The Neighborhood Effects of Foreclosure

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This article argues that changes in nearby foreclosures reveal changes in neighborhood quality.

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26 p.

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Leonard, Tammy & Murdoch, James C. May 8, 2009.

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This article is part of the collection entitled: UNT Scholarly Works and was provided by the UNT College of Arts and Sciences to the UNT Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 147 times. More information about this article can be viewed below.

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This article argues that changes in nearby foreclosures reveal changes in neighborhood quality.

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26 p.

Notes

Abstract: Neighborhood quality is an important attribute of housing yet its value is rarely known to
researchers. We argue that changes in nearby foreclosures reveal changes in neighborhood
quality. Thus estimates of the hedonic price of nearby foreclosures provide a glimpse of values
that people hold for local neighborhood quality. The empirical models include controls for both
spatial dependence in housing prices and in the errors. The estimates indicate that nearby
foreclosures produce externalities that are capitalized into home prices-- an additional
foreclosure within 250 feet of a sale negatively impacts selling price by approximately $1,666,
ceteris paribus.

This is a post-peer-review, pre-copyedit version of an article published in Journal of Geographical Systems. The final authenticated version is available online at: http://dx.doi.org/10.1007/s10109-009-0088-6.

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  • Journal of Geographical Systems, 11, Springer, May 8, 2009, pp. 1-16

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  • Publication Title: Journal of Geographical Systems
  • Volume: 11
  • Page Start: 317
  • Page End: 332
  • Peer Reviewed: Yes

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UNT Scholarly Works

Materials from the UNT community's research, creative, and scholarly activities and UNT's Open Access Repository. Access to some items in this collection may be restricted.

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  • May 8, 2009

Added to The UNT Digital Library

  • Jan. 23, 2018, 5:28 a.m.

Description Last Updated

  • Dec. 7, 2023, 2:48 p.m.

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Leonard, Tammy & Murdoch, James C. The Neighborhood Effects of Foreclosure, article, May 8, 2009; New York, New York. (https://digital.library.unt.edu/ark:/67531/metadc1062093/: accessed June 19, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT College of Arts and Sciences.

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