Single-Family Housing Market Segmentation, Post-Foreclosure Resale Duration, and Neighborhood Attributes

Housing Policy Debate

Volumn 23, Issue 4, 2013, Pages 643-665

  Li, Yanmei ^a   Walter, Rebecca ^a  

^a FLORIDA ATLANTIC UNIVERSITY   (United States)

Author keywords

foreclosure; market segmentation; neighborhood attributes; resale duration; single family housing

Indexed keywords

EID: 84886908831     PISSN: 10511482     EISSN: 2152050X     Source Type: Journal    
DOI: 10.1080/10511482.2013.835331     Document Type: Article

References (55)

1. Allen, M. T., & Swisher, J. (2000). An analysis of the price formation process at a HUD auction. Journal of Real Estate Research, 20, 279-298.
2. Anacker, K. B., Carr, J. H., & Pradhan, A. (2012). Analyzing foreclosures among high-income Black/African American and Hispanic/Latino borrowers in Prince George's County, Maryland. Journal of Housing Education and Research Association, 39(1), 1-28.
3. Anglin, P. M., Rutherford, R., & Springer, T. M. (2003). The trade-off between the selling price of residential properties and time-on-the-market: The impact of price setting. The Journal of Real Estate Finance and Economics, 26, 95-111.
4. Apgar, W., & Duda, M. (2004). Mortgage foreclosure trends in Los Angeles: Patterns and policy issues. Washington, DC: Neighborhood Reinvestment.
5. Baryla, E. A., & Ztanpano, L. V. (1995). Buyer search duration in the residential real estate market: The role of the real estate agent. Journal of Real Estate Research, 10(1), 1-13.
6. Belkin, J., Hempel, D., & McLeavey, D. (1976). An empirical study of time on market using multi-dimensional segmentation of housing markets. Journal of the American Real Estate and Urban Economics Association, 4, 57-75.
7. Belsky, E. S., & Drew, R. B. (2007). Taking stock of the nation's rental housing challenges and a half century of public policy responses. Retrieved from http://www.jchs.harvard.edu/research/publications/taking-stock-nation%E2%80%99s-rental-housing-challenges-and-half-century-public-policy.
8. Bocian, D. G., Ernst, K. S., & Li, W. (2008). Race, ethnicity and subprime home loan financing. Journal of Economics and Business, 60, 110-124.
9. Bocian, D. G., Li, W., Reid, C., & Quercia, R. G. (2011). Lost ground, 2011: Disparities in mortgage lending and foreclosures. Durham, NC: Center for Responsible Lending.
10. Carroll, T. M., Clauretie, Y. M., Neil, H., & Jorgensen, C. (1995). HUD versus private bank foreclosures: A spatial and temporal analysis. Journal of Housing Economics, 4, 183-194.
11. Chan, S., Gedal, M., Been, V., & Haughwout, A. (2010). The role of neighborhood characteristics in mortgage default risk: Evidence from New York City(Working Paper). New York, NY: NYU Wagner School and Furman Center for Real Estate and Urban Policy. Retrieved from http://furmancenter.org/files/publications/working_paper.pdf.
12. Chinloy, P. (1980). An empirical model of the market for resale homes. Journal of Urban Economics, 7, 279-292.
13. Clayton, D. G. (1978). A model for association in bivariate life tables and its application in epidemiological studies of familial tendency in chronic disease incidence. Biometrika, 65, 141-151.
14. Coleman, M.,IV, LaCour-Little, M., & Vandell, K. D. (2008). Subprime lending and the housing bubble: Tail wags dog?Journal of Housing Economics, 17, 272-290.
15. Courchane, M. J., Surette, B. J., & Zorn, P. M. (2004). Subprime borrowers: Mortgage transitions and outcomes. Journal of Real Estate Finance and Economics, 29, 365-392.
16. Cubbins, J. (1974). Price, quality and selling time in the housing market. Applied Economics, 6, 171-187.
17. Davis, M. A. (2010, July). Reflections on the foreclosure crisis. Land Lines Magazine, pp. 1-8.
18. Elmer, P. J., & Seelig, S. A. (1998). The rising long-term trend of single-family mortgage foreclosure rates(Working Paper No. 98-2). Federal Deposit Insurance Corporation. Retrieved from http://www.fdic.gov/bank/analytical/working/98-2.pdf.
19. Foote, C., Gerardi, K., Goette, L., & Willen, P. (2010). Reducing foreclosures: No easy answers. NBER Macroeconomics Annual, 24, 89-138.
20. Forgey, F. A., Rutherford, R. C., & VanBuskirk, M. L. (1994). Effect of foreclosure status on residential selling price. Journal of Real Estate Research, 9, 313-318.
21. Genesove, D., & Mayer, C. J. (1994). Equity and time to sale in the real estate market (Working Paper No. 4861). National Bureau of Economic Research. Retrieved from http://www.nber.org/papers/w4861.
22. Glower, M., Haurin, D. R., & Hendershott, P. H. (1998). Selling time and selling price: The influence of seller motivation. Real Estate Economics, 26, 719-740.
23. Goldstein, I. (2004). Bringing subprime mortgages to market and the effects on lower-income borrowers. Cambridge, MA: Joint Center for Housing Studies, Harvard University.
24. Goldstein, I., McCullough, M., Parker, A., & Urevick-Ackelsberg, D. (2005). Mortgage foreclosure filings in Pennsylvania. Philadelphia, PA: The Reinvestment Fund. Retrieved from http://www.trfund.com/policy/PA_Foreclosures.htm.
