 |
| Neighborhood Racial Transition and
Housing Returns: A Portfolio Approach Author: Michael Devaney and William Rayburn Start Page: 239 Abstract: A portfolio test was
used to determine whether neighborhood racial transition impacts the risk/return of
housing. We conclude that the diversification advantages of residential real estate were
adversely affected by racial transition and that hedge efficiency was positively related
to neighborhood income and the proportion of owner occupancy. This result applied only to
neighborhoods with a high rate of racial transition and was independent of neighborhood
racial composition. |
