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A Regional Examination of Foreclosures

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Author Info
Russell Kashian () (Department of Economics, University of Wisconsin - Whitewater)
David Welsch () (Department of Economics, University of Wisconsin - Whitewater)

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Abstract

Foreclosures, causes and remedies, are being discussed and fiercely debated across our nation. Although there has been some examination of the causes of foreclosures, the current research has devoted its attention to examining what factors change the probability that an individual will go into foreclosure. By examining Wisconsin counties over eight years this paper makes a major contribution to the literature by taking a regional approach to examining the causes of foreclosures. This regional approach has greater policy applications since policy is often based on regional not individual factors. Several empirical models are estimated and there are consistent results that greater unemployment, a lower median age, larger families in rental units, and a smaller percentage of Asian or Native Americans leads to more foreclosures in a county. There is also evidence that education seems to affect foreclosures in a non-monotonic way; higher percentage of the population with a high school degree vs. non high school graduates increases foreclosures, but there is a negative impact or no significant difference between bachelors degree and no high school degree.

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Publisher Info
Paper provided by UW-Whitewater, Department of Economics in its series Working Papers with number 08-04.

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Length: 27 pages
Date of creation: Oct 2008
Date of revision:
Handle: RePEc:uww:wpaper:08-04

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Postal: Whitewater, WI 53190-1750
Phone: (414) 472-1361
Web page: http://academics.uww.edu/business/economics/
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Related research
Keywords: Foreclosures; Regional Economics; Housing; Spatial Econometrics;

Find related papers by JEL classification:
R10 - Urban, Rural, and Regional Economics - - General Regional Economics - - - General
R33 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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