Cal Team Wins the 33rd Annual NAIOP Real Estate Challenge Golden Shovel!

Berkeley-Haas team wins the UNC Development Challenge!

Ken Rosen predicts that inflation could hit 9% before easing, at the Real Estate & Economics Symposium, Charting 2022: Temporary Disruption or Permanent Transformation? 

Amir Kermani’s research on how foreclosures are fueling America’s racial wealth gap, in Mother Jones and the Haas Newsroom.

The Berkeley-Haas team has won the 2021 UT Austin National Real Estate Challenge. This is Berkeley’s third win in four years!

“The markets aren’t priced for climate change, and the situation is dire.” Nancy Wallace on climate risk and fire

Congratulations to Nancy Wallace for winning the Williamson Award, Berkeley-Haas’s highest faculty honor. 

Unfair property tax assessments cost lower-income Americans billions, in the New York Times. Haas PhD Troup Howard’s work using the Fisher Center’s REFM Lab data is highlighted, on the racial disparities in assessments.

“To say we’re in recovery would be a mistake. We’re still in a deep, deep hole.” Ken Rosen on the Bay Area, at the SF Business Times Mayors’ Economic Forecast.

“Donald Trump has burned a lot of bridges in commercial lending.” Nancy Wallace on the PBS News Hour on Trump’s financial woes.

“We had the boom, but the boom is over.” Ken Rosen in the SF Chronicle on Bay Area real estate in 2021.

Amir Kermani on liquidation of assets in bankruptcy. “Companies going through Chapter 11 restructuring are worth about twice as much when they are going concerns rather than liquidated.”

Will the Fed ramp up its bond-purchasing plans, given the economic slowdown? Professor Amir Kermani interviewed by Reuters.

Cal Team Wins the 31st Annual NAIOP Real Estate Challenge Golden Shovel for Third Consecutive Year!

Congratulations to the “Hackahaas” team for winning the Finance division of the 24-hour HackAHouse housing affordability competition, with their plan to expand ADU financing opportunities though condo conversions to increase affordable housing.

Ken Rosen on Joe Biden’s proposed tax changes, in Commercial Property Executive. “Raising the capital gains (tax rate) and eliminating the 1031 would create a 20 percent decline in commercial real estate values.”

Nancy Wallace in the NY Times on fintech lending discrimination. “The differential is smaller. But it should be zero.”

Ken Rosen in the SF Business Times on the impact of the coronavirus on unicorn startups in the Bay Area.

More coverage of Nancy Wallace’s work on shadow banking and the mortgage market, in The New Republic.

Professor Victor Couture and colleagues release powerful open-source cellphone tracking data to researchers studying Covid-19.

Nancy Wallace on nonbanks in the looming mortgage market crisis. “They can’t keep pushing the envelope and then expect to be rescued. It’s just wrong.”

“To bail them out after the fact is really unconscionable.” Nancy Wallace in the Washington Post on the mortgage industry’s request for billions in federal aid.

Mortgage firms teeter near crisis that regulators saw coming. A Bloomberg article highlights Fisher Center research on the systemic risk posed by undercapitalized nonbank lenders.

“This is the most uncertainty that I’ve seen in my lifetime.” Ken Rosen in BisNow on the impact of coronavirus on commercial real estate.

“The airports are empty. The roads are empty. It tells you something.” Ken Rosen in the San Francisco Business Times on the likelihood of a pandemic-triggered recession.

Bay Area rents increasing more slowly, due to new supply, affordability, and out-migration. Ken Rosen in SFGate.

Bay Area housing market coolest in the nation, according to Ken Rosen in the San Francisco Chronicle.

Congratulations to the Berkeley-Haas team that took first place in the National Real Estate Challenge for the second year in a row.

Ken Rosen: Oakland’s housing boom is too much too fast. What’s bad news for investors is good news for renters.

Odds of a recession are 60% by 2021, according to Ken Rosen.

“The Bay Area still feels pretty boom-y.” Ken Rosen on the potential for an economic slowdown, in the SF Chronicle.

Berkeley wins Kellogg real estate case competition for their plan to fill vacant ground-floor retail spaces in cities with package pick-up centers and e-commerce pop-up shops.

Congratulations to Cal for holding onto the Golden Shovel for another year, beating Stanford at the annual NAIOP event.

“The sky is falling?” Ken Rosen on the upcoming tech-led recession, in the San Francisco Business Times.

Congratulations to Professor Nancy Wallace, on being awarded the Berkeley Faculty Service Award.

