Abstracts for Vol.
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This study collects employment trends by SIC codes and other sources, and analyzes the rapid changes occurring in the areas of real estate brokerage, finance, appraisal, leasing and title insurance, due to technology. The findings suggest that the number of real estate participants currently employed should decline signinificantly because of increased efficiencies. Property buyers and sellers may eventually receive an income transfer from licensed agents, lenders, appraisers, attorneys, and loan servicers. A major structural distinction between the stock and real estate markets is the imposititon of an agency cost control mechanism on stock portfolio managers by the existence of continuous price discovery in the stock market. Persistence in extreme return behavior distinguishes the effect of multiyear agency cost amortization on real estate returns from the effect of market dynamics subsequent to asset acquisition.