THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 33 2008May-June
3 15 21 29 37 48 2
ARES SPECIAL ARES May-June 2008 3
ARES SPECIAL 4 ARES May-June 2008
ARES SPECIAL ARES May-June 2008 5
6 ARES May-June 2008 ARES SPECIAL
7 ARES May-June 2008 ARES SPECIAL
ARES SPECIAL 8 ARES May-June 2008
ARES SPECIAL ARES May-June 2008 9
ARES SPECIAL 10 ARES May-June 2008
ARES SPECIAL ARES May-June 2008 11
12 ARES May-June 2008 ARES SPECIAL
13 ARES May-June 2008 ARES SPECIAL
ARES SPECIAL 14 ARES May-June 2008
ARES REPORT ARES REPORT ARES May-June 2008 15
ARES REPORT 16 ARES May-June 2008
ARES REPORT ARES May-June 2008 17
ARES REPORT 18 ARES May-June 2008
ARES REPORT ARES May-June 2008 19
20 ARES May-June 2008 ARES REPORT
21 ARES May-June 2008 ARES REPORT ARES REPORT
22 ARES May-June 2008 ARES REPORT
23 ARES May-June 2008 ARES REPORT
ARES REPORT 24 ARES May-June 2008
ARES REPORT ARES May-June 2008 25
ARES REPORT 26 ARES May-June 2008
27 ARES May-June 2008 ARES REPORT
ARES REPORT 28 ARES May-June 2008
ARES REPORT ARES REPORT ARES May-June 2008 29
ARES REPORT 30 ARES May-June 2008
31 ARES May-June 2008 ARES REPORT
ARES REPORT 32 ARES May-June 2008
ARES REPORT ARES May-June 2008 33
ARES REPORT 34 ARES May-June 2008
35 ARES May-June 2008 ARES REPORT
ARES REPORT 36 ARES May-June 2008
ARES REPORT ARES REPORT ARES May-June 2008 37
ARES REPORT 38 ARES May-June 2008
ARES REPORT ARES May-June 2008 39
ARES REPORT 40 ARES May-June 2008
ARES REPORT ARES May-June 2008 41
42 ARES May-June 2008 ARES REPORT
ARES REPORT ARES May-June 2008 43
ARES REPORT 44 ARES May-June 2008
ARES REPORT ARES May-June 2008 45
ARES REPORT 46 ARES May-June 2008
47 ARES May-June 2008 ARES REPORT
48 ARES May-June 2008
ARES May-June 2008 49
50 ARES May-June 2008
ARES May-June 2008 51
52 ARES May-June 2008
53 ARES May-June 2008
54 ARES May-June 2008
ARES May-June 2008 55
56 ARES May-June 2008
ARES May-June 2008 57
58 ARES May-June 2008
Vol. 13 2008 May-June 60 66 72 82 87 96
60 May-June 2008
May-June 2008 61
62 May-June 2008
May-June 2008 63
64 May-June 2008
May-June 2008 65
66 May-June 2008
67 May-June 2008
68 May-June 2008
69 May-June 2008
70 May-June 2008
May-June 2008 71
72 May-June 2008
73 May-June 2008
74 May-June 2008
P = α P t * * t 1 + β ( Pt 1 Pt 1 ) + γ Pt May-June 2008 75
76 May-June 2008
77 May-June 2008
P t = α P t 1 = 0.11 P + β ( P t 1 * t 1 P + 0.12( P t 1 * t 1 ) + γ P P t 1 ) + 1.26 P (1.17) (3.36) (8.71) 2 n = 65, adj. R = 0.53 * t * t 78 May-June 2008
May-June 2008 79
80 May-June 2008
May-June 2008 81
82 May-June 2008
May-June 2008 83
84 May-June 2008
85 May-June 2008
86 May-June 2008
87 May-June 2008
88 May-June 2008
89 May-June 2008
90 May-June 2008
91 May-June 2008
92 May-June 2008
93 May-June 2008
94 May-June 2008
95 May-June 2008
96 May-June 2008
May-June 2008 97
98 May-June 2008
May-June 2008 99
100 May-June 2008
May-June 2008 101
102 May-June 2008
May-June 2008 103
104 May-June 2008
May-June 2008 105
106 May-June 2008
May-June 2008 107
108 May-June 2008
May-June 2008 109
110 May-June 2008
May-June 2008 111
112 May-June 2008
113 May-June 2008
114 May-June 2008
ARES May-June 2008 115