Victor Couture’s research on urban amenities and gentrification featured in CityLab.

“It means women employees cost more,” says Nancy Wallace in Fortune on new research showing women exercise stock options more slowly.

More coverage of the FCREUE paper on algorithmic discrimination in lending: CNBC and the Washington Post.

Ken Rosen in the Mercury News on Prop 10’s impact on the supply of housing in California.

Ken Rosen warns of the upcoming slowdown and recession at ULI.

Nancy Wallace interviewed by Scotsman Guide Media.

Ken Rosen in the Mercury News on Prop 10’s impact on the supply of housing in California.

FCREUE research cited in Bloomberg profile of risky nonbank lenders taking advantage of government backing of loans.

Nancy Wallace in Bloomberg on the risks of Fannie and Freddie offering lines of credit to undercapitalized nonbank lenders.

Cal team takes the Golden Shovel back from Stanford, at the 29th Annual NAIOP Golden Shovel Challenge. Congratulations!

“The biggest risk for the Bay Area is the hyperinflation in housing costs. We are in a bubble.” Ken Rosen in the SF Business Times on the 2nd-longest economic recovery in US history.

Professor Nancy Wallace and Richard Stanton’s work on the systemic risk posed by non-bank mortgage lending in the Financial Times.

Professor Amir Kermani’s work on broker networks featured in an article in The Economist on insider trading.

Ken Rosen in the New York Times on dramatic consequences of the GOP tax bill: “It makes the decision of staying in California much more difficult.”

Ken Rosen at the ULI Fall Meeting: Deep tax cuts “will give us inflation and higher interest rates, and will lead to a recession two or three years down the road.”

FCREUE professor Enrico Moretti in the New York Times on the economic costs of local housing regulations.

A new report by Rosen Consulting and the Fisher Center on the barriers to homeownership in America: Hurdles to Homeownership: Understanding the Barriers. Forbes has covered the report here.

Coverage of the 22nd Annual Fisher Center Real Estate Conference on ABC7 News.

“Almost a boom.” Ken Rosen on the red-hot housing market on CBS News.

Ken Rosen in the Wall Street Journal: Homeownership remains below normal levels, and that has cost the U.S. $300 billion.

Ken Rosen interviewed on CNBC discussing the impact of the collapse in homeownership on the larger economy.

A new report by Rosen Consulting Group and the Fisher Center for Real Estate & Urban Economics examines the collapse of homeownership to 50-year lows: Homeownership in Crisis: Where are We Now?

“The day of reckoning is coming.” Ken Rosen in the SF Business Times on slowing job growth and the massive wave of new office space coming to SF in 2017.

Professor Palmer on KQED’s Forum on the potential weakening of the Bay Area Housing Market.

“It’s not necessarily helping those that need it most.” Prof. Palmer on rent control in Silicon Valley in the Wall Street Journal.

Fisher Center professors Kermani and Palmer demystify quantitative easing and explain the important relationship between QE and mortgage refinancing.

“SF and NY are leading the way in the downturn.” Ken Rosen in the Wall Street Journal on falling rents in big cities.

Rent control “puts the burden of housing affordability on the backs of a few people”, says Professor Palmer in the San Francisco Chronicle.

“Our mortgage finance system is still not working well for lower- and middle-income households,” says Ken Rosen in the Wall Street Journal.

Only a correction in the tech sector will improve housing affordability in SF, says Ken Rosen in the Guardian.

What would a Republican president mean for US housing markets? Profs Edelstein and Palmer in

Chistopher Palmer in Elle Decor on how Brexit will impact real estate in the US.

“It’s an overreaction.” Ken Rosen on Brexit in The Registry SF.

Ken Rosen on office leasing in SF Business Times. The current tech pullback “is just the beginning.”

Ken Rosen in Bloomberg: Tech consolidation could lead to job cuts that will hurt home prices and rents in SF.

The Terner Center has launched a new tool for assessing the impact of local housing regulations, the Housing Development Dashboard.

Congratulations to the UC Berkeley team that won the Bank of America Low-Income Housing Challenge with their Heartwood Commons design for West Oakland.

Suburbs try to act like cities to attract young workers: Victor Couture’s research on the new urban revival in the Wall Street Journal.

Professor Couture in the Atlantic’s CityLab on the causes of the urban revival in America.

Thanks to everyone who attended the 20th Annual Fisher Center Real Estate Conference. A report on the conference can be read here.

Rising rents outpace wages in wide swaths of the U.S., says Ken Rosen in the Wall Street Journal.

