Using ZIP code-level data on foreclosure rates, distressed and non-distressed sales in Chicago, Illinois we examine the … in high- versus low-foreclosure rate neighborhoods. We expand this analysis to determine if trends in the REO discount … can be explained by trends in foreclosure rates and if this correlation can be used to identify a ‘tipping point' in …

constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response …, the reverse occurs. Based on these insights, I consider a foreclosure reform that makes all mortgages full recourse, and I …

externalities from foreclosures. VPROs were widely adopted by local governments across the United States during the foreclosure … enactment of VPROs in Florida more than halved the negative externality from foreclosure. This finding is robust to a rich set …

spills over into higher foreclosure risk by creating a debt overhang problem. Heavily indebted sellers post high selling … prices, take a long time to sell, and frequently end up in foreclosure. As a result, search risk increases mortgage default …

I document the imbalance of foreclosure sales with respect to recourse laws applied to primary mortgages in the U …. Under a regression discontinuity design, the relative volume of foreclosure sales (compared to regular sales) in recourse …