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This article argues that changes in nearby foreclosures reveal changes in neighborhood quality.
Physical Description
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.
Publication Title:
Journal of Geographical Systems
Volume:
11
Pages:
16
Page Start:
317
Page End:
332
Peer Reviewed:
Yes
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