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American Economic Review: Vol. 101 No. 5 (August 2011)
AER Volume. 101, Issue 5 | 
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AER Forthcoming Articles
Forced Sales and House Prices
Article Citation
Campbell, John Y.,
Stefano Giglio, and
Parag Pathak. 2011. "Forced Sales and House Prices."
American Economic Review,
101(5): 2108-31.
DOI: 10.1257/aer.101.5.2108
DOI: 10.1257/aer.101.5.2108
Abstract
This paper uses data on all house transactions in Massachusetts over the last 20 years to show that houses sold after foreclosure, or close in time to the death or bankruptcy of a seller, are sold at lower prices than other houses. Foreclosure discounts are on average at 27 percent of the value of a house. Moreover, foreclosures that take place within small local geographies of a house lower the price at which it is sold. Our preferred estimate is that a foreclosure at a distance of 0.05 miles lowers the price of a house by about 1 percent.
Article Full-Text Access
Full-text Article
Additional Materials
Download Data Set (213.01 MB) | Online Appendix (484.00 KB)
Authors
Campbell, John Y. (Harvard U)
Giglio, Stefano (U Chicago)
Pathak, Parag (MIT)
Giglio, Stefano (U Chicago)
Pathak, Parag (MIT)
JEL Classifications
D14: Personal Finance
R31: Housing Supply and Markets
R31: Housing Supply and Markets
