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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.56,Issue1,P.101-139

语言

英文

关键字

Cash; Distressed; Housing; Spatial; Selectivity Bias; Residential; Self-Selection; WHITE WAGE DIFFERENTIALS; BIAS MODEL; MULTIPLE; TRANSACTIONS; FORECLOSURES; AGENTS; IMPACT

作者单位

[Tidwell, Alan; Jauregui, Andres] Columbus State Univ, 4225 Univ Ave, Columbus, GA 31907 USA. [Sah, Vivek; Narwold, Andrew] Univ San Diego, 5998 Alcala Pk, San Diego, CA 92110 USA. Tidwell, A (reprint author), Columbus State Univ, 4225 Univ Ave, Columbus, GA 31907 USA. E-Mail: atidwell@columbusstate.edu; jauregui_andres@columbusstate.edu; viveksah@sandiego.edu; drew@sandiego.edu

摘要

Beginning with a hedonic price model, and then progressing to a method accounting for dual sample selectivity biases and spatial interdependence; we document (and correct for) these potential confounding biases, and produce price counterfactuals for (1) all-cash financed property, (2) distressed property, and (3) all-cash and distressed property transactions. Results provide evidence of self- selection biases with all-cash purchasers, distressed properties, and distressed and all-cash properties. Significant disparities in observed cash (-13% and -6.5%) and distressed property discounts (-1% and -6%) are documented in pre-and post-recessionary environments, Further, cash discounts are consistent for non-distressed transactions (-11%) during both periods; however cash discounts associated with non-distressed transactions are significantly reduced post-recession (-23.3% to -3.7%. This attenuation is attributed to a significant increase in the relative frequency of cash purchased distressed properties post-recession, i.e., larger percentage of cash buyers. Sub-sample counterfactual tests confirm prior results, and expand our understanding of all-cash and distressed discount determinants. These results provide insight into observed time variant all-cash, and distressed property discount affect sizes.