IDEAS home Printed from https://ideas.repec.org/a/taf/chosxx/v27y2012i8p1100-1123.html
   My bibliography  Save this article

Explaining the Pace of Foreclosed Home Sales during the US Foreclosure Crisis: Evidence from Atlanta

Author

Listed:
  • Yun Sang Lee
  • Dan Immergluck

Abstract

As the US foreclosure crisis approached its climax in 2007 and 2008, the buildup of lender-owned homes had been building for some time. Around this time, however, lenders began selling homes, especially low-value properties, at a much faster pace, releasing them into local housing markets. This paper examines the sales of foreclosed single-family homes into the Atlanta market from January 2005 through early 2009. A primary goal is to understand the drivers of such sales. A proportional hazards model is used to identify factors affecting the time that homes spend as 'real estate owned' properties, with a special focus on low-value properties. We find that the pace of sales of low-value properties accelerated during 2007 and, especially, in late 2008 and early 2009, and the rate varied based on lender type, neighborhood characteristics, and submarket location. These findings have implications not simply for understanding real estate markets more broadly, but especially for housing market recovery and neighborhood stabilization policies.

Suggested Citation

  • Yun Sang Lee & Dan Immergluck, 2012. "Explaining the Pace of Foreclosed Home Sales during the US Foreclosure Crisis: Evidence from Atlanta," Housing Studies, Taylor & Francis Journals, vol. 27(8), pages 1100-1123, November.
    • Handle: RePEc:taf:chosxx:v:27:y:2012:i:8:p:1100-1123
    DOI: 10.1080/02673037.2012.728576
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/02673037.2012.728576
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/02673037.2012.728576?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:chosxx:v:27:y:2012:i:8:p:1100-1123. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/chos20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.