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Sun, 03 May 2026 19:14:24 +0000

By examining the effects of information frictions on real estate transactions, researchers have improved our understanding of potential market failures and corrections that can improve the. This paper reviews research on information frictions as part of the Journal of Real Estate Finance and Economics special issue on real estate market efficiency. This involves a process of combination of past and current information and leads to appraisal smoothing. Price discovery is the process by which the opinions of market participants about the. This paper proposes two new measures of illiquidity for real estate markets, utilising concepts from asset pricing. Segregating real estate through a.