Pandemic Risk Factors and the Role of Government Intervention: Evidence from COVID-19 and CMBS Mortgage Performance

Agarwal, Sumit; Bw, Ambrose; La, López Fernández; Xiao, Xue

doi:10.2139/ssrn.3674960

Cited by 6 publications

(5 citation statements)

References 68 publications

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“…This result suggests that loans to small business do not ease the financial distress of commercial borrowers. Agrawal et al (2020) also document within industry spillover effects at the loan level.…”

Section: Mortgage Marketmentioning

confidence: 90%

“…As an example, the authors mention the extensive use of mortgage forbearance threatening the liquidity of mortgage servicers that must replace borrower payments to investors during the early stages of the COVID-19 outbreak. Agrawal et al (2020) focus on the performance of commercial mortgages. By observing county-level variation in mortgage performance by property type, the authors document that the delinquency rate of commercial mortgages increases on average by approximately + 3.4% for every new coronavirus case per 100 capita.…”

Section: Mortgage Marketmentioning

confidence: 99%

See 1 more Smart Citation

COVID-19’s impact on real estate markets: review and outlook

Balemi

Füss

Weigand

2021

Financ Mark Portf Manag

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As symbolized by vacant office buildings, empty shopping malls and abandoned flats in metropolitan areas, the new coronavirus disease 2019 has severely impacted real estate markets. This paper provides a comprehensive literature review of the latest academic insights into how this pandemic has affected the housing, commercial real estate and the mortgage market. Moreover, these findings are linked to comprehensive statistics of each real estate sector’s performance during the crisis. Finally, the paper includes an outlook and discusses possible future developments in each real estate segment.

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Section: Mortgage Marketmentioning

confidence: 90%

Section: Mortgage Marketmentioning

confidence: 99%

COVID-19’s impact on real estate markets: review and outlook

Balemi

Füss

Weigand

2021

Financ Mark Portf Manag

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“…Our focus on the two major crisis episodes also complements recent work by Levitin and Wachter (2013) and Duca and Ling (2020) on the 2008period, and Chernozhukov et al (2020, Agarwal et al (2020), andD'Lima et al (2020) on the 2020 events around the start of the Covid-19 pandemic.…”

Section: Introductionmentioning

confidence: 58%

Commercial Real Estate in Crisis: Evidence from Transaction-Level Data

Alter¹,

Mahoney²,

Badarinza³

2023

IMF Working Papers

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Transaction-level data were provided by Zillow through the Zillow Transaction and Assessment Dataset (ZTRAX). More information on accessing the data can be found at http://www.zillow.com/ztrax. The results and opinions are those of the authors and do not reflect the position of Zillow Group, Inc., SafeGraph, or Real Capital Analytics. Business listings and footfall data were provided by SafeGraph.

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“…Our paper also contributes to the growing literature on the impact of COVID‐19 on the local economy (Agarwal et al, 2020; Ascani et al, 2020; Brough et al, 2021; Chen et al, 2020; E. Coulson et al, 2021; Glaeser et al, 2021; Ling et al, 2020). In addition, our results are consistent with extant findings on the impact of Airbnb on long‐term rentals.…”

Section: Introductionmentioning

confidence: 62%

“…Our paper also contributes to the growing literature on the impact of COVID-19 on the local economy (Agarwal et al, 2020;Ascani et al, 2020;Brough et al, 2021;Chen et al, 2020;E. Coulson et al, 2021;Glaeser et al, 2021;Ling et al, 2020).…”

mentioning

confidence: 73%

Cleanliness is next to income: The impact of COVID‐19 on short‐term rentals

Shen

Wilkoff

2022

Journal of Regional Science

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The short-term rental market provides a close to real-time signal of how events of regional and national importance can affect the demand for housing. We use Airbnb data from Austin, Texas to empirically investigate the impact of the onset of coronavirus disease 2019 (COVID-19) on the short-term rental market. Specifically, we employ a machine-learning algorithm to create an extensive cleanliness dictionary to detect whether an Airbnb unit is clean.We use a difference-in-difference specification to value the change in income related to reviewer perceived cleanliness during the COVID-19 pandemic. We find the following results: First, available listings declined by 25% once the pandemic hit and those that remained lost 22% of their income and had occupancy decrease by 20%. Second, properties that were perceived to be clean increased their income by 17.5% and their occupancy by 16.5%, mitigating the negative shock due to COVID-19. Third, rental prices for clean Airbnb listings did not increase after COVID-19. In addition, we study the interaction of Airbnb supply on the long-term rental market during a market decline.

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Pandemic Risk Factors and the Role of Government Intervention: Evidence from COVID-19 and CMBS Mortgage Performance

Cited by 6 publications

References 68 publications

COVID-19’s impact on real estate markets: review and outlook

COVID-19’s impact on real estate markets: review and outlook

Commercial Real Estate in Crisis: Evidence from Transaction-Level Data

Cleanliness is next to income: The impact of COVID‐19 on short‐term rentals

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