• 1 Introduction
  • 2 Real estate prices and bank distress
  • 2.1 Real estate prices
  • 2.2 Exposure and distress
  • 3 Methodology
  • 3.1 Empirical model
  • 3.2 Data
  • 4 Results
  • 4.1 Specication
  • 4.2 Estimations
  • 4.3 Robustness
  • 4.4 PD predictions
  • 5 Conclusion