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The Role of Proximity in Foreclosure Externalities: Evidence from Condominiums / Paul S. Willen, Lauren Lambie-Hanson, Lynn M. Fisher.
- Format:
- Book
- Author/Creator:
- Fisher, Lynn M.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20080.
- NBER working paper series no. w20080
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Role of Proximity in Foreclosure Externalities
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- We measure the effect of foreclosures on the sale prices of nearby properties using a dataset of condominiums in Boston. A foreclosure in the same association and at the same address depresses the sale price by 2.5 percent, but properties in the same association but located at a different address have an effect that is tightly estimated at zero. Since properties in the same association are close substitutes, we argue that the evidence points against the pecuniary externality of property coming on the market and toward a physical externality as the source of measured foreclosure externalities.
- Notes:
- Print version record
- April 2014.
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