University of Southern California

Raphael Bostic

Professor

Ralph and Goldy Lewis Hall 326
Los Angeles, CA 90089-0626
Email: bostic@usc.edu
Phone: (213) 740-1220
Fax: (213) 740-6170
Ph.D. in Economics
Stanford University

Expertise
Urban development, urban economics

Biographical Sketch
Raphael Bostic, Ph.D., is a Professor in USC's School of Policy, Planning, and Development. He was Director of the school's Master of Real Estate Development degree program, was the founding Director of the Casden Real Estate Economics Forecast, which tracks and models southern California's office, industrial, and multifamily apartment markets, and served as the Interim Associate Director of the USC Lusk Center for Real Estate.

Dr. Bostic is an expert on housing and homeownership, and has extensively studied the roles that credit markets, financing, and policy play in enhancing household access to economic and social amenities. His most recent work examines how mortgage finance institutions, such as Fannie Mae and Freddie Mac, have influenced the flow of mortgage credit through lenders that mainly originate high cost, or subprime, loans and through the Federal Housing Administration insurance program. He is also currently studying the role of the private label secondary market in facilitating the flow of capital to subprime and possibly predatory loans.

Dr. Bostic's research record features studies focusing on key issues associated with credit scoring, automated underwriting, mortgage and small business lending, bank branching patterns, the Community Reinvestment Act, gentrification, and effects of anti-discrimination laws on minority homeownership achievement. This body of research has sought to inform policy makers and academics about the incentives and market dynamics that shape credit flows and the ability of households and communities to advance economically. His work has been published in a number of top academic peer-reviewed journals, including the Journal of Urban Economics, Real Estate Economics, Housing Policy Debate, the Journal of Real Estate Finance and Economics, and the Journal of Banking and Finance. At USC, he teaches courses in affordable housing development, urban economics, real estate finance, policy and planning analysis, and public finance.

Dr. Bostic is an active contributor to professional and industry organizations. He holds leadership positions in the American Real Estate and Urban Economics Association, the Association of Public Policy and Management, and recently served on a National Academies Committee charged with evaluating the research plan of the Department of Housing and urban Development. He has also been named a Faculty Fellow of the Urban Land Institute and is a Fellow of the Royal Institute for Chartered Surveyors. He has previously held a leadership position in the National Economic Association. Dr. Bostic was selected as one of the top 40 real estate professionals under 40 by Real Estate Southern California magazine in 2005 and 2006, and is a frequent featured speaker to industry groups.

He also offers insights to the broader public through the media, and has been quoted in numerous outlets, including television appearances on The Today Show (NBC), CNBC, and Fox News, radio interviews on National Public Radio, Bloomberg, KNX and KFI, and quotes in newspapers such as the Wall Street Journal, USA Today, Chicago Tribune, and Los Angeles Times.

Prior to joining SPPD, Dr. Bostic spent six years on the staff at the Federal Reserve Board of Governors. While there, he was awarded a Special Achievement Award for his performance in conducting a survey of institutions regarding their activities associated with the Community Reinvestment Act. He has also served as a Special Assistant to the Assistant Secretary of Policy, Development and Research at the U.S. Department of Housing and Urban Development. He received his B.A. in psychology and economics from Harvard University in 1987 and his Ph.D. in economics from Stanford in 1995.

Publications
Black, H., R. W. Bostic, B. Robinson, & R. Schweitzer, "Do CRA-related Events Affect Shareholder Wealth? The Case of Bank Mergers"; The Financial Review; Forthcoming

An, X., and R.W. Bostic, "GSE Activity, FHA Feedback, and Implications for the Efficacy of the Affordable Housing Goals"; Journal of Real Estate Finance and Economics; Forthcoming

Sloane, D.C., with R.W. Bostic and L.B. Lewis, "The Neighborhood Dynamics of Hospitals as Land Owners"; Lincoln Land Institute publication; Forthcoming

Bostic, R.W. and D. Molaison, "Hurricane Katrina: Devastation, Possibilities and Prospects"; Economic and Risk Assessment of Hurricane Katrina, USC CREATE book; Forthcoming

Bostic, R. W., with K. Engel, P. McCoy, A. Pennington-Cross and S. Wachter, "State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms"; Journal of Economics and Business; Forthcoming

Bostic, R.W., with S.D. Longhofer, and C. Redfearn, "Land Leverage: Decomposing Home Price Dynamics"; Real Estate Economics, 35 (2), 183-208; 2007

An, X. with R.W. Bostic, Y. Deng and S.Gabriel, "GSE Loan Purchases, The FHA, And Housing Outcomes In Targeted, Low-Income Neighborhoods"; Brookings-Wharton Papers on Urban Affairs, Brookings Institute Press; 2007

Bostic, R.W. and A. Prohofsky, "Enterprise Zones and Individual Welfare: A Case Study of California"; Journal of Regional Science, 46 (2), 175-203; 2006

Bostic, R.W. and S.A. Gabriel, "Do the GSEs Matter to Low-Income Housing Markets? An Assessment of the Effects of GSE Loan Purchase Activity on California Housing Outcomes"; Journal of Urban Economics, 59, 458-475; 2006

Bostic, R.W. with C. Redfearn, Book Review of The Color of Credit: Mortgage Discrimination, Research Methodology and Fair Lending Enforcement by Stephen L. Ross and John Yinger; Journal of Regional Science, 44(1): 162-165; 2004

Bostic, R.W. with D. Aaronson, P. Huck, and R. Townsend, "Supplier Relationships and Small Business Use of Trade Credit"; Journal of Urban Economics, 55(1): 46-67; 2004

Redfearn, C., with R.W. Bostic, Book review of The Color of Credit: Mortgage Discrimination, Research Methodology and Fair Lending Enforcement by Stephen L. Ross and John Yinger; Journal of Regional Science, 44(1): 162-165; 2004

Bostic, R.W.with B. Robinson, "Community Banking and Mortgage Credit Availability: The Impact of CRA Agreements"; Journal of Banking and Finance, 28 pp. 3069-3095; 2004

Bostic, R.W., with P. S. Calem and S. M. Wachter, "Hitting the Wall: Credit as an Impediment to Homeownership"; Building Assets, Building Credit: Creating Wealth in Low-Income Communities, N. Retsinas and E. Belsky (Eds.); 2004

Bostic, R.W. with I. Barakova, P. Calem, and S. Wachter, "Does Credit Quality Matter for Homeownership?"; Journal of Housing Economics, 12(4): 318-336; 2003

Bostic, R.W., "A Test of Cultural Affinity in Home Mortgage Lending"; Journal of Financial Services Research, 23(2): 89-112; 2003

Bostic, Raphael with B. Robinson, "Do CRA Agreements Increase Lending?"; Real Estate Economics, 31(1): 23-51; 2003

Bostic, R.W. with P.S. Calem, "Privacy Restrictions and the Use of Data at Credit Repositories"; Margaret J. Miller, (Ed.), Credit Reporting Systems and the International Economy. Boston: MIT Press; 2003

Bostic, R.W. with R. Martin, "Black Homeowners as Gentrifying Force? Neighborhood Dynamics in the Context of Minority Homeownership"; Urban Studies, 40(12); 2003

Bostic, R.W., "Equal Access to Credit"; Mike Staten, (Ed.), 25 Years of Credit Research. Washington, DC: Georgetown University Press; 2002

Funded Projects