Contmas are an essential institution in capitalist economies. Contma law provides a long and interesting constitutional history. At the same time, mortgage foreclosure moratoria is shown to be an occasional and repeated phenomenon. This paper explores the legal and economic aspects of this issue via a survey of the schools of thought on contracts. The paper also speculates about the nature of mortgage contracts and the economics of moratoria statutes.
There has developed a growing body of literature, both theoretically and empirically based, on real estate financial decisions. Despite these advances, there are a number of important issues that remain unanswered. The purpose of this paper is to provide a review and analysis of where research on real estate financial decisions has been, where it stands today, and where it is likely to be headed in the future. Some of the unresolved issues in real estate investment analysis are also discussed. The hope is that this review will provide the stimulus for solving some of these complex issues. Copyright American Real Estate and Urban Economics Association.
This paper proposes a developmental theory of trade association life cycles with special emphasis on the case of real estate appraisers. Given a neo-institutional perspective of the demand for appraisal services, the paper views real estate appraisers as information specialists. Trade associations tend to develop along a common, although not strictly fixed, set of steps. At each stage, various institutional activities occur that when observed, can be used to characterize the association's rate of development. In this context, real estate appraisers and their institutions are examined. Recent advances provide evidence that major changes are currently underway. Copyright American Real Estate and Urban Economics Association.
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