The number of mortgages in Spain is a counting process that can be modelled as a doubly stochastic Poisson process (DSPP). A modelling method for the intensity of a DSPP is proposed. A first step consists on estimating discrete sample paths of it from observed ones of the DSPP, then a continuous modelling is derived by means of Functional Principal Component Analysis. The method is validated by...

© 2012 Blackwell Publishing Ltd. Published 2012 by Blackwell Publishing Ltd. Beyond its social and political role, housing has long been a critical ec onomic sector in all developed societies. There have historically been three ways in which it played this economic role: as part of the construction sector, as part of the real estate market and as part of the banking sector in the form of mortga...