The Short Sale Stigma
Kimberly R. Goodwin () and
Ken H. Johnson ()
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Kimberly R. Goodwin: The University of Southern Mississippi
Ken H. Johnson: Florida Atlantic University
The Journal of Real Estate Finance and Economics, 2017, vol. 55, issue 4, 416-434
Abstract Despite a recent upturn, housing prices remain in flux in most cities nationwide. Lenders are still left dealing with a glut of distressed properties. They can choose to foreclose on the property or allow the owner/mortgagor to attempt to sell the property for less than the outstanding balance of the mortgage in a short sale agreement. The best way to clear the market of distressed properties is an important policy question. This is the first study to examine not only the price and time on market effect of being a short sale but also whether the short sale process itself creates a market stigma.
Keywords: Housing; Short sale; Foreclosure; Real estate valuation; Brokerage (search for similar items in EconPapers)
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