000			01298cam a2200241 4500
001			ABS66585
008			030428n2003 000 0 eng u
035			_a(Sirsi) u122100
100			_aFu, Y.
245			_aEstimating the lagging error in real estate price indices
260			_c2003
490			_aReal Estate Economics _v31(1) 75-98(12)
520			_aReal estate indices based on appraisals or sale prices of properties are known for their slow response to market news. These indices can therefore be represented (in logarithm) as the sum of a latent true price index and a laggings error. Shows that the latent appreciation return and the lagging error can be jointly estimated in a state-space model, which has two key features. First, it employs exogenous variables known to predict asset returns to predict the latent appreciation return. Second, it incorporates known sources of the lagging error, such as the partial adjustment in observed index to the latent appreciation return and the seasonality in reappraisal quality. [Taken from journal abstract].
590			_aABS
650			_aREAL ESTATE
650			_aINDEXES
650			_aLEASES
650			_aSALE PRICES
650			_aAPPRAISALS
650			_aRETURNS
690			_aPROPERTY-COMMERCIAL PROPERTY
942			_n0
999			_c72554 _d72554