| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18353 |
| 来源ID | Working Paper 18353 |
| Foreclosure externalities: Some new evidence | |
| Kristopher Gerardi; Eric Rosenblatt; Paul S. Willen; Vincent Yao | |
| 发表日期 | 2012-09-06 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties secured by seriously delinquent mortgages and information on the condition of foreclosed properties. We find that while properties in virtually all stages of distress have statistically significant, negative effects on nearby home values, the magnitudes are economically small, peak before the distressed properties complete the foreclosure process, and go to zero about a year after the bank sells the property to a new homeowner. The estimates are very sensitive to the condition of the distressed property, with a positive correlation existing between house price growth and foreclosed properties identified as being in "above average" condition. We argue that the most plausible explanation for these results is an externality resulting from reduced investment by owners of distressed property. Our analysis shows that policies that slow the transition from delinquency to foreclosure likely exacerbate the negative effect of mortgage distress on house prices. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w18353 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576030 |
| 推荐引用方式 GB/T 7714 | Kristopher Gerardi,Eric Rosenblatt,Paul S. Willen,et al. Foreclosure externalities: Some new evidence. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18353.pdf（727KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
