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Forced Sales and House Prices

The American economic review, 2011-08, Vol.101 (5), p.2108-2131 [Peer Reviewed Journal]

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Title:
Forced Sales and House Prices
Author: Campbell, John Y. ; Giglio, Stefano ; Pathak, Parag
Subjects: Bankruptcy ; Bids ; Central banks ; Cost control ; Data analysis ; Datasets ; Discounts ; Economics ; Estimation ; Forced sales ; Foreclosure ; Foreclosure sales ; Foreclosures ; Geographic location ; Houses ; Housing ; Housing market ; Housing prices ; Market prices ; Marketing ; Massachusetts ; Mortgage loans ; Mortgages ; Neighborhoods ; Price level ; Real estate ; Real estate sales ; Real estate valuation ; Sales ; Sales transactions ; Shorter Papers ; Studies ; U.S.A ; Vandalism
Is Part Of: The American economic review, 2011-08, Vol.101 (5), p.2108-2131
Description: This paper uses data on all house transactions in Massachusetts over the last 20 years to show that houses sold after foreclosure, or close in time to the death or bankruptcy of a seller, are sold at lower prices than other houses. Foreclosure discounts are on average at 27 percent of the value of a house. Moreover, foreclosures that take place within small local geographies of a house lower the price at which it is sold. Our preferred estimate is that a foreclosure at a distance of 0.05 miles lowers the price of a house by about 1 percent. JEL: D14, R31 [PUBLICATION ABSTRACT]
Publisher: Nashville: American Economic Association
Language: English
Identifier: ISSN: 0002-8282
EISSN: 1944-7981
DOI: 10.1257/aer.101.5.2108
CODEN: AENRAA
Source: ProQuest Central

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