The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.
The external costs of foreclosure: The impact of single‐family mortgage foreclosures on property values
Abstract
To measure the impact of foreclosures on nearby property values, we use a database that combines data on 1997 and 1998 foreclosures with data on neighborhood characteristics and more than 9,600 single‐family property transactions in Chicago