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Speculators and Middlemen : The Role of Flippers in the Housing Market

Author: Patrick Bayer; Christopher Geissler; James W Roberts
Publisher: Cambridge, Mass. National Bureau of Economic Research 2011.
Series: Working paper series (National Bureau of Economic Research), no. w16784.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
In thinly traded markets for heterogenous, durable goods, such as housing, intermediaries may play especially important roles. Using a unique micro-level dataset of housing transactions in Los Angeles from 1988-2008 and a novel research design, we identify and measure the importance of two very distinct types of intermediaries, also known as "flippers". The first type act as middlemen who quickly match sellers and  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Patrick Bayer; Christopher Geissler; James W Roberts
OCLC Number: 1027328297
Notes: February 2011.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w16784.
Responsibility: Patrick Bayer, Christopher Geissler, James W. Roberts.

Abstract:

In thinly traded markets for heterogenous, durable goods, such as housing, intermediaries may play especially important roles. Using a unique micro-level dataset of housing transactions in Los Angeles from 1988-2008 and a novel research design, we identify and measure the importance of two very distinct types of intermediaries, also known as "flippers". The first type act as middlemen who quickly match sellers and buyers, operate throughout housing market cycles and earn above average returns when they buy and sell. The second type act as speculators who attempt to time markets by holding assets for longer periods of time, perform relatively poorly when buying and selling and are strongly associated with price instability in their targeted areas. The presence of these unsophisticated speculators and positive feedback trading contribute the first pieces of evidence from the housing market to a growing body of work in other financial markets that questions whether speculators always act to stabilize prices.

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Primary Entity<\/h3>\n
<http:\/\/www.worldcat.org\/oclc\/1027328297<\/a>> # Speculators and Middlemen The Role of Flippers in the Housing Market<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:CreativeWork<\/a>, schema:MediaObject<\/a>, schema:Book<\/a> ;\u00A0\u00A0\u00A0\nlibrary:oclcnum<\/a> \"1027328297<\/span>\" ;\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Place\/cambridge_mass<\/a>> ; # Cambridge, Mass.<\/span>\n\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/id.loc.gov\/vocabulary\/countries\/mau<\/a>> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/h7_state_and_local_government_intergovernmental_relations<\/a>> ; # H7 - State and Local Government; Intergovernmental Relations<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/r31_housing_supply_and_markets<\/a>> ; # R31 - Housing Supply and Markets<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g01_financial_crises<\/a>> ; # G01 - Financial Crises<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g12_asset_pricing_trading_volume_bond_interest_rates<\/a>> ; # G12 - Asset Pricing; Trading volume; Bond Interest Rates<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/e3_prices_business_fluctuations_and_cycles<\/a>> ; # E3 - Prices, Business Fluctuations, and Cycles<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/r0_general<\/a>> ; # R0 - General<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g28_government_policy_and_regulation<\/a>> ; # G28 - Government Policy and Regulation<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g1_general_financial_markets<\/a>> ; # G1 - General Financial Markets<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Place\/california_los_angeles<\/a>> ; # California--Los Angeles.<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/r51_finance_in_urban_and_rural_economies<\/a>> ; # R51 - Finance in Urban and Rural Economies<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g14_information_and_market_efficiency_event_studies<\/a>> ; # G14 - Information and Market Efficiency; Event Studies<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/flipping_real_estate_investment_economic_aspects_california_los_angeles<\/a>> ; # Flipping (Real estate investment)--Economic aspects--California--Los Angeles<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/r21_housing_demand<\/a>> ; # R21 - Housing Demand<\/span>\n\u00A0\u00A0\u00A0\nschema:bookFormat<\/a> schema:EBook<\/a> ;\u00A0\u00A0\u00A0\nschema:contributor<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Person\/geissler_christopher<\/a>> ; # Christopher Geissler<\/span>\n\u00A0\u00A0\u00A0\nschema:contributor<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Person\/roberts_james_w<\/a>> ; # James W. Roberts<\/span>\n\u00A0\u00A0\u00A0\nschema:creator<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Person\/bayer_patrick<\/a>> ; # Patrick Bayer<\/span>\n\u00A0\u00A0\u00A0\nschema:datePublished<\/a> \"2011<\/span>\" ;\u00A0\u00A0\u00A0\nschema:description<\/a> \"In thinly traded markets for heterogenous, durable goods, such as housing, intermediaries may play especially important roles. Using a unique micro-level dataset of housing transactions in Los Angeles from 1988-2008 and a novel research design, we identify and measure the importance of two very distinct types of intermediaries, also known as \"flippers\". The first type act as middlemen who quickly match sellers and buyers, operate throughout housing market cycles and earn above average returns when they buy and sell. The second type act as speculators who attempt to time markets by holding assets for longer periods of time, perform relatively poorly when buying and selling and are strongly associated with price instability in their targeted areas. The presence of these unsophisticated speculators and positive feedback trading contribute the first pieces of evidence from the housing market to a growing body of work in other financial markets that questions whether speculators always act to stabilize prices.<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:exampleOfWork<\/a> <http:\/\/worldcat.org\/entity\/work\/id\/915930102<\/a>> ;\u00A0\u00A0\u00A0\nschema:inLanguage<\/a> \"en<\/span>\" ;\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Series\/working_paper_series_national_bureau_of_economic_research<\/a>> ; # Working paper series (National Bureau of Economic Research) ;<\/span>\n\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Series\/nber_working_paper_series<\/a>> ; # NBER working paper series<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"Speculators and Middlemen The Role of Flippers in the Housing Market<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:productID<\/a> \"1027328297<\/span>\" ;\u00A0\u00A0\u00A0\nschema:publication<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/1027328297#PublicationEvent\/cambridge_mass_national_bureau_of_economic_research2011<\/a>> ;\u00A0\u00A0\u00A0\nschema:publisher<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Agent\/national_bureau_of_economic_research<\/a>> ; # National Bureau of Economic Research<\/span>\n\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/papers.nber.org\/papers\/w16784<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/www.nber.org\/papers\/w16784<\/a>> ;\u00A0\u00A0\u00A0\nwdrs:describedby<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/1027328297<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n\n

