The monograph is based on an assessment of the responses of mortgage lenders and real estate appraisers to risks posed by earthquakes. The study involved surveys of pertinent people and institutions in San Francisco, Los Angeles, and the Puget Sound area of Washington State. Designed to probe individual and organizational perceptions of the earthquake hazard, the surveys also revealed inter- and intra-institutional conflicts in opinion and policy. The report reviews the regulatory environment within which lending institutions operate and concludes that there are several legal impediments to industry-initiated adoption of hazard mitigation strategies. Theoretical and empirical literature on the valuation of real estate and the incorporation of hazards is also reviewed.
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