Deconstructing distressed-property spillovers: The effects of vacant, tax-delinquent, and foreclosed properties in housing submarkets
Deconstructing distressed-property spillovers: The effects of vacant, tax-delinquent, and foreclosed properties in housing submarkets
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DOI：
10.1016/j.jhe.2013.04.001
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发表时间：
2013-06-01
影响因子：
2.4
通讯作者：
Fitzpatrick, Thomas J.
中科院分区：
文献类型：
--
作者：
Whitaker, Stephan;Fitzpatrick, Thomas J.
在这一实证分析中，我们估计了财产税拖欠、空置和止赎对邻近房屋价值的影响。我们证明，这些外部性在高贫困和低贫困子市场中是不同的。许多研究估计了丧失抵押品赎回权的外部性。这些论文的理论认为，丧失抵押品赎回权的影响部分是通过创造空置和被忽视的房屋来实现的。据我们所知，这只是第二次尝试估计空置本身的影响，也是第一次使用税收拖欠作为财产疏忽的衡量标准。我们将邮政服务数据中的空缺观察与俄亥俄州凯霍加县的财产税拖欠和销售数据联系起来。我们发现，500英尺范围内空置或拖欠的额外房产会使房屋的售价降低1%至2%。在低贫困次级市场，空置和拖欠房屋的负面影响为-4.6%。低贫困次级市场对近期止赎房产附近的交易处以4%至8%的罚款。在高贫困子市场，我们观察到销售价格与空置丧失抵押品赎回权呈正相关。这可能反映出贷款人有选择地只取消对维护相对良好的房产的赎回权。(C) 2013爱思唯尔公司版权所有。
In this empirical analysis, we estimate the impacts of property-tax delinquency, vacancy, and foreclosures on the value of neighboring homes. We demonstrate that these externalities differ in high- and low-poverty submarkets. Numerous studies have estimated the externality of foreclosures. These papers theorize that the foreclosure impact works partially through creating vacant and neglected homes. To our knowledge, this is only the second attempt to estimate the impact of vacancy itself and the first to use tax-delinquency as a measure of property neglect. We link vacancy observations from Postal Service data with property-tax delinquency and sales data from Cuyahoga County, Ohio. We find that an additional property within 500 ft that is vacant or delinquent reduces a home's selling price by 1 to 2%. In low-poverty submarkets, the negative impact of a home that is both vacant and delinquent is -4.6%. Low-poverty submarkets penalize a sale near a tax-current recent foreclosure by 4 to 8%. In high-poverty submarkets, we observe positive correlations of sale prices with vacant foreclosures. This may reflect lenders selectively foreclosing only on relatively well-maintained properties. (C) 2013 Elsevier Inc. All rights reserved.