A Duration Analysis of Foreclosures to Sheriff Sales in Light of the Financial Crisis

Russell Kashian, Richard Cebula () and Jeremy Peterson

Journal of Regional Analysis and Policy, 2015, vol. 45, issue 2

Abstract: The purpose of this paper is to address the efficiency of turning over homes that have gone into foreclosure. For the town of Muskego, Wisconsin, the number of homes going to foreclosure has decreased from the pinnacle of the housing crisis. Furthermore, the likelihood of a house going to sheriff sale after being foreclosed upon has gradually decreased from this point in time as well. This paper employs a probit model to determine the likelihood that a foreclosed home will go to sheriff sale compared to the reference years (2001-2004). From the initial stages of the housing crisis, homes in foreclosure were more likely to go to sheriff sale compared to the reference years, but this effect diminishes over time. Furthermore, a hazard model is implemented which confirms the results of the probit from a duration perspective.

Keywords: Community/Rural/Urban Development; Consumer/Household Economics; Public Economics (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jrapmc:243987

DOI: 10.22004/ag.econ.243987

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