When does delinquency result in neglect? Mortgage distress and property maintenance
Journal of Urban Economics, 2015, vol. 90, issue C, 1-16
Numerous studies have found that foreclosed properties sell at a discount and push down the sale prices of nearby properties, which may be partly driven by poorer maintenance of the foreclosed homes. However, direct evidence of foreclosure-related property neglect has been scarce. This paper uses data on constituent complaints and requests for public services made to the City of Boston to examine the incidence and timing of this type of foreclosure externality. Interior and exterior property conditions appear to suffer most while homes are bank owned, although complaints about reduced maintenance are also common earlier in the foreclosure process.
Keywords: Mortgages; Foreclosure; Property maintenance (search for similar items in EconPapers)
JEL-codes: G21 R31 D62 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:juecon:v:90:y:2015:i:c:p:1-16
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