property coming on the market and toward a physical externality as the source of measured foreclosure externalities …. A foreclosure in the same association and at the same address depresses the sale price by 2.5 percent, but properties in …

and PSM), foreclosure causes housing instability, reduced homeownership, and financial distress. For marginal homeowners …How costly is foreclosure? Estimates of the social cost of foreclosure typically focus on financial costs. Using random … evidence of significant non-pecuniary costs of foreclosure, particularly for foreclosed-upon homeowners. For all homeowners (IV …

We develop and estimate a unified model of house prices, loan-to-value ratios (LTVs), and trade and foreclosure … property and produce selection-corrected estimates of historical LTVs and foreclosure behavior, both showing large …

. Comparing zip codes close to state borders with differing foreclosure laws, we show that foreclosure propensity and housing … scores, income, or education levels. The increase in foreclosure rates in non-judicial states persists for at least five …

linkages among variables. Importantly, price-foreclosure linkages work in both directions; foreclosures have a significant … significant, is quite small in magnitude. We demonstrate this by simulating house price changes in response to extreme foreclosure … shocks. Even under extremely pessimistic scenarios for foreclosure shocks, average U.S. house prices, as measured by the …