Neighborhood impact of foreclosure: A quantile regression approach

Lei Zhang () and Tammy Leonard

Regional Science and Urban Economics, 2014, vol. 48, issue C, 133-143

Abstract: This paper uses quantile regression, while accounting for spatial autocorrelation, to examine the simultaneous space–time impact of foreclosures on neighborhood property values. We find that negative price externalities associated with neighborhood foreclosures are greatest (1) among lower-priced homes, (2) within 250ft of the property and (3) in the 12months following a foreclosure auction. By using quantile regression, we are able to also investigate changes in the distribution of house prices associated with varying levels of neighborhood foreclosures.

Keywords: Hedonic model; Quantile regression; Foreclosures; Spatial dependence (search for similar items in EconPapers)
JEL-codes: C2 R2 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (24)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:regeco:v:48:y:2014:i:c:p:133-143

DOI: 10.1016/j.regsciurbeco.2014.06.004

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