Neighborhood Effects of Concentrated Mortgage Foreclosures
Neighborhood Effects of Concentrated Mortgage Foreclosures
复制标题
集中抵押止赎的邻里效应
DOI：
10.2139/ssrn.1270121
复制
发表时间：
2008
期刊：
影响因子：
--
通讯作者：
I. Ellen
中科院分区：
文献类型：
--
作者：
J. Schuetz;Vicki Been;I. Ellen
随着全国抵押贷款危机的恶化，越来越多的社区面临着房价下跌和止赎率高的问题。呼吁政府干预这场危机的核心是，取消抵押品赎回权不仅伤害了那些因取消抵押品赎回权而失去房屋的人，而且还因为降低了附近房产的价值而伤害了邻居，进而减少了地方政府的税基。取消抵押品赎回权实际上在多大程度上压低了邻近的房地产价值，已成为政策制定者面临的一个关键问题。在本文中，我们使用 2000 年至 2005 年纽约市房地产销售和止赎申请的独特数据集来确定止赎开始对周边社区房价的影响。回归结果表明，在某个阈值之上，靠近丧失抵押品赎回权的房产与较低的销售价格相关。价格折扣的幅度随着取消抵押品赎回权的房产数量的增加而增加，但不呈线性关系。
As the national mortgage crisis has worsened, an increasing number of communities are facing declining housing prices and high rates of foreclosure. Central to the call for government intervention in this crisis is the claim that foreclosures not only hurt those who are losing their homes to foreclosure, but also harm neighbors by reducing the value of nearby properties and in turn, reducing local governments' tax bases. The extent to which foreclosures do in fact drive down neighboring property values has become a crucial question for policy-makers. In this paper, we use a unique dataset on property sales and foreclosure filings in New York City from 2000 to 2005 to identify the effects of foreclosure starts on housing prices in the surrounding neighborhood. Regression results suggest that above some threshold, proximity to properties in foreclosure is associated with lower sales prices. The magnitude of the price discount increases with the number of properties in foreclosure, but not in a linear relationship.