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,...

This paper examines the distortions in house prices caused by the use of creative financing and the horizontal and vertical inequities in property tax assessments that can result if the proper adjustment of prices for financing is not made. The results show that horizontal inequities exist...