Time and Distance Heterogeneity in the Neighborhood Spillover Effects of Floreclosed Properties

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This article examines heterogeneity in the simultaneous space-time impact of foreclosures on neighborhood property values.

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30 p.

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Zhang, Lei; Leonard, Tammy & Murdoch, James C. February 24, 2015.

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This article is part of the collection entitled: UNT Scholarly Works and was provided by UNT College of Arts and Sciences to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 16 times . More information about this article can be viewed below.

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This article examines heterogeneity in the simultaneous space-time impact of foreclosures on neighborhood property values.

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30 p.

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Abstract: In this paper, we examined heterogeneity in the simultaneous space-time impact of foreclosures on neighborhood property values. Foreclosures with longer foreclosure processes were associated with negative neighborhood price externalities from the time the foreclosing household still had ownership of the property and continued through the Real Estate Owned period. However, foreclosures with shorter foreclosure processes were associated with negative neighborhood price externalities that did not occur until at least three months after the foreclosure auction and were much smaller in magnitude. Results suggest a negative neighborhood effect of extending the length of the foreclosure process. Policy encouraging foreclosure “workout” efforts, which when unsuccessful extend the duration of the foreclosure process, should take these additional price externalities into account.

This is an Accepted Manuscript of an article published by Taylor & Francis in Housing Studies on August 4, 2015, available online: http://www.tandfonline.com/10.1080/02673037.2015.1070794.

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  • Houstin Studies, 2016. New York, NY: Taylor & Francis

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  • Publication Title: Housing Studies
  • Volume: 31
  • Issue: 2
  • Pages: 133-148

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UNT Scholarly Works

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  • July 15, 2014

Accepted Date

  • May 14, 2015

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  • February 24, 2015

Added to The UNT Digital Library

  • Dec. 14, 2017, 11:26 a.m.

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Zhang, Lei; Leonard, Tammy & Murdoch, James C. Time and Distance Heterogeneity in the Neighborhood Spillover Effects of Floreclosed Properties, article, February 24, 2015; New York, New York. (https://digital.library.unt.edu/ark:/67531/metadc1049662/: accessed March 21, 2019), University of North Texas Libraries, Digital Library, https://digital.library.unt.edu; crediting UNT College of Arts and Sciences.