Congratulations to the Cal team for winning the 26th Annual NAIOP Golden Shovel Real Estate Challenge!

Professor Christopher Palmer was a guest on KQED’s Forum, commenting on Richmond’s new rent control ordinance.

Professor Robert Edelstein was on KALW’s Your Call radio show, discussing the impact of global investment on the Bay Area real estate market.

Professor Christopher Palmer interviewed by Fox News 2 on the 15 percent increase in Bay Area rent prices.

“The bubble we have here in real estate prices is really enormous.” Ken Rosen discusses the San Francisco housing bubble on MSNBC.

UC Berkeley’s Carol Galante interviewed by the San Jose Mercury News on affordable housing.

“The reality is that big finance is contracting, and law is contracting, while tech continues to expand,” says chair Ken Rosen in a SF Gate article on how the technology boom is changing the face of another district in San Francisco.

Republican gains could force the Fed to inch interest rates up more quickly than planned, according to Ken Rosen. highlights a study coauthored by Amir Kermani on whether low interest rates actually boosted household consumption.

Ken Rosen “very worried” that capitalization rates in the commercial real estate industry are now at their lowest levels in history.

UC Berkeley offers new Interdisciplinary Graduate Certificate in Real Estate.

Nancy Wallace on NPR’s Here and Now, discussing the reasons the median home price in SF has hit $1 million.

Housing bouncing back from a slow first quarter due to lower interest rates and easier credit, says Chair Ken Rosen on CNBC’s Street Signs. -6/23/14

“Booms always end badly,” says chair Ken Rosen in a re/code interview on a potential tech bubble. “We are at an inflection point.” – 5/30/14

“Booms have unintended consequences.” Chair Ken Rosen on the housing affordability problem in SF – 5/27/14

UC Berkeley Gets Serious About its Real Estate, as The Registry reports. – 5/2/14

Chair Ken Rosen sees Bay Area real estate continuing to hum as he opens the 19th Annual Fisher Center Real Estate Conference in San Francisco, featured in The Registry – 4/29/14.

Are San Francisco office tenants leasing up too much space? – 4/28/14.

Chair Ken Rosen concerned that the new housing finance system being built will only serve to sustain today’s tight credit conditions, as Mortgage News Daily reports – 3/31/14.

Little evidence that Airbnb is driving up rents in SF, says Chair Ken Rosen in Washington Post article – 3/25/14.

Mortgage rates will be up 50-100 basis points a year from now, says Chair Ken Rosen in an interview on NBR – 3/20/14.

Now is a good time to finance a house, says Chair Ken Rosen in CNBC interview – 3/20/14.

Ken Rosen on LA’s “Silicon Beach”: Talk of a bubble is premature – 2/14/14.

Chair Ken Rosen on the impact of lower mortgage rates and weak stock market data on CNBC Street Signs – 2/3/14.

Airbnb not to blame for spike in rents in SF, says FCREUE chair Ken Rosen. Click here to read the article, 1/22/14.

Chair Ken Rosen on the tech real estate boom in SF: “We’ve probably got two or three more years of this.”, 12/4/13.

Chair Ken Rosen on CNBC’s Street Signs discussing momentum in the housing market and the end of extreme exuberance – 11/26/13.

Chair Ken Rosen says the real estate sector is in the “sweet spot” of the economic cycle at the REIT World Conference – 11/13/13.

Chair Ken Rosen coauthored a paper on how to fix mortgage lending standards. Click here to read the article, 10/31/13.

Did well-connected banks get special treatment during the financial crisis? Haas professor Amir Kermani’s coauthored article on the value of political connections featured in Slate.

Chair Ken Rosen on panel discussing the possibility of a real estate bubble in San Francisco – 10/15/13.

Chair Ken Rosen interviewed on the impact of the Twitter IPO on the San Francisco real estate market – 10/15/13.

How will rising interest rates affect the housing market? Chair Ken Rosen discusses the Federal Reserve’s impact and latest housing stats on CNBC – 8/21/13.

Chair Ken Rosen addresses the housing market and factors contributing to the Bay Area’s strong recovery on the latest CNBC Street Signs – 7/30/13.

Professor Dwight Jaffee testifies as an expert witness in the high profile SEC lawsuit against former Goldman Sachs employee Fabrice Tourre. See the NY Times article, 7/15/13.

New book edited by Professor Dwight Jaffee, Dr. Cynthia Kroll and Dr. Ashok Bardhan measures impact of offshoring on worldwide employment. For more information, see the latest Haas Newswire, 7/13/13.

