The Value of Residential Land and Structures during the Great Housing Boom and Bust
利用1998-2009年10个都市区超百万套住宅交易数据，用特征价格法分离出地块和建筑物的市场价值，发现都市区内价值演变差异大，边缘低价地波动最剧烈。
This study examines how the value of residential land and structures evolved during the great housing boom and bust, using data on more than a million residential properties that were sold in 10 metropolitan areas between 1998 and 2009. We use a hedonic estimator to disentangle the market value of land and structures at a local (Census tract) level. Our estimates reveal substantial heterogeneity in the evolution of the market value of land and structures within metropolitan areas. Surprisingly, lower-value land at the urban fringes of metropolitan areas was the most volatile during the boom-bust. <i></i>