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Effectiveness of RCA Institutions to Limit Local Externalities: Using Foreclosure Data to Test Covenant Effectiveness

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  • Jeremy R. Groves
  • William H. Rogers

Abstract

Residential community associations (RCAs) are said to be an efficient institutional agreement to limit local spillovers. While several studies have identified a positive marginal effect of RCA rules, none have explicitly measured the effectiveness of these institutions to limit local externalities. This study measures this effectiveness by estimating how the direct and spillover price impacts caused by foreclosure differ by RCA status. Using a spatial hedonic model that controls for selection bias using propensity score methods and coarsened exact matching we find that foreclosed RCA properties experience smaller direct foreclosure discounts and produce smaller spill-over effects than their non-RCA counterparts.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 87 (2011)
Issue (Month): 4 ()
Pages: 559-581

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Handle: RePEc:uwp:landec:v:87:y:2011:iv:1:p:559-581

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Web page: http://le.uwpress.org/

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Cited by:
  1. Stephan Whitaker & Thomas J. Fitzpatrick IV, 2012. "Land Bank 2.0: an empirical evaluation," Working Paper, Federal Reserve Bank of Cleveland 1230, Federal Reserve Bank of Cleveland.
  2. Whitaker, Stephan & Fitzpatrick IV, Thomas J., 2013. "Deconstructing distressed-property spillovers: The effects of vacant, tax-delinquent, and foreclosed properties in housing submarkets," Journal of Housing Economics, Elsevier, Elsevier, vol. 22(2), pages 79-91.
  3. Gunther Bensch & Jörg Peters & Maximiliane Sievert, 2012. "Fear of the Dark? – How Access to Electric Lighting Affects Security Attitudes and Nighttime Activities in Rural Senegal," Ruhr Economic Papers, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen 0369, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  4. Gaétan de Rassenfosse & Alfons Palangkaraya & Elizabeth Webster, 2013. "Do Patents Shield Disclosure or Assure Exclusivity When Transacting Technology?," Melbourne Institute Working Paper Series, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne wp2013n05, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.

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