Chair Ken Rosen discusses rate increases and the imminent risks of adjustable-rate mortgages on CNBC’s Street Signs, 6/26/13.

Professor Dwight Jaffee testified in Congress on 6/12/13, calling for private markets to replace Fannie Mae and Freddie Mac. For more information, see Haas Newsroom.

Chair Ken Rosen lends his perspective on rising mortgage rates and the housing recovery on CNBC’s Street Signs, 5/31/13.

The Asia Society has announced an upcoming conference on “Courting the Chinese Buyer: The New California Real Estate Boom”. Registration is available here.

Chair Ken Rosen discusses the latest on the apartment market on CNBC’s Street Signs, 5/17/13.

Congratulations to Linda Algazzali, Senior Financial and Project Analyst, recipient of this year’s Chancellor’s Outstanding Staff Award! See Haas Newswire, 4/29/13.

Chair Ken Rosen addressed gradual improvements on the economic front at the 18th Annual Fisher Center Real Estate Conference. See The Registry’s article, 4/29/13.

Chair Ken Rosen & leading industry execs to tackle “recovery or bubble” in real estate markets at the 18th Annual Fisher Center Real Estate Conference, April 22, 2013 – For further information, see Haas Newswire.

Congratulations to Real Estate PhD candidate Paulo Issler, recipient of the 2012-2013 Outstanding Graduate Student Instructor Award!

Bay Area housing prices are up! Chair Ken Rosen lends his perspective in the SF Gate article “Home prices in Bay Area up 17.5% in January,” 3/26/13.

Chair Ken Rosen addresses San Francisco’s hot housing market on CNBC’s “San Fran’s Flash Sales” episode, 3/26/13.

Chair Ken Rosen discusses real estate investment prospects at Pension Real Estate Association’s 2013 Spring Conference in Washington, D.C. See Commercial Property Executive’s article, 3/16/13.

Professor Nancy Wallace lends her expertise in ongoing efforts to develop a sound financial model for Cal’s Memorial Stadium renovation debt of $321 million. For the latest information, see KQED’s article from 2/25/13.

Chair Ken Rosen relays the latest on the housing market on CNBC’s Street Signs – 2/25/13.

Which housing reports are most important to your investments? Chair Ken Rosen offers insight on CNBC’s “Housing Data Haze” episode – 2/13/13.

Chairman Ken Rosen presented at the Summit Meeting on the Future of Housing in California, sponsored by the Fisher Center for Real Estate & Urban Economics, on Tuesday, February 12, 2013. Other speakers included Governor Jerry Brown and Bank of America CEO Brian Moynihan. See the SF Chronicle article, 2/12/13.

Chariman Ken Rosen shares his perspective on California home foreclosures in the Los Angeles Times article “Number of homes entering foreclosure drops 22.1% to six-year low” – 1/23/13.

The Oxford Handbook of Offshoring and Global Employment, edited by Ashok Bardhan, Dwight Jaffee and Cynthia Kroll, will be published March 2013. For further detail and ordering information, see the Oxford University Press website.

UC Berkeley’s real estate program featured in ULI’s Urban Land Magazine – December 2012.

Read about Chairman Ken Rosen’s recent real estate and economic outlook presented at the 35th Annual Real Estate & Economics Symposium in the following Inman News article – 11/20/12.

Professor Nancy Wallace has been selected to serve on the U.S. Department of Treasury’s Financial Research Advisory Committee of the Office of Financial Research (OFR). See the U.S. Department of Treasury press release for further information, 11/14/12.

Business school website “Poets & Quants” profiles Professor Dwight Jaffee as one of the world’s top business professors, 11/5/12. See Haas Newsroom for more information.

Chairman Ken Rosen lends his perspective on yields and vacancy rates in the Bloomberg article Not New York Towers Rise With Embrace of Yield: Mortgages” – 10/7/12.

Global Housing Markets: Crises, Policies, and Institutions, edited by Ashok Bardhan, Robert Edelstein and Cynthia Kroll, offers a global look at reasons behind the recent economic collapse and responses to it. For more information, see Haas Research News. The Fisher Center for Real Estate & Urban Economics co-hosted a full-day forum addressing financing and energy efficiency improvements for commercial and multifamily residential buildings on 10/5/12. See Haas Newsroom for more information.

Professor Dwight Jaffee to speak on the topic of “Recovery: the Role of Housing Finance in the Economy” at the European Mortgage Federation Annual Conference 2012, November 14–15, Brussels.