25. Grover, M., Smith, L., & Todd, R. M. (2008). Targeting foreclosure interventions: An analysis of neighborhood characteristics associated with high foreclosure rates in two Minnesota counties. Journal of Economics and Business, 60, 91-109.
26. Harding, J. P., Rosenblatt, E., & Yao, V. W. (2009). The contagion effect of foreclosed properties. Journal of Urban Economics, 66, 164-178.
27. Haurin, D. (1988). The duration of marketing time of residential housing. Journal of the American Real Estate and Urban Economics Association, 16, 396-410.
28. Hougaard, P. (2000). Analysis of multivariate survival data. New York, NY: Springer.
29. Immergluck, D. (2012). Distressed and dumped: Market dynamics of low-value, foreclosed properties during the advent of the federal Neighborhood Stabilization Program. Journal of Planning Education and Research, 32, 48-61.
30. Immergluck, D., & Smith, G. (2005). Measuring the effect of subprime lending on neighborhood foreclosures: Evidence from Chicago. Urban Affairs Review, 40, 362-389.
31. Immergluck, D., & Smith, G. (2006a). The external costs of foreclosure: The impact of single-family foreclosures on property values. Housing Policy Debate, 17, 57-79.
32. Immergluck, D., & Smith, G. (2006b). The impact of single-family mortgage foreclosures on neighborhood crime. Housing Studies, 21, 851-866.
33. Jud, D. G., Seaks, T. G., & Winkler, D. T. (1996). Time on the market: The impact of residential brokerage. Journal of Real Estate Research, 12, 447-458.
34. Kang, H. B., & Gardner, M. J. (1989). Selling price and marketing time in the residential real estate market. Journal of Real Estate Research, 4, 21-35.
35. Kendig, H. L. (1984). Housing careers, life cycle and residential mobility: Implications for the housing market. Urban Studies, 21, 271-283.
36. Kingsley, G. T., & Turner, M. A. (1993). Housing markets and residential mobility. Washington, DC: Urban Institute Press.
37. Knight, J. R. (2002). Listing price, time on market, and ultimate selling price: Causes and effects of listing price changes. Real Estate Economics, 30, 213-237.
38. Krainer, J. (2001). A theory of liquidity in residential real estate market. Journal of Urban Economics, 49, 32-53.
39. Lee, Y. S., & Immergluck, D. (2012). Explaining the pace of foreclosed home sales during the U.S. foreclosure crisis: Evidence from Atlanta. Housing Studies, 27, 1100-1123.
40. Lin, Z., Rosenblatt, E., & Yao, V. W. (2009). Spillover effects of foreclosures on neighborhood property values. Journal of Real Estate Finance Economics, 38, 387-407.
41. National Association of Realtors, Research Division. (2004). Rising foreclosure rates in Indiana: An explanatory analysis of contributing factors. Retrieved from http://www.mibor.com/_pdfs/ForeclosureStudy2004.pdf.
42. Newman, K. (2010). Go public!Journal of the American Planning Association, 76, 160-171.
43. Newman, K., & Wyly, E. K. (2004). Geographies of mortgage market segmentation: The case of Essex County, New Jersey. Housing Studies, 19, 53-83.
44. Nichols, J., Pennington-Cross, A., & Yezer, A. (2005). Borrower self-selection, underwriting costs, and subprime mortgage credit supply. Journal of Real Estate Finance and Economics, 30, 197-219.
45. Pennington-Cross, A. (2003). Credit history and the performance of prime and nonprime mortgages. Journal of Real Estate Finance and Economics, 27, 279-301.
46. Pfeiffer, D., & Molina, E. T. (2013). The trajectory of REOs in Southern California Latino neighborhoods: An uneven geography of recovery. Housing Policy Debate, 23, 81-109.
47. Rhey, R., & Posner, A. (2004). The American Dream lost: Foreclosures in Pima County, Arizona. Tucson, AZ: Southwest Fair Housing Council.
48. Rugh, J. S., & Massey, D. S. (2010). Racial segregation and the American foreclosure crisis. American Sociological Review, 75, 629-651.
49. Schuetz, J., Been, V., & Ellen, I. G. (2008). Neighboring effects of concentrated foreclosures. Journal of Housing Economics, 17, 306-319.
50. Shilling, J. D., Benjamin, J. D., & Sirmans, C. F. (1990). Estimating net realizable value for distressed real estate. The Journal of Real Estate Research, 5, 129-140.
51. Springer, T. M. (1996). Single-family housing transactions: Seller motivations, price, and marketing time. Journal of Real Estate Finance and Economics, 13, 237-254.
52. Stock, R. D. (2001). Predation in the sub-prime lending market: Montgomery County. Dayton, OH: Center for Business and Economic Research.
53. Supreme Court of Florida. (2009). Final report and recommendations on residential mortgage foreclosure cases (No. AOSC09-54). Retrieved from http://www.floridasupremecourt.org/pub_info/documents/AOSC09-54_Foreclosures.pdf.
54. U.S. Department of Housing and Urban Development. (2000). Unequal burden: Income and racial disparities in subprime lending in America. Washington, DC: Author. Retrieved from http://www.huduser.org/Publications/pdf/unequal_full.pdf.
55. U.S. Department of Housing and Urban Development & U.S. Department of Treasury. (2000). Curbing predatory home mortgage lending. Washington, DC: Authors. Retrieved from http://www.huduser.org/Publications/pdf/treasrpt.pdf.