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Foreclosures, House Prices, and the Real Economy / Atif Mian, Amir Sufi, Francesco Trebbi.
- Format:
- Book
- Author/Creator:
- Mian, Atif.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w16685.
- NBER working paper series no. w16685
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2011.
- Summary:
- States without a judicial requirement for foreclosures are twice as likely to foreclose on delinquent homeowners. Comparing zip codes close to state borders with differing foreclosure laws, we show that foreclosure propensity and housing inventory jump discretely as one enters non-judicial states. There is no jump in other homeowner attributes such as credit scores, income, or education levels. The increase in foreclosure rates in non-judicial states persists for at least five years. Using the judicial / non-judicial law as an instrument for foreclosures, we show that foreclosures lead to a large decline in house prices, residential investment, and consumer demand.
- Notes:
- Print version record
- January 2011.
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