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Activity Number: 460
Type: Contributed
Date/Time: Wednesday, August 6, 2014 : 8:30 AM to 10:20 AM
Sponsor: Business and Economic Statistics Section
Abstract #312142 View Presentation
Title: House Price Tiers in Repeat Sales Estimation
Author(s): Douglas McManus*+
Companies: Freddie Mac
Keywords: house price index ; bootstrap ; price tiers ; bias adjustment
Abstract:

The existing methods for estimating tiered house price indexes are subject to substantial biases because a property's tier can only be measured imprecisely. Both academic research and industry practice have implemented tiered house price index estimation techniques but without a methodological solution to the bias problem. This paper proposes bootstrap procedures for correcting this bias in the context of testing for the existence of house price tiers. This method is illustrated at the state level for California, and it is shown that there are statistically significant tier effects.


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