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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.55,Issue4,P.416-434

语言

英文

关键字

Housing; Short sale; Foreclosure; Real estate valuation; Brokerage; RESIDENTIAL BROKERAGE; HOUSING-MARKET; FORECLOSURES; EFFICIENCY

作者单位

[Goodwin, Kimberly R.] Univ Southern Mississippi, Dept Finance Real Estate & Legal Studies, 118 Coll Dr 5076, Hattiesburg, MS 39406 USA. [Johnson, Ken H.] Florida Atlantic Univ, Boca Raton, FL 33431 USA. Goodwin, KR (reprint author), Univ Southern Mississippi, Dept Finance Real Estate & Legal Studies, 118 Coll Dr 5076, Hattiesburg, MS 39406 USA. E-Mail: kimberly.goodwin@usm.edu; kjohns91@fau.edu

摘要

Despite a recent upturn, housing prices remain in flux in most cities nationwide. Lenders are still left dealing with a glut of distressed properties. They can choose to foreclose on the property or allow the owner/mortgagor to attempt to sell the property for less than the outstanding balance of the mortgage in a short sale agreement. The best way to clear the market of distressed properties is an important policy question. This is the first study to examine not only the price and time on market effect of being a short sale but also whether the short sale process itself creates a market stigma.