discounts of 2.4 percent when a foreclosure shares the same physical address. We view the results as indicating that investment … externalities drive foreclosures' impacts on neighboring house prices. …

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 …

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 …

homeownership, the nature of the housing stock, and the organization of residential activity. We start by providing some background … turnover, and housing investment. We describe spatial patterns in foreclosure and summarize the evidence for foreclosure …

constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response …, the reverse occurs. Based on these insights, I consider a foreclosure reform that makes all mortgages full recourse, and I …