Joseph Gyourko is the Martin Bucksbaum Professor of Real Estate, Finance and Business & Public Policy at The Wharton School of the University of Pennsylvania. He also serves as Director of the Zell/Lurie Real Estate Center at Wharton and is Chair of the Real Estate Department. Professor Gyourko received his B.A. from Duke University and a Ph.D. in economics from the University of Chicago. His research interests include real estate finance and investments, urban economics, and housing markets. Professor Gyourko is a Research Associate of the National Bureau of Economic Research (NBER) and is Co-Director of the NBER Project on Housing Markets and the Financial Crisis. A former editor of Real Estate Economics, Professor Gyourko presently serves on various journal editorial boards. Professor Gyourko is a past Trustee of the Urban Land Institute (ULI) and currently serves on the Board of Directors of the Pension Real Estate Association (PREA). Finally, he consults and advises real estate various companies and investors.
University of Chicago, Ph.D., Economics, 1984 Duke University, A.B. (Summa Cum Laude), Economics, 1978
As America finally emerges from the housing crisis, new research raises important questions about how future crises can be prevented and how federal housing policy can be targeted more transparently toward the families it intends to help.
Current Federal Housing Administration (FHA) policy fails in its mission to help many first-time and financially contrained homebuyers achieve homeownership; to make matters worse, FHA has failed to remain financially solvent. In this paper, Joe Gyourko proposes phasing out FHA over a period of years and replacing it with a plan that offers simplicity, transparency, sustainability, and safety.
Drawing on original risk analysis, Wharton School professor Joseph Gyourko explains why FHA's failure to accurately account for the unemployment risk in its Single-Family Mutual Mortgage Insurance Fund is a key cause of its increasing share of seriously delinquent loans and the insolvency of its main insurance fund.
It was no surprise to this observer when the recently released 2012 fiscal year actuarial review of the Federal Housing Administration’s (FHA’s) main single family mortgage insurance fund concluded that it was insolvent.
At this AEI event, Wharton professor Joseph Gyourko discusses the implications of his research on the Federal Housing Administration. Edward Pinto, AEI scholar and housing finance expert, will respond.
As the US debt continues to grow, HUD officials still fail to own up to the massive liabilities on their books that could cost taxpayers mightily. In a point by point refutation, Wharton professor Joseph (Joe) Gyourko responds to HUD's attack of his recent AEI report.
HUD recently issued its first official response to the report "Is FHA the Next Housing Bailout?", providing important insight into the perspective of HUD’s leadership on the issue of the solvency of the FHA insurance fund.