The mortgage market collapse which followed the burst of the housing bubble in 2007 led to unprecedented levels of mortgage default, mortgage foreclosure, and housing vacancies. The dramatic increase in mortgage terminations prompted extensive discussions among academics, industry practitioners,...

Although agent effort is essential and a given in the residential brokerage market, it is difficult to observe and quantify. We estimate a simultaneous systems model using virtual tours as a proxy for observable agent effort. By studying a period during which a visible technological innovation...