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作者

来源

HOUSING POLICY DEBATE,Vol.27,Issue4,P.570-583

语言

英文

关键字

Distressed property; discounts; housing submarkets; hedonic model; random effect model; MARKETING TIME; HOUSE PRICES; FORECLOSURE

作者单位

[Seo, Youngme] Iowa State Univ, Dept Community & Reg Planning, Ames, IA 50011 USA. [Mikelbank, Brian] Cleveland State Univ, Dept Urban Studies, Cleveland, OH 44115 USA. Seo, Y (reprint author), Iowa State Univ, Dept Community & Reg Planning, Ames, IA 50011 USA. E-Mail: yseo@iastate.edu

摘要

One of the most persistent public policy debates is over the aftermath of the foreclosure crisis and its continuing impact on housing markets. Distressed properties - including foreclosure and real estate-owned properties - tend to be sold at much lower prices than nearby comparable properties, often pulling down both surrounding property values and neighborhood morale. Recent findings show that these discounts for distressed properties are associated with various factors, but three important dimensions of these discounts remain relatively unexplored. First among these is the degree of variation in these discounts, even within the same regional market. Second is how discounts vary through the typical sequence of the distressed property transaction cycle. The final factor is the nature by which discounts vary according to the market participants - are the buyers/sellers individuals or institutions? This study examines these major factors affecting discounts, and estimates the spatially and sequentially heterogeneous discounts for distressed properties in the housing submarkets of Cuyahoga County, Ohio. Findings indicate that the discounts of distressed properties in the strong and weak submarkets substantially vary based on all three of these previously overlooked factors, yielding a more complex and nuanced housing context for practitioners and policymakers to consider.