Weitere Artikel dieser Ausgabe durch Wischen aufrufen
Most previous empirical studies on foreclosure price discounts are based on data from housing-markets during periods of relative stability (Baton Rouge, Louisiana; Arlington, Texas; and Las Vegas, Nevada in 1980s and 1990s). The few studies with sample periods containing the Liquidity Crisis of 2008 were all focused on the Las Vegas market and even fewer studies have examined the pricing implications of short sale transactions. This study examines the discounts associated with foreclosure and short sale status in the Fresno, California from 2006 to 2010, a time period containing significant housing price volatility. Generally, we find approximately 20 % and 13 % discounts for foreclosure transactions and short sale transactions, respectively. These discounts remain consistent even after controlling for endogeneity of time-on-the-market and self-selection bias. We also document that both the foreclosure and short-sale discounts are time varying based on market conditions. Both foreclosure and short-sale discounts increase from 2008 to 2009 and decrease in 2010. Also, the foreclosure status decreases time on the market while the short-sale status increases time on the market.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Asabere, P., Huffman, F., & Mehdian, S. (1992). The price effects of cash versus mortgage transactions. Journal of the American Real Estate and Urban Economics Association, 20(1), 141–150. CrossRef
Carroll, T. M., Clauretie, T. M., & Neill, H. (1997). Effect of foreclosure status on residential selling price: comment. Journal of Real Estate Research, 13(1), 95–102.
Cho, M. (1996). House price dynamics: a survey of theoretical and empirical issues. Journal of Housing Research, 7(2), 145–172.
Clauretie, T. M., & Daneshvary, N. (2009). Estimating the house foreclosure discount corrected for spatial price interdependence and endogeneity of market time. Real Estate Economics, 37(1), 43–67. CrossRef
Clauretie, T. M., & Daneshvary, N. (2010). The optimal choice for lenders facing defaults: short sale, foreclose, or REO. Journal of Real Estate Finance and Economics, 42(4), 504–521.
Daneshvary, N., Clauretie, T. M., & Kader, A. (2011). Short term own-price and spillover effects of distressed residential properties: the case of a housing crash. Journal of Real Estate Research, 33(2), 179–208.
Daneshvary, N., & Clauretie, T. M. (2012). Toxic neighbors: foreclosures and short-sales spillover effects from the current housing-market crash. Economic Inquiry, 50(1), 217–231. CrossRef
Clauretie, T. M., & Thistle, P. (2007). The effect of time-on-market and location on search costs and anchoring: the case of single family properties. The Journal of Real Estate Finance and Economics, 35, 181–196. CrossRef
Davidson, R., & MacKinnon, J. (1993). Estimation and inference in econometrics. New York: Oxford University Press.
Fik, T., Ling, D., & Mulligan, G. (2003). Modeling spatial variation in housing prices: a variable interaction approach. Real Estate Economics, 31(4), 623–646. CrossRef
Forgey, F. A., Rutherford, R. C., & VanBuskirk, M. L. (1994). Effect of foreclosure status on residential selling price. Journal of Real Estate Research, 9(3), 313–318.
Goodman, J. L. (1992). A housing market matching model of the seasonality in geographic mobility. Journal of the Real Estate Research, 8(1), 117–137.
Greene, W. H. (2003). Econometric analysis. Upper Saddle River: Prentice Hall.
Hardin, W. G., & Wolverton, M. L. (1996). The relationship between foreclosure status and apartment price. Journal of Real Estate Research, 12, 101–109.
Harding, J. P., Knight, J. R., & Sirmans, C. F. (2003). Estimating bargaining effects in hedonic models: evidence from the housing market. Real Estate Economics, 31, 601–622. CrossRef
Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153–161.
Knight, J. (2002). Listing price, time on market, and ultimate selling price: causes and effects of listing price changes. Real Estate Economics, 30, 213–237. CrossRef
Lusht, K. M., & Hansz, J. A. (1994). Some further evidence on the price of mortgage contingency clauses. Journal of Real Estate Research, 9, 213–218.
Pennington-Cross, A. (2006). The value of foreclosed property. Journal of Real Estate Research, 28, 193–246.
Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34–55. CrossRef
Shilling, J. D., Benjamin, J. D., & Sirmans, C. F. (1990). Estimating net realizable value for distressed real estate. Journal of Real Estate Research, 5(1), 129–139.
Sirmans, G. S., MacDonald, L., Macpherson, D. A., & Zietz, E. N. (2006). The value of housing characteristics: a meta-analysis. Journal of Real Estate Finance and Economics, 33, 215–240. CrossRef
Sirmans, G. S., Macpherson, D. A., & Zietz, E. N. (2005). The composition of hedonic pricing models. Journal of Real Estate Literature, 13(1), 3–43.
Sirmans, C. F., Turnbull, G. K., & Benjamin, J. D. (1991). The markets for housing and real estate broker services. Journal of Housing Economics, 1, 207–217. CrossRef
Springer, T. M. (1996). Single family housing transactions: seller motivations, price, and marketing time. Journal of Real Estate Finance and Economics, 13(3), 237–254. CrossRef
Vella, F., & Verbeek, M. (1999). Estimating and interpreting models with endogenous treatment effects. Journal of Business and Economic Statistics, 17(4), 473–478.
Yang, S. X., & Yavas, A. (1995). Bigger is not better: brokerage and time-on-the-market. Journal of Real Estate Research, 10, 23–34.
Yavas, A., & Yang, S. X. (1995). The strategic role of listing price in marketing real estate: theory and evidence. Real Estate Economics, 23, 347–368. CrossRef
- The Valuation Impact on Distressed Residential Transactions: Anatomy of a Housing Price Bubble
Ramya Rajajagadeesan Aroul
J. Andrew Hansz
- Springer US
microm, Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Avaloq/© Avaloq Evolution AG, Avaloq/© Avaloq