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Hazardous waste sites and housing appreciation rates

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  • McCluskey, Jill J.
  • Rausser, Gordon C.

Abstract

The dynamic effect of a hazardous waste site is analyzed by investigating the causal relationship between housing appreciation rates and house location in relation to a hazardous waste site using resale data from individual sales transactions in Dallas County, Texas. The results indicate that in the period in which the hazardous waste site was identified and cleanup occurred, residential property owners in close proximity to the hazardous waste site experienced lower housing appreciation rates. In the first post-cleanup period, they gained some of the lost ground with a higher appreciation rate. In a subsequent post-cleanup period, their appreciation fell in line with property owners whose properties are located farther away from the hazardous waste site. This suggests that a long-run equilibrium has been reached since appreciation rates were not significantly different across the Dallas housing market in the second post-cleanup period. Although the results indicate that adjustment takes time, an equilibrium is eventually reached for the houses in this repeat sales data set. An important implication of our analysis is that since the post-cleanup recovery was not immediate, property owners should be compensated for their loss of liquidity.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 45 (2003)
Issue (Month): 2 (March)
Pages: 166-176

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Handle: RePEc:eee:jeeman:v:45:y:2003:i:2:p:166-176

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Web page: http://www.elsevier.com/locate/inca/622870

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  1. Palmquist, Raymond B., 1982. "Measuring environmental effects on property values without hedonic regressions," Journal of Urban Economics, Elsevier, Elsevier, vol. 11(3), pages 333-347, May.
  2. Crone, Theodore M. & Voith, Richard P., 1992. "Estimating house price appreciation: A comparison of methods," Journal of Housing Economics, Elsevier, Elsevier, vol. 2(4), pages 324-338, December.
  3. McCluskey, Jill & Rausser, Gordon C., 2000. "Estimation of perceived risk and its effect on property values," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series, Department of Agricultural & Resource Economics, UC Berkeley qt46x0r71b, Department of Agricultural & Resource Economics, UC Berkeley.
  4. Gerald E. Smolen & Gary Moore & Lawrence V. Conway, 1992. "Economic Effects of Hazardous Chemical and Proposed Radioactive Waste Landfills on Surrounding Real Estate Values," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 7(3), pages 283-296.
  5. Alan K. Reichert & Michael Small & Sunil Mohanty, 1992. "The Impact of Landfills on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 7(3), pages 297-314.
  6. Arthur C. Nelson & John Genereux & Michelle Genereux, 1992. "Price Effects of Landfills on House Values," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 68(4), pages 359-365.
  7. Farber, Stephen, 1998. "Undesirable facilities and property values: a summary of empirical studies," Ecological Economics, Elsevier, Elsevier, vol. 24(1), pages 1-14, January.
  8. Larry Dale & James C. Murdoch & Mark A. Thayer & Paul A. Waddell, 1999. "Do Property Values Rebound from Environmental Stigmas? Evidence from Dallas," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 75(2), pages 311-326.
  9. Mendelsohn, Robert & Hellerstein, Daniel & Huguenin, Michael & Unsworth, Robert & Brazee, Richard, 1992. "Measuring hazardous waste damages with panel models," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 22(3), pages 259-271, May.
  10. Katherine A. Kiel, 1995. "Measuring the Impact of the Discovery and Cleaning of Identified Hazardous Waste Sites on House Values," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 71(4), pages 428-435.
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Cited by:
  1. Wernstedt, Kris & Alberini, Anna & Heberle, Lauren & Meyer, Peter, 2004. "The Brownfields Phenomenon: Much Ado about Something or the Timing of the Shrewd?," Discussion Papers, Resources For the Future dp-04-46, Resources For the Future.
  2. Forslund, Johanna & Samakovlis, Eva & Vredin Johansson, Maria, 2006. "Matters Risk? The Allocation of Government Subsidies for Remediation of Contaminated Sites under the Local Investment Programme," Working Paper, National Institute of Economic Research 94, National Institute of Economic Research.
  3. Michael Greenstone & Justin Gallagher, 2005. "Does Hazardous Waste Matter? Evidence from the Housing Market and the Superfund Program," Working Papers, Fondazione Eni Enrico Mattei 2005.149, Fondazione Eni Enrico Mattei.
  4. Kris Wernstedt, 2004. "Overview of Existing Studies on Community Impacts of Land Reuse," NCEE Working Paper Series, National Center for Environmental Economics, U.S. Environmental Protection Agency 200406, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jun 2004.
  5. Robin R. Jenkins & Elizabeth Kopits & David Simpson, 2006. "Measuring the Social Benefits of EPA Land Cleanup and Reuse Programs," NCEE Working Paper Series, National Center for Environmental Economics, U.S. Environmental Protection Agency 200603, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Sep 2006.
  6. Katherine Kiel, 2006. "Environmental Contamination and House Values: A Study of Market Adjustment," Working Papers, College of the Holy Cross, Department of Economics 0607, College of the Holy Cross, Department of Economics.
  7. John Braden & Xia Feng & DooHwan Won, 2011. "Waste Sites and Property Values: A Meta-Analysis," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 50(2), pages 175-201, October.
  8. Oded Hochman & Gordon Rausser & Richard Arnott, 2008. "Pollution and Land Use: Optimum and Decentralization," Working Papers, University of California at Riverside, Department of Economics 200805, University of California at Riverside, Department of Economics, revised Mar 2008.
  9. Franco, Sofia & Cutter, Bowman & DeWoody, Autumn, 2010. "Do Parking Requirements Significantly Increase The Area Dedicated To Parking? A Test Of The Effect Of Parking Requirements Values In Los Angeles County," MPRA Paper 20403, University Library of Munich, Germany.

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