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Are Home Price Indices Useful For Municipal Credit Analysis? Jun 07
Standard & Poors, June 2007
Abstract
At approximately $22 trillion in total market value across the U.S., it is difficult to overstate the importance of the real estate sector to the economy and the financial markets. Many local governments are highly reliant on real estate vis---vis property tax revenues, which depend upon the assessed property values (AV) within their boundaries. As for individuals, most of them are, in the parlance of investment management, heavily overweighted in the real estate sector just by virtue of owning their homes. A relatively new housing futures market allows homeowners and investors to hedge their real estate holdings on the Chicago Mercantile Exchange (CME) by selling futures contracts. These housing futures contracts are bought and sold against a series of home...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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