Yelowitz, Aaron; Scott, Frank and Beck, Jason (2011): The market for real estate brokerage services in low- and high-income neighborhoods: A 6 city study. Unpublished.
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We examine the market structure for real estate brokerage services across six large metropolitan areas, by collecting more than 300,000 real estate listings and computing the Herfindahl-Hirschman Index (HHI) for each neighborhood. When we divide neighborhoods based on income, house value, and race, we find no evidence of redlining; that is, the market structure for brokerage services is at least as competitive in less advantaged neighborhoods as it is in more advantaged ones.
| Item Type: | MPRA Paper |
|---|---|
| Language: | English |
| Keywords: | HHI; real estate brokerage competition; Herfindahl-Hirschman Index; redlining |
| Subjects: | L - Industrial Organization > L8 - Industry Studies: Services > L85 - Real Estate Services |
| ID Code: | 35608 |
| Deposited By: | Aaron Yelowitz |
| Deposited On: | 28. Dec 2011 21:40 |
| Last Modified: | 28. Dec 2011 21:40 |
| References: | Alwitt, Linda F. and Thomas D. Donley, “Retail Stores in Poor Urban Neighborhoods,” The Journal of Consumer Affairs, Summer 1997, 139-164. Beck, Jason, Frank Scott, and Aaron Yelowitz, “Concentration and Market Structure in Local Real Estate Markets,” Real Estate Economics, forthcoming 2012. Berkovec, James A., Glenn B. Canner, Stuart A. Gabriel, and Timothy H. Hannan, “Race, Redlining, and Residential Mortgage Loan Performance,” Journal of Real Estate Finance and Economics, November 1994, 263-294. Bunce, Harold L. and William J. Reeder, “Guest Editor’s Introduction,” Cityscape: A Journal of Policy Development and Research 9, 2007: 1-3. Cohen-Cole, Ethan, “Credit Card Redlining,” Review of Economics and Statistics, May 2011, 700-713. Federal Trade Commission and U.S. Department of Justice, Competition in the Real Estate Brokerage Industry, 2007. Haurin, Donald R., Christopher E. Herbert, and Stuart S. Rosenthal, “Homeownership Gaps Among Low-Income and Minority Households,” Cityscape: A Journal of Policy Development and Research 9, 2007: 5-51. Munnell, Alicia H., Geoffrey M. B. Tootell, Lynn E. Browne, and James McEneaney, “Mortgage Lending in Boston: Interpreting HMDA Data,” American Economic Review, March 1996, 25-53. Myers, Caitlin Knowles, Grace Close, Laurice Fox, John William Meyer, and Madeline Niemi, “Retail Redlining: Are Gasoline Prices Higher in Poor and Minority Neighborhoods?” Economic Inquiry, July 2011, 795-809. Ondrich, Jan, Alex Stricker, and John Yinger, “Do Real Estate Brokers Choose to Discriminate? Evidence from the 1989 Housing Discrimination Study,” Southern Economic Journal, April 1998, 880-901. Ong, Paul M. and Michael A. Stoll, “Redlining or Risk? A Spatial Analysis of Auto Insurance Rates in Los Angleles,” Journal of Policy Analysis and Management, Fall 2007, 811-829. Reeder, William, “Guest Editor’s Introduction,” Cityscape: A Journal of Policy Development and Research 10, 2008: 1-3. Tootell, Geoffrey M. B., “Redlining in Boston: Do Mortgage Lenders Discriminate Against Neighborhoods?” Quarterly Journal of Economics, November 1996, 1049-1079. White, Lawrence J., “The Residential Real Estate Brokerage Industry: What Would More Vigorous Competition Look Like?” New York University Law & Economics Research Paper Series, #06-16, April 2006. Yinger, John, “Acts of Discrimination: Evidence from the 1989 Housing Discrimination Study,” Journal of Housing Economics, December 1991, 318-346. |
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