Forced Sales and House Prices

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Forced Sales and House Prices

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Title: Forced Sales and House Prices
Author: Campbell, John Y.; Giglio, Stefano; Pathak, Parag

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Citation: Campbell, John Y., Stefano Giglio, and Parag Pathak. 2011. Forced sales and house prices. American Economic Review 101(5): 2108–2131.
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Abstract: This paper uses data on all house transactions in Massachusetts over the last 20 years to show that houses sold after foreclosure, or close in time to the death or bankruptcy of a seller, are sold at lower prices than other houses. Foreclosure discounts are on average at 27 percent of the value of a house. Moreover, foreclosures that take place within small local geographies of a house lower the price at which it is sold. Our preferred estimate is that a foreclosure at a distance of 0.05 miles lowers the price of a house by about 1 percent.
Published Version: doi:10.1257/aer.101.5.2108
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Terms of Use: This article is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at
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