Author
Terrence M. Clauretie, University of Nevada, Las Vegas
G. Stacy Sirmans, Florida State University
Description
Based on sound economic and finance principles, the primary goal of this market-leading text is to promote a greater understanding of how real estate financial markets work. The authors blend theory with practice applying the theoretical aspects of financial economics to explain how Real Estate financial institutions and markets have developed and evolved to their present state, and why they take the forms they do. The impact of major federal legislation that applies to real estate finance (especially residential) is also addressed.
Table of Contents
I. FINANCE AND REAL ESTATE
1. Real Estate Finance: An Overview
2. Money. Credit. and the Determination of Interest Rates
3. Finance Theory and Real Estate
II. RESIDENTIAL REAL ESTATE FINANCE
4. The Early History of Residential Finance and Creation of the Fixed Rate Mortgage
5. Postwar Residential Finance
6. Alternative Mortgage Instruments
7. Financing and Property Values
8. Federal Housing Policies: Part 1
9. Federal Housing Policies: Part 2
10. The Secondary Mortgage Market
11. Valuation of Mortgage Securities
12. Controlling Default Risk Through Borrower Qualification. Loan Underwriting and Contractual Relationships
13. Loan Origination. Processing. and Closing
14. Mortgage Default Insurance, Foreclosure, Title Insurance
III. COMMERCIAL REAL ESTATE FINANCE
15. Value, Leverage, and Capital Structure
16. Federal Taxation and Real Estate Finance
17. Sources of Funds for Commercial Real Estate Properties
18. Acquisition. Development. and Construction Financing
19. Permanent Financing of Commercial Real Estate Properties
20. Ownership Structures for Financing and Holding Real Estate
IV. SPECIAL TOPICS IN REAL ESTATE FINANCE
21. Real Estate in a Portfolio Context
22. Liability. Agency Problems. Fraud. and Ethics in Real Estate Finance
Appendix 1: Refresher Course on the Time Value of Money and Related Concepts
Appendix 2: Acronym List
Appendix C: Software to Accompany Real Estate Finance
Glossary
Name Index
Subject Index
