Identifying Behavioral Explanations for a Subset of the Real Estate Shadow Market

Mark Lane, Michael Seiler () and Vicky Seiler

Journal of Housing Research, 2011, vol. 20, issue 2, 191-210

Abstract: This study examines both financial and behavioral explanations for the existence of a residential real estate shadow market for underwater investment properties. The findings reveal that the affordability constraint explains only 44.4% of the reasons not to list a property for sale. Three documented behavioral reasons primarily drive the remaining decisions. While various investor demographic characteristics are at times significant, no distinct profile emerged to identify those most likely to reside in this portion of the shadow market.

Date: 2011
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DOI: 10.1080/10835547.2011.12092044

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