Susan M Wachter
- Albert Sussman Professor of Real Estate, Professor of Finance, Co-Director, Penn Institute for Urban Research
Contact Information
- Primary Email:
wachter@wharton.upenn.edu - Office Phone:
(215) 898-6355
- office Address:
422 Dinan Hall
3733 Spruce Street
Philadelphia, PA 19104
Research Interests: housing finance, real estate economics, urban economics
Links: CV, Personal Website
Overview
Consulting
Real Estate Markets – Jones Lang LaSalle; Mortgage Insurance Markets – GE Financial.
Career and Recent Professional Awards; Teaching Awards
American Real Estate and Urban Economics Lifetime Achievement Award 2005; American Real Estate and Urban Economics Best International Paper Award 1995; Undergraduate Division Excellence in Teaching Award, 1991; Lindback Award for Distinguished Teaching, University of Pennsylvania, 1975; Anvil Award for Teaching Excellence, 1974
Academic Positions Held
Wharton: 1972-present; named Albert Sussman Professor of Real Estate July 2013; (Richard B. Worley Professor of Financial Management, 2003-2013); Chairperson, Real Estate Department, 1997-2000; Director, Wharton Geographical Information Systems Lab, 1995-present). University of Pennsylvania: (Co-director of Penn Institute for Urban Research, 2004-Present; Professor of City and Regional Planning, 1995-present; Ombudsman, 1987-90). Previous appointment: Bryn Mawr College. Visiting appointment: Singapore Management University (Celia Moh Visiting Professor, 2004)
Professional Leadership
Board of Editors, Journal of Housing Economics, 2003-present; Board of Editors, Housing Policy Debate, 2003-present; Board of Editors, Journal of Real Estate and Finance, 2003-present; Board of Editors, Journal of Real Estate Research, 2004-present; Board of Editors, Journal of Housing Research, 2006; Homer Hoyt Institute Faculty Fellow, 2003-present
Corporate and Public Sector Leadership
Financial Research Advisory Committee, Office of Financial Research, U.S. Department of the Treasury 2016-present; Global Urban Development Advisory Board; National Research Council Review Board on HUD Research 2008; Advisory Board for Regulatory Research, National Association of Homebuilders, 2005-2006; Board of Directors, American Real Estate and Urban Economics Association, 2003-2006; Blue Ribbon Committee on Housing Finance, 2005-2006
Research
Susan M Wachter, John V. Duca, Lilit Popoyan (2019), Real Estate and the Great Crisis: Lessons for Macro-Prudential Policy, Contemporary Economic Policy, Vol. 37 (), pp. 121-137.
Susan M Wachter, Arthur Acolin, Desen Lin (2019), Endowments and Minority Homeownership, Cityscape: A Journal of Policy Development and Research, Vol. 21 (), pp. 5-62.
Susan M Wachter, Adam Levitin, Desen Lin (2019), Mortgage Risk Premiums during the Housing Bubble, Journal of Real Estate Finance and Economics, forthcoming..
Susan M Wachter, Howard Kunreuther, Carolyn Kousky, Michael Lacour-Little, Flood Risk and the US Housing Market.
Susan M Wachter and Patricia Mccoy, Why the Ability-to-Repay Rule is Vital to Financial Stability.
Susan M Wachter, Pedro Gete, Franco Zechetto (Working), Credit Risk Transfers and Financial Fragility.
Susan M Wachter, Arthur Acolin, Desen Lin, The Persistence of Low Minority Homeownership.
Susan M Wachter, Andrey Pavlov, Eduardo Schwartz, Price Discovery in the Credit Markets.
Susan M Wachter, Marja Hoek-Smit, Kim Kyung-Hwan (Working), Housing Finance and the New Urban Agenda.
Susan M Wachter (2018), “Credit Risk, Informed Markets, and Securitization,” Economic Policy Review, , Vol. 24 (), pp. 117-137.
Teaching
All Courses
BEPP2360 - Int'l Housing Comparisns
This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on the development of securitization markets and addresses the current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.
BEPP8360 - Int'l Housing Comparisns
This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on the development of securitization markets and addresses the current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.
CPLN9990 - Independent Study
Independent Study supervised by a faculty member.
PPE3999 - Independent Study
Student arranges with a faculty member to pursue a research project on a suitable topic. For more information about research and setting up independent studies, visit: https://ppe.sas.upenn.edu/study/curriculum/independent-studies
REAL2150 - Urban Real Estate Econ
Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam. Lecture with discussion required.
REAL2360 - Int'l Housing Comparisns
This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on the development of securitization markets and addresses the current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.
