Susan M Wachter

Susan M Wachter
  • Albert Sussman Professor of Real Estate, Professor of Finance, Co-Director, Penn Institute for Urban Research

Contact Information

  • office Address:

    422 Vance 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

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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.

  • FNCE3990 - Independent Study

    Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.

  • FNCE8990 - Independent Study

    Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. Applications for FNCE 8990 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. ISP's must be supervised by a Standing Faculty member of the Finance Department.

  • 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

  • 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

Knowledge at Wharton

Wharton Stories

Activity

Latest 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.
All Research

In the News

When Will Housing Prices Fall?

The Federal Reserve’s fiscal policy is meant to curb inflation, but it has a countervailing effect of squeezing an already tight real estate market, according to Wharton’s Susan Wachter. She explains why home prices likely won’t come down without significant unemployment.Read More

Knowledge at Wharton - 10/4/2022
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Wharton Magazine

Setting the Media Straighter

The Wharton Seminars for Business Journalists, a time-honored 40-year tradition, took a new turn in 2012 with the first-ever program focused on public policy.

Wharton Magazine - 07/25/2012

Wharton Stories

Aidan ThorntonHow the Summer Program for Undergraduate Research Helped This Undergrad Discover Passion for Real Estate Finance

Aidan 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
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