The Effects of Assumption Financing Across Housing Price Categories
研究利用标准住房估值模型，分析低于市场利率的融资在不同房价类别中的资本化程度，发现折扣与房价水平负相关，且与预期持有期负相关。
This study employs a standard housing valuation model to analyze the capitalization of below‐market financing across housing price categories. The study also investigates the effect of secondary financing on housing prices and the effect of the expected holding period on discount capitalization. Using a randomly selected sample of 1981–82 housing transactions the study finds: the discount associated with below‐market financing is inversely related to the absolute level of housing prices; secondary financing bears no systematic relationship to housing values; and discount capitalization is inversely related to the expected holding period.