Rauterkus, Stephanie Y.; Miller, Norman G.; Thrall, Grant I. - In: International Real Estate Review 15 (2012) 3, pp. 307-324
We examine the real estate owned (REO) discount by using ZIP code-level data on foreclosure rates, distressed and non-distressed sales in Chicago, Illinois. We find significant differences in price between distressed and non-distressed properties in high- versus low-foreclosure rate...