caa a22 4500 445316284 CHVBK 20180317142648.0 cr unu---uuuuu 170323e20111001xx s 000 0 eng 10.1007/s11146-009-9210-2 doi (NATIONALLICENCE)springer-10.1007/s11146-009-9210-2 Momentum in Residential Real Estate [Elektronische Daten] [Eli Beracha, Hilla Skiba] This paper examines whether there is return momentum in residential real estate in the U.S. Case and Shiller (American economic review 79(1):128-137, 1989) document evidence of positive return correlation in four U.S. cities. Similar to Jegadeesh and Titman's (Journal of finance 56:699-720, 1993) stock market momentum paper, we construct long-short zero cost investment portfolios from more than 380 metropolitan areas based on their lagged returns. Our results show that momentum of returns in the U.S. residential housing is statistically significant and economically meaningful during our 1983 to 2008 sample period. On average, zero cost investment portfolios that buy past winning housing markets and short sell past losing markets earn up to 8.92% annually. Our results are robust to different sub-periods and more pronounced in the Northeast and West regions. While zero cost portfolios of residential real estate indices is not a tradable strategy, the implications of our results can be useful for builders, potential home owners, mortgage originators and traders of real estate options. Springer Science+Business Media, LLC, 2009 Momentum nationallicence Residential real estate nationallicence Predictable returns nationallicence Zero cost portfolios nationallicence Beracha Eli Department of Finance, College of Business, East Carolina University, Bate 3129, 27858, Greenville, NC, USA aut Skiba Hilla Department of Economics and Finance, University of Wyoming, 3985, 1000 E. University Ave., 82071, Laramie, WY, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/3(2011-10-01), 299-320 0895-5638 43:3<299 2011 43 11146 https://doi.org/10.1007/s11146-009-9210-2 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9210-2 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Beracha Eli Department of Finance, College of Business, East Carolina University, Bate 3129, 27858, Greenville, NC, USA aut NATIONALLICENCE 700 1- Skiba Hilla Department of Economics and Finance, University of Wyoming, 3985, 1000 E. University Ave., 82071, Laramie, WY, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/3(2011-10-01), 299-320 0895-5638 43:3<299 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer