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May 2005

Wharton News

End-of Year Celebrations

The Real Estate Department and Real Estate Center barbeque was held once again at the Merion home of Center Associate Director, Asuka Nakahara, on April 30, 2005. The weather was less cooperative than in past years but students, alumni, faculty, staff and their families enjoyed a delightful afternoon of delicious food and excellent conversation.

The Hong Kong Housing Bubble

Grace Wong, Assistant Professor of Real Estate at The Wharton School, was interviewed by Knowledge@Wharton for the article "Attention Speculators: Here's a Lesson From Hong Kong's Housing Bubble," based on her research that examines volatility in Hong Kong's residential market between 1992 and 1997 (Working Paper # 503). Wong intends to continue to study land supply conditions in Hong Kong and is scheduled to start a new project investigating the evolution of land use restriction variation across time and space in Hong Kong.

Immigration and the Neighborhood

Assistant Professor of Real Estate Albert Saiz presented the paper he wrote with Susan M. Wachter, "Immigration and the Neighborhood," at the Federal Reserve Bank of Philadelphia's conference, "Immigration in the U.S.: Economic Effects on the Nation and Its Cities." The conference took place on April 28, 2005.

Poindexter on Debt and Equity

Chair of the Real Estate Department at the Wharton School, Georgette Poindexter, made a presentation on the blurring of debt and equity in securitized real estate financing to the Real Estate Research Institute, at DePaul University in Chicago on April 7, 2005, sponsored by the Pension Real Estate Association.

Poindexter was featured on several television newscasts in April, introducing NFL football players--who were taking part in Wharton Executive Education courses--to the real estate market.

Professor Poindexter was a panelist at The Crocker Symposium on Real Estate Law and Business on April 21, 2005. The panel session, "Capital Structures," concerning senior debt, mezzanine financing and equity took place at the Gould School of Law at the University of Southern California in Los Angeles.

Nakahara Receives Excellence in Teaching Award

Asuka Nakahara, Associate Director of the Zell/Lurie Real Estate Center, has received an Excellence in Teaching Award. These awards, first presented in 1984, are presented to the eight professors with the highest student evaluations. Nakahara was also a finalist for the Helen Kardon Moss Anvil Award for Teaching Excellence. Created in 1969, this award recognizes exceptional teaching quality and commitment to students, both inside and outside the classroom. Nakahara was the editorial and research consultant to PGA Magazine for the May cover story, "Special Report: U.S. Golf Course Development."

Regulations and Affordable Housing

Zell/Lurie Center Director Joseph Gyourko was quoted in the Spring 2005 Region Focus article, "Homeward Bound," concerning the decreasing supply of affordable housing, particularly in the metro-Washington, D.C. area. Increased regulatory constraints such as zoning rules and building codes-man-made scarcity-says Gyourko, makes the price of land and development climb until much housing is beyond the reach of working-class people.

International Housing Programs at Wharton

The International Housing Finance Program, along with the Financial Institutions Center of the Wharton School, sponsored a conference on "Fixing the Housing Finance System," at the Wharton School on April 26 and 27. Speakers and discussants at the conference included Governor Gramlich of the Federal Reserve Board, Kenneth A. Markison of the Mortgage Bankers Association, Ed Golding of Freddie Mac, and Jack Guttentag of the Wharton School.

On April 15, Drs. Marja Hoek-Smit, the Program Director, was the keynote speaker at a conference to celebrate the 20th anniversary of the Caribbean Association of Housing Finance Institutions in Nassau, Bahamas, speaking on "How to Raise Housing Affordability in Emerging Economies."

The International Housing Finance Program organized a tailored program, held May 3-14 at the Wharton School, on "Developing a Housing Finance System in Vietnam," for senior government officials from the Vietnamese Central Bank and the Ministries of Finance and Construction. The program focused on the critical role of government in creating a supportive environment in which the housing market and private housing finance system can grow.

The widely acclaimed conference, "Improving and Expanding Housing Finance Systems," will be held from June 6 to June 16, 2005 at the Wharton School, University of Pennsylvania. Information and application forms can be found on the program's web site or by emailing housingfinance@wharton.upenn.edu

Eventful Month for Susan Wachter

Susan M. Wachter, Professor of Real Estate and Finance at the Wharton School, was in Washington, D.C., to present her paper, "Neighborhood Patterns of Subprime Lending," at the Federal Reserve System Community Affairs Research Conference on Promises and Pitfalls: As Consumer Finance Options Multiply, Who Is Being Served and at What Cost? Wachter served as a panelist for "Fixing the Housing Finance System" session at the Financial Institutions Center and the International Housing Finance Program of the Wharton School.

Susan Wachter was quoted in "Wanna buy this house? Send your resume," in the Christian Science Monitor. (4/25/05), and in "Disparities Found in Sub-prime Lending" Washington Post (4/11/05). She was also cited in The Philadelphia Inquirer (4/17/05) "City home-cost median near $100,000." She noted that simple averages of price transactions can obscure what is actually happening in a particular neighborhood that has a mix of housing types. She was also quoted in a Washington Post article, "In Real Estate Fever, More Signs of Sickness" (4/17/05) 'One of the signals to watch out for with a bubble is the percentage of homes being sold to investors . . . The only problem is that once you notice some of these signs, it's usually too late.'

Professor Wachter appeared on CNBC's Street Signs with Ron Insana, (4/22/05) in a discussion on housing bubbles.

Linneman Advises NFL Players

Jay Clemons's article from the April 19, 2005 DetroitLions.com pages, "The School of Hard Numbers," described Detroit Lions safety Terrence Holt's experience at a Wharton Sports Business Initiative and Wharton Executive Education workshop. Wharton Real Estate Professor Peter Linneman was guest speaker, advising Holt and numerous other NFL representatives.

Peter Linneman was the guest speaker at the Cincinnati Urban Land Institute and University of Cincinnati Real Estate Program, Economic Overview, May 6, 2005 and will be the keynote speaker at Apartment Finance Today's Developer Conference in New Orleans, May 15-17.
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