Susan M. Wachter is the Richard B. Worley Professor of Financial Management, Professor of Real Estate and Finance at the Wharton School, and co-director of the Penn Institute for Urban Research. Her research focuses include real estate economics, urban economics, and housing finance. She sits on the editorial boards of numerous journals, including the Journal of Housing Economics, Housing Policy Debate, Journal of Real Estate and Finance, and the Journal of Real Estate Research. She is a Homer Hoyt Institute Faculty Fellow and the recipient of the 2005 American Real Estate and Urban Economics Lifetime Achievement Award and 1995 American Real Estate and Urban Economics Best International Paper Award. From 1998-2001, Professor Wachter served as Assistant Secretary for Policy Development and Research at the Department of Housing and Urban Development, appointed by President Clinton and confirmed by the Senate. Her current work models default and delinquency and neighborhood change. She is frequently cited in the press.