Deng, Yongheng; Pavlov, Andrey D.; Yang, Lihong - In: Real Estate Economics 33 (2005) 4, pp. 739-764
This article investigates the impact of spatially correlated unobservable variables on the refinancing, selling and default decisions of mortgage borrowers. Virtually the entire mortgage literature acknowledges that borrower-specific characteristics, such as culture, education or access to...