Real estate foreclosures: their functioning and the effects of recent reforms

Silvia Giacomelli, Tommaso Orlando and Giacomo Rodano

No 448, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Lengthy in-court debt recovery procedures may adversely affect the economic and financial system, for example in the management of non-performing loans. This paper analyses the characteristics of real estate foreclosures in Italy and the determinants of their length. A decomposition of procedures into phases shows that the phases preceding and following the actual sale also contribute significantly to the total length of the procedure. The length also turns out to be influenced by both observable and unobservable court characteristics. We also find a reduction in the length of the procedures following recent reforms: new regulations are helping to reduce the length of the �pre-sale� phase and, above all, of the sale phase.

Keywords: real estate foreclosures; debt recovery; civil justice (search for similar items in EconPapers)
JEL-codes: G21 K10 K40 (search for similar items in EconPapers)
Date: 2018-07
New Economics Papers: this item is included in nep-law and nep-ure
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.bancaditalia.it/pubblicazioni/qef/2018-0448/QEF_448_18.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_448_18

Access Statistics for this paper

More papers in Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area Contact information at EDIRC.
Bibliographic data for series maintained by ().