns. Because property type effects are so small, country diversification is a more effective tool for achieving risk reduction than property type diversification. In addition, we find evidence that the relative importance of country effects is decreasing while that of industry effects is increasing. However, country effects continue to dominate property type effects. Copyright Springer Science+Business Media, LLC 2007Real estate, Property type categories, Stock market returns,

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<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This paper examines mortgage delinquency rates for loans in each state and Washington, DC from 2004 through 2009 in order to gain insight into the key factors that drive residential mortgage delinquency.<span style="mso-spacerun: yes;">&nbsp; </span>Models are estimated for 30-day, 60-day, 90-day, 90+ day, and all delinquency rates.<span style="mso-spacerun: yes;">&nbsp; </span>Prime and subprime loans are modeled separately in cross-sectional time series regressions.<span style="mso-spacerun: yes;">&nbsp; </span>The findings suggest that borrower income, type of loan, and the general health of the economy remain important in determining delinquency risk.<span style="mso-spacerun: yes;">&nbsp; </span>Also, factors that determine 30- and 60-day delinquency rates differ from those that determine 90-day and 90+ day delinquency rates.<span style="mso-spacerun: yes;">&nbsp; </span>In addition, factors that determine prime delinquency rates differ from those that determine subprime delinquency rates.<span style="mso-spacerun: yes;">&nbsp; </span>Finally, borrower race does not consistently explain delinquency rates.<span style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

A study is done on Net Asset Value (NAV) of equity REITs from 1993 to 2006. The value (growth) determination of REITs is investigated based on NAV per share as opposed to book value per share since the underlying value of the REITs assets (NAV) drives the trading decision. The NAV to Market ratio (NM) is evaluated as a risk measure when used in a Fama-French and Carhart model setting. We find this measure contributes only 0.10% to the REIT risk premium.