Housing Crisis Spillover Effects in Areas of High Concentration of Non-primary Residences

Christopher Cain, Daniel Huerta-Sanchez and Norman Maynard

Journal of Housing Research, 2018, vol. 27, issue 2, 159-182

Abstract: Prior research finds that non-primary residences will have higher mortgage default rates and foreclosure rates than first homes. We investigate sub-markets with high concentrations of non-primary residences for differences in price behavior, marketing time, and probability of sale during the recent housing crisis relative to those areas with normal concentrations of non-primary residences. We find that there are significant differences between these areas, with generally greater price declines for those areas with high concentrations of non-primary residences. These price declines are also accompanied by statistically significant changes in marketing time for those homes in high non-primary residence areas.

Date: 2018
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DOI: 10.1080/10835547.2018.12092147

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