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Foreclosures and housing prices: does neighborhood configuration matter?

Author

Listed:
  • Geoffrey K. Turnbull

    (University of Central Florida)

  • Arno J. van der Vlist

    (University of Groningen)

Abstract

This paper measures the extent to which effects of foreclosures vary across neighborhoods. It offers a simple empirical framework for decomposing the spillover effects on neighboring property prices. Data from Orange County, Florida, reveal that the effects systematically vary across neighborhoods by morphology. The results indicate that older, homogeneous age structure, and non-gated neighborhoods with high vacancy rates are most in jeopardy when foreclosures are present, as these neighborhoods show the greatest neighborhood house price effects.

Suggested Citation

  • Geoffrey K. Turnbull & Arno J. van der Vlist, 2024. "Foreclosures and housing prices: does neighborhood configuration matter?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 72(2), pages 407-433, February.
    • Handle: RePEc:spr:anresc:v:72:y:2024:i:2:d:10.1007_s00168-023-01206-5
    DOI: 10.1007/s00168-023-01206-5
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    More about this item

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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