REAL3990 - Independent Study
All independent studies must be arranged and approved by a Real Estate department faculty member.
REAL7240 - Urban Real Estate Econ
Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam. Lecture with discussion required.
REAL8360 - Int'l Housing Comparisns
This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on the development of securitization markets and addresses the current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.
REAL8990 - Independent Study
All independent studies must be arranged and approved by a Real Estate Department faculty member.
REAL9450 - Urban Real Estate Econ
Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam. Lecture with discussion required.
REAL9950 - Dissertation
Dissertation
REAL9990 - Independent Study
URBS3999 - Independent Study
Specialized topics in Urban Studies. This course may be taken by permit only, once a faculty advisor has agreed to be the professor of record, and the scope of work has been approved in advance by the department.
Awards and Honors
- American Real Estate and Urban Economics Lifetime Achievement Award, 2005
- Presidential Appointment, Senate Confirmation, Assistant Secretary, HUD, 1998-2001
- Best Published Paper (Real Estate Economics), 1996
In the News
- “World’s Biggest Property Binge is Coming to a City Near You”, Bloomberg TV for the show “What’d You Miss?” - 11/22/2016 Description
Dr. Wachter was interviewed by Bloomberg TV for the show “What’d You Miss?” during which she discussed her article published by Bloomberg News titled “World’s Biggest Property Binge is Coming to a City Near You” on November 22, 2016.
- “In shift, Airbnb agrees to San Francisco regs,”, USA Today - 11/14/2016
- Trenton Can Use This As A Blueprint For Its Future, NJ.com - 10/31/2016
- Zombie Properties Returning to Life, Marketplace - 09/08/2016
- How to Prevent the Next Housing Crisis, The Fiscal Times - 08/24/2016
- Lopsided Housing Rebound Leaves Millions of People Out in the Cold, Wall Street Journal - 08/11/2016
- Why We May See a ‘Generation of Permanent Renters’, The Daily Caller - 08/08/2016
- Super-Fast Mortgage Approval and Zero Down. Say What?, Marketplace - 07/27/2016
- A Roaring Trade: Chinese Tiger Mums Start a College-Town Housing Boom, The Economist - 06/18/2016
- Interview on the Global Rental Housing Market, CCTV - 06/09/2016
- American Housing Prices Going Big Again, NPR - 06/02/2016
- By One Measure, that Million-Dollar Home in San Francisco Isn’t as Expensive as it Seems, Marketplace - 05/30/2016
- Homeownership Rates Are Falling, and It’s Not Just a Millennial Problem, Forbes - 05/06/2016
- Tiny Is the New Big: The Next Wave of Space-Defying, Affordable Homes, Realtor.com - 04/14/2016
- Why Aren’t New Homes Going Up That Millennials Can Afford?, Realtor.com - 04/06/2016
- Are Bespoke Tranche Opportunities Dangerous? They Pose A Risk – Just Not Right Away., Bustle - 04/05/2016
- 2016’s Property Taxes By State, WalletHub - 03/09/2016
- Which Region Is Poised to See the Most Home Sales?, Realtor.com - 02/29/2016
- Budget Stalemate Puts Damper on Developers’ Plans for Philadelphia., Philadelphia Inquirer - 02/24/2016
- Is ‘The Big Short’ Right About Bespoke Tranche Opportunities? Experts Weigh in On the Film’s Alarming Ending, Bustle - 02/09/2016
- Is the Shady Stuff From “The Big Short” Era Still Going On?, Time - 12/24/2015
- The Vast Inequality of rental inflation, Marketplace - 11/06/2015
- Outlook on the U.S. Housing Market, Bloomberg Television - 10/19/2015
- Shopping for a House? Check Out the Garden., Marketplace - 10/15/2015
- Renting Vs. Buying, CNBC - 09/22/2015
- Is Housing the Engine Driving U.S. Economic Growth?, Bloomberg Television - 08/25/2015
- How Cities Are Starting to Turn Back Decades of Creeping Urban Blight, The Washington Post - 05/20/2015
- Spring Housing Outlook: For Some, a Window of Opportunity, MainStreet.com - 03/23/2015
- The Housing Market is Still Struggling, Marketplace - 02/24/2015
- Moonlighting No Help to Americans Seeking to Buy a Home, Bloomberg - 11/25/2014
- Why Homeownership Isn’t Catching Up with The Rest of the Economy, NPR - 10/30/2014