Chairman Ken Rosen weighs in on the disconnect between impressive Lennar earnings and the S&P home builders index and disappointing existing home sales on CNBC’s “The Housing Disconnect” episode – 9/24/12.

Professor Robert Edelstein weighs in on the need for government support and prudent housing policies in CNN Money article “Can the middle class thrive without home ownership?” – 9/11/12.

Are large scale energy retrofits a financially viable option for building owners? Professor Nancy Wallace weighs in on the topic in the following article, 7/24/12.

Chairman Ken Rosen lends his perspective on Bay Area housing value increases in the Contra Costa Times article “Bay Area Housing Values Jump In Second Quarter” – July 24, 2012

Chairman Ken Rosen weighs in on Wall Street’s single-family home investment trends in the following CNN Money article – July 24, 2012.

Professors Dwight Jaffee and Nancy Wallace will serve as keynote speakers at the upcoming SIFR Conference on Real Estate and Mortgage Finance, August 20-21, 2012 in Stockholm. For additional information, visit The Institute for Financial Research (SIFR).

UC Berkeley ties for 1st place in the Bank of America Low Income Housing Challenge, May 2012 – Go Bears!! For more information, see Haas Archives.

Chairman Ken Rosen addresses refinancing and record low mortgage rates on CNBC’s “Refi Roulette” episode – June 1, 2012.

Professor Dwight Jaffee lends his perspective on mortgage-backed securities in the following Market News International article “Investors, Analysts Don’t All See Benefits In Single Agency MBS” – May 23, 2012.

Read The Registry’s article highlighting Chairman Ken Rosen’s economic forecast, featured at the 17th Annual Real Estate Conference on April 30, 2012.

Read “A Comparative Context for U.S. Housing Policy: Housing Markets and the Financial Crisis in Europe, Asia, and Beyond” by Ashok Bardhan, Robert Edelstein and Cynthia Kroll, released April 17, 2012 by the Bipartisan Policy Center Housing Commission.

Chairman Ken Rosen shares his views on San Francisco’s tech boom in the San Francisco Chronicle article “S.F. tech boom triggers concern about another bust” – April 15, 2012.

Read Professor Robert Edelstein’s latest entry on The Berkeley Blog – April 6, 2012.

Executive Director for Staff Research and Senior Regional Economist, Cynthia Kroll, and Senior Research Associate, Ashok Bardhan, to speak at Bipartisan Policy Center Forum addressing U.S. housing policy, April 17, 2012.

Watch Professors Dwight Jaffee, Richard Stanton, and Nancy Wallace discuss energy efficiency and commercial-mortgage valuation on Haas Insights, March 7, 2012.

Read Atif Mian’s article in Bloomberg News on debt-ridden housing and the U.S. economy, March 1, 2012.

Read the National Real Estate Investor article revealing how the private sector’s involvement could help turn the housing market around, featuring Chairman Ken Rosen, February 28, 2012.

Read “Social Networks and Interactions in Cities”, the study by Fisher Center Co-Chair Robert Helsley and co-author Yves Zenou, Professor of Economics at Stockholm University.

“Entrepreneurs and Cities: Complexity, Thickness and Balance”, the real estate research study by Fisher Center Co-Chair Robert Helsley and co-author William C. Strange, Professor at the Rotman School of Management, University of Toronto.

Rents continue to rise, even as housing prices fall. Read more in this New York Times article featuring Chairman Ken Rosen, February 24, 2012.

Read the Wall Street Journal article highlighting Chairman Ken Rosen’s co-authored research paper on the foreclosure to rental model, February 23, 2012.

Chair Ken Rosen talks about investing in real estate investment trusts and the outlook for the U.S. housing market on Bloomberg News, February 2, 2012.

Read Atif Mian’s co-authored article in Bloomberg Businessweek, highlighting the relationship between household debt, unemployment, and economic recovery.

Read Fisher Center Senior Research Associate Ashok Bardhan’s blog post on the symposium/workshop in New Dehli, March 23-25, 2011: Berkeley goes to India

Housing affordability is at its best level in 30 years, according to Chair Ken Rosen, who says maybe now is the time to buy. Watch his conversation with MarketWatch from July 21, 2011.

Hear Chair Ken Rosen’s thoughts on why the housing market is in a period of sustained but choppy growth in California on Marketplace Morning Report, Wednesday, July 20, 2011.

Read Fisher Center Co-Chair Robert Edelstein’s Policy Fixes for the U.S. Housing Finance System.

Read Fisher Center Co-Chair Dwight Jaffee’s recommendations for Fixing the U.S. Morgage Market.