A Regional Examination of Foreclosures
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.
|Date of creation:||Oct 2008|
|Contact details of provider:|| Postal: Whitewater, WI 53190-1750|
Phone: (414) 472-1361
Web page: http://www.uww.edu/cobe/economics/main.html
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- James B. Kau & Donald C. Keenan & Taewon Kim, 1993. "Transaction Costs, Suboptimal Termination and Default Probabilities," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(3), pages 247-263.
- Pennington-Cross, Anthony, 2003. "Credit History and the Performance of Prime and Nonprime Mortgages," The Journal of Real Estate Finance and Economics, Springer, vol. 27(3), pages 279-301, November.
- Quigley, John M & Van Order, Robert, 1995.
"Explicit Tests of Contingent Claims Models of Mortgage Default,"
The Journal of Real Estate Finance and Economics,
Springer, vol. 11(2), pages 99-117, September.
- Quigley, John M., 1993. "Explicit Tests of Contingent Claims Models of Mortgage Defaults," Department of Economics, Working Paper Series qt3df5357v, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- John M. Quigley., 1993. "Explicit Tests of Contingent Claims Models of Mortgage Defaults," Economics Working Papers 93-221, University of California at Berkeley.
- Kau James B. & Keenan Donald C. & Kim Taewon, 1994. "Default Probabilities for Mortgages," Journal of Urban Economics, Elsevier, vol. 35(3), pages 278-296, May.
- Borjas, George J., 2002. "Homeownership in the immigrant population," Journal of Urban Economics, Elsevier, vol. 52(3), pages 448-476, November.
- George J. Borjas, 2002. "Homeownership in the Immigrant Population," NBER Working Papers 8945, National Bureau of Economic Research, Inc.
- James LeSage & R. Kelley Pace, 2010. "Spatial Econometrics," Book Chapters, in: Web Book of Regional Science Regional Research Institute, West Virginia University.
- Brent W. Ambrose & Charles A. Capone, 1998. "Modeling the Conditional Probability of Foreclosure in the Context of Single-Family Mortgage Default Resolutions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(3), pages 391-429.
- Danis, Michelle A. & Pennington-Cross, Anthony, 2008. "The delinquency of subprime mortgages," Journal of Economics and Business, Elsevier, vol. 60(1-2), pages 67-90.
- Michelle A. Danis & Anthony Pennington-Cross, 2005. "The delinquency of subprime mortgages," Working Papers 2005-022, Federal Reserve Bank of St. Louis.
- Vassilis Lekkas & John M. Quigley & Robert Order, 1993. "Loan Loss Severity and Optimal Mortgage Default," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(4), pages 353-371.
- Eric A. Hanushek, 1979. "Conceptual and Empirical Issues in the Estimation of Educational Production Functions," Journal of Human Resources, University of Wisconsin Press, vol. 14(3), pages 351-388.
- Cameron, A. Colin & Trivedi, Pravin K., 1990. "Regression-based tests for overdispersion in the Poisson model," Journal of Econometrics, Elsevier, vol. 46(3), pages 347-364, December.
- Ambrose, Brent W & Capone, Charles A, Jr & Deng, Yongheng, 2001. "Optimal Put Exercise: An Empirical Examination of Conditions for Mortgage Foreclosure," The Journal of Real Estate Finance and Economics, Springer, vol. 23(2), pages 213-234, September.
- Norman Miller & Liang Peng, 2006. "Exploring Metropolitan Housing Price Volatility," The Journal of Real Estate Finance and Economics, Springer, vol. 33(1), pages 5-18, August. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:uww:wpaper:08-04. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Yamin Ahmad)
If references are entirely missing, you can add them using this form.