Short-Term Own-Price and Spillover Effects of Distressed Residential Properties: The Case of a Housing Crash
Most previous empirical studies of price spillover effects of foreclosure on no-default transactions are based on data from a stable housing-market period. This study uses transactions for 2008 from a housing market with a relatively large number of real estate owned (REO) sales/foreclosures. The ov...
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| Veröffentlicht in: | The Journal of real estate research 2011-04, Vol.33 (2), p.179-208 |
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| container_title | The Journal of real estate research |
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| creator | Daneshvary, Nasser Clauretie, Terrence M. Kader, Ahmad |
| description | Most previous empirical studies of price spillover effects of foreclosure on no-default transactions are based on data from a stable housing-market period. This study uses transactions for 2008 from a housing market with a relatively large number of real estate owned (REO) sales/foreclosures. The overall results indicate that: (1) REO and in the process of foreclosure properties have the same spillover effects, but short sales do not produce a spillover effect; (2) models that control for the overall market trend produce smaller spillover effects; (3) the marginal effect of an REO is 1%; (4) the cumulative effects of multiple distressed neighbors can be as severe as 8%; and (5) excluding transactions of homes that were sold under distress from the sample increases the estimated marginal spillover effect to about 2% and the cumulative effects to about 21%. |
| doi_str_mv | 10.1080/10835547.2011.12091303 |
| format | Article |
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This study uses transactions for 2008 from a housing market with a relatively large number of real estate owned (REO) sales/foreclosures. The overall results indicate that: (1) REO and in the process of foreclosure properties have the same spillover effects, but short sales do not produce a spillover effect; (2) models that control for the overall market trend produce smaller spillover effects; (3) the marginal effect of an REO is 1%; (4) the cumulative effects of multiple distressed neighbors can be as severe as 8%; and (5) excluding transactions of homes that were sold under distress from the sample increases the estimated marginal spillover effect to about 2% and the cumulative effects to about 21%.</description><identifier>ISSN: 0896-5803</identifier><identifier>EISSN: 2691-1175</identifier><identifier>DOI: 10.1080/10835547.2011.12091303</identifier><language>eng</language><publisher>Clemson: American Real Estate Society</publisher><subject>Coefficients ; Conditional sales ; Discounts ; Economic externalities ; Estimates ; Estimation ; Financial crisis ; Foreclosure ; Foreclosure sales ; Foreclosures ; Housing ; Housing market ; Housing prices ; Lenders ; Market conditions ; Market prices ; Measurement ; Neighborhoods ; Prices ; Psychological distress ; Real estate market ; Real estate sales ; Residential areas ; Sales ; Short sales ; Short term ; Spillovers ; Studies ; Transactional analysis ; Transactions ; U.S.A</subject><ispartof>The Journal of real estate research, 2011-04, Vol.33 (2), p.179-208</ispartof><rights>2011 American Real Estate Society</rights><rights>Copyright American Real Estate Society Apr-Jun 2011</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c493t-7d106d127d4c1148fe6472673a716713f3519f19ed8f59a5451e77ad721dfe6d3</citedby><cites>FETCH-LOGICAL-c493t-7d106d127d4c1148fe6472673a716713f3519f19ed8f59a5451e77ad721dfe6d3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/24888370$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/24888370$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,778,782,801,27907,27908,58000,58233</link.rule.ids></links><search><creatorcontrib>Daneshvary, Nasser</creatorcontrib><creatorcontrib>Clauretie, Terrence M.</creatorcontrib><creatorcontrib>Kader, Ahmad</creatorcontrib><title>Short-Term Own-Price and Spillover Effects of Distressed Residential Properties: The Case of a Housing Crash</title><title>The Journal of real estate research</title><description>Most previous empirical studies of price spillover effects of foreclosure on no-default transactions are based on data from a stable housing-market period. 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| source | Jstor Complete Legacy |
| subjects | Coefficients Conditional sales Discounts Economic externalities Estimates Estimation Financial crisis Foreclosure Foreclosure sales Foreclosures Housing Housing market Housing prices Lenders Market conditions Market prices Measurement Neighborhoods Prices Psychological distress Real estate market Real estate sales Residential areas Sales Short sales Short term Spillovers Studies Transactional analysis Transactions U.S.A |
| title | Short-Term Own-Price and Spillover Effects of Distressed Residential Properties: The Case of a Housing Crash |
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