Related Entities<\/h3>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Agent\/national_bureau_of_economic_research<\/a>> # National Bureau of Economic Research<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:Agent<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"National Bureau of Economic Research<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Person\/bayer_patrick<\/a>> # Patrick Bayer<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Bayer<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Patrick<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Patrick Bayer<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Person\/geissler_christopher<\/a>> # Christopher Geissler<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Geissler<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Christopher<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Christopher Geissler<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Person\/roberts_james_w<\/a>> # James W. Roberts<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Roberts<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"James W.<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"James W. Roberts<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Place\/california_los_angeles<\/a>> # California--Los Angeles.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"California--Los Angeles.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Place\/cambridge_mass<\/a>> # Cambridge, Mass.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Cambridge, Mass.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Series\/nber_working_paper_series<\/a>> # NBER working paper series<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:PublicationSeries<\/a> ;\u00A0\u00A0\u00A0\nschema:hasPart<\/a> <http:\/\/www.worldcat.org\/oclc\/1027328297<\/a>> ; # Speculators and Middlemen The Role of Flippers in the Housing Market<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"NBER working paper series<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Series\/working_paper_series_national_bureau_of_economic_research<\/a>> # Working paper series (National Bureau of Economic Research) ;<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:PublicationSeries<\/a> ;\u00A0\u00A0\u00A0\nschema:hasPart<\/a> <http:\/\/www.worldcat.org\/oclc\/1027328297<\/a>> ; # Speculators and Middlemen The Role of Flippers in the Housing Market<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"Working paper series (National Bureau of Economic Research) ;<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/e3_prices_business_fluctuations_and_cycles<\/a>> # E3 - Prices, Business Fluctuations, and Cycles<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"E3 - Prices, Business Fluctuations, and Cycles<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/flipping_real_estate_investment_economic_aspects_california_los_angeles<\/a>> # Flipping (Real estate investment)--Economic aspects--California--Los Angeles<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Flipping (Real estate investment)--Economic aspects--California--Los Angeles<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g01_financial_crises<\/a>> # G01 - Financial Crises<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"G01 - Financial Crises<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g1_general_financial_markets<\/a>> # G1 - General Financial Markets<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"G1 - General Financial Markets<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g12_asset_pricing_trading_volume_bond_interest_rates<\/a>> # G12 - Asset Pricing; Trading volume; Bond Interest Rates<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"G12 - Asset Pricing; Trading volume; Bond Interest Rates<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g14_information_and_market_efficiency_event_studies<\/a>> # G14 - Information and Market Efficiency; Event Studies<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"G14 - Information and Market Efficiency; Event Studies<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/g28_government_policy_and_regulation<\/a>> # G28 - Government Policy and Regulation<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"G28 - Government Policy and Regulation<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/h7_state_and_local_government_intergovernmental_relations<\/a>> # H7 - State and Local Government; Intergovernmental Relations<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"H7 - State and Local Government; Intergovernmental Relations<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/r0_general<\/a>> # R0 - General<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"R0 - General<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/r21_housing_demand<\/a>> # R21 - Housing Demand<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"R21 - Housing Demand<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/r31_housing_supply_and_markets<\/a>> # R31 - Housing Supply and Markets<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"R31 - Housing Supply and Markets<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Topic\/r51_finance_in_urban_and_rural_economies<\/a>> # R51 - Finance in Urban and Rural Economies<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"R51 - Finance in Urban and Rural Economies<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.loc.gov\/vocabulary\/countries\/mau<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\ndcterms:identifier<\/a> \"mau<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/www.worldcat.org\/title\/-\/oclc\/1027328297<\/a>>\u00A0\u00A0\u00A0\u00A0a \ngenont:InformationResource<\/a>, genont:ContentTypeGenericResource<\/a> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/www.worldcat.org\/oclc\/1027328297<\/a>> ; # Speculators and Middlemen The Role of Flippers in the Housing Market<\/span>\n\u00A0\u00A0\u00A0\nschema:dateModified<\/a> \"2019-09-15<\/span>\" ;\u00A0\u00A0\u00A0\nvoid:inDataset<\/a> <http:\/\/purl.oclc.org\/dataset\/WorldCat<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/www.worldcat.org\/title\/-\/oclc\/1027328297#PublicationEvent\/cambridge_mass_national_bureau_of_economic_research2011<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:PublicationEvent<\/a> ;\u00A0\u00A0\u00A0\nschema:location<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Place\/cambridge_mass<\/a>> ; # Cambridge, Mass.<\/span>\n\u00A0\u00A0\u00A0\nschema:organizer<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/915930102#Agent\/national_bureau_of_economic_research<\/a>> ; # National Bureau of Economic Research<\/span>\n\u00A0\u00A0\u00A0\nschema:startDate<\/a> \"2011<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n\n

Content-negotiable representations<\/p>\n