Hendershott, Patric H.; Schultz, William R. - National Bureau of Economic Research (NBER) - 1993
We examine foreclosures on FHA single family mortgages insured during 1975-87. The importance of the market value of borrower equity, and of the dispersion of national house prices support much earlier work emphasizing the key role of negative equity in triggering default. The lower the "mean"...