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Electronic Foreclosures

Author

Listed:
  • Francesco Mazzola

Abstract

This paper investigates how auction bidding formats affect U.S. mortgage foreclosure sales. Exploiting a staggered adoption of electronic bidding acrossadjoined counties in a “stacked” difference-in-differences design, I show that foreclosure auction success increases by 27%, and price discounts contract by42%. The effects are stronger in areas with more remote courthouses, and for properties in better conditions. Buyer composition of electronic foreclosureauctions shifts towards local non-professionals, who are less likely to buy-to-let and flip acquired properties ex-post. This evidence suggests that technologicalmodernizations in real estate markets can lead to better matching, deepen liquidity and foster financial inclusion.

Suggested Citation

  • Francesco Mazzola, 2022. "Electronic Foreclosures," ERES 2022_162, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:2022_162
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    More about this item

    Keywords

    Credit Market; Electronic Marketplace; Mortgage Foreclosures; Online Auction;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    NEP fields

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