- More Money Down Adds to U.S. First-Time Buyer Blues, Bloomberg - 08/14/2014
- Housing’s Bad Month, Via the Letter ‘L’, Marketplace - 04/01/2014
- Real-Estate Tech Takes NYC, Wall Street Journal - 01/05/2014
- Your Money: Aftermath of a U.S. government default, Philadelphia Inquirer - 10/17/2013
- Re/Max Gains After $220 Million IPO Priced Above Target, Bloomberg - 10/02/2013
- Why the Commercial Real Estate Crash Never Came, Fortune - 09/23/2013
- Housing Boom or Bubble?, CNBC - 09/11/2013
- American Realtor’s Worries Amid Home Buying Spree, Xinhua - 08/25/2013
- Banks Sue a California City Trying to Take Over Underwater Mortgages, American Public Media's Marketplace - 08/08/2013
- The Real Estate Ripple Effect, BBC News/Online - 07/31/2013
- Stable, Affordable Federal Financing for Homes, New York Times - 06/20/2013
- Detroit Survival Depends on Speed of Destruction, Bloomberg - 05/30/2013
- Wall Street Revives Foreclosed Homes as Rentals, American Public Media's Marketplace - 05/03/2013
- Housing Rebound is Facing Obstacle: Too Few Homes, Associated Press - 05/01/2013
- What’s Hot in Housing Trends These Days?, American Public Media's Marketplace - 04/16/2013
- Street Signs: Is Housing Market Back?, CNBC - 02/26/2013
- Home Prices Start to Climb Again, American Public Media's Marketplace - 02/01/2013
- New Mortgage Rules Would Limit Risky Lending, NPR - 01/10/2013
- Wachter: Bank Lending Key to Housing Recovery, Fox Business Network - 01/07/2013
- Homeownership Sparks Economy in Many Ways, American Public Media's Marketplace - 12/26/2012
- Experts Discuss Health of the Federal Housing Authority, C-Span - 11/30/2012
- Shelter Crisis After the Storm, Reuters Television - 11/05/2012
- The Housing Disconnect, CNBC - 10/24/2012
- Obama’s Plan To Target Foreclosed Properties Depends On A Broader Recovery, Huffington Post - 09/10/2011
- U.S. Housing Market, Outlook, Bloomberg Television - 08/17/2011
- Street Signs, CNBC - 07/26/2011
- Street Signs, CNBC - 06/21/2011
- Comments on U.S. Housing Prices and Home Ownership Rates., NBC Nightly News - 05/31/2011
- Nightly Business Report, PBS - 10/18/2010
- Foreclosure Errors May Cloud Ownership of U.S. Homes, BusinessWeek.com - 10/01/2010
- How the 30-year mortgage came to be, Marketplace Public Radio - 09/15/2010
- Banks’ Plans for Foreclosed Homes Will Drive Market, Wall Street Journal - 09/13/2010
- Crisis of Confidence, CNBC, "Street Signs" - 08/25/2010
- Dismal Home Sales Report Renews Economic Recovery Concerns, PBS, "News Hour" - 08/24/2010
- Saving Fannie & Freddie, CNBC, “Squawk Box" - 08/17/2010
Knowledge at Wharton
- Inflation and the Housing Market | Susan Wachter, Knowledge at Wharton - 5/28/2024
- Will Gen Z Be Able to Afford Houses?, Knowledge at Wharton - 2/27/2024
- Real Estate in 2024: Relief Is in Sight, Knowledge at Wharton - 1/2/2024
- What’s Ahead for U.S. Real Estate? A Midyear Update, Knowledge at Wharton - 7/14/2023
- Fallout from the Banking Crisis: What’s Ahead?, Knowledge at Wharton - 4/4/2023
- How the Banking Crisis Could Hurt Real Estate Lending, Knowledge at Wharton - 3/21/2023
- What’s Ahead for the U.S. Housing Market?, Knowledge at Wharton - 1/10/2023
- When Will Housing Prices Fall?, Knowledge at Wharton - 10/4/2022
- Can the U.S. Avoid a Recession?, Knowledge at Wharton - 4/26/2022
- Will 2022 Be a Banner Year for Real Estate?, Knowledge at Wharton - 1/18/2022
Wharton Stories
- How the Summer Program for Undergraduate Research Helped This Undergrad Discover Passion for Real Estate Finance, Wharton Stories - 07/20/2017
Activity
Latest Research
In the News
Inflation and the Housing Market | Susan WachterProfessor Susan Wachter looks at ongoing issues in the housing market and how they connect to inflation.…Read More
Knowledge at Wharton - 5/28/2024Wharton Stories
How the Summer Program for Undergraduate Research Helped This Undergrad Discover Passion for Real Estate FinanceAidan Thornton, W’17, wasn’t sure about his path until he conducted research with Prof. Susan Wachter into real estate finance through the Summer Program for Undergraduate Research….
Wharton Stories - 07/20/2017