Price Determinants of Foreclosed Urban Land

Paul K. Asabere and Forrest E. Huffman
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Paul K. Asabere: Real Estate Research Center, Temple University
Forrest E. Huffman: School of Business and Management. Department of Legal and Real Estate Studies. Temple University, Speakman Hall, Philadelphia, PA 19122, USA

Urban Studies, 1992, vol. 29, issue 5, 701-707

Abstract: Foreclosure proceedings are the primary cause of real-estate auction sales in the US. Given the added legal constraints and risk associated with foreclosure proceedings, it is an empirical question as to whether the resulting prices are a function of the usual underlying factors of physical characteristics, locational benefits and neighbourhood effects which motivate normal market sale pricing. Using a hedonic pricing model common in the analysis of market sale prices, we find systematically determined price behaviour which replicates market pricing

Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:29:y:1992:i:5:p:701-707

DOI: 10.1080/00420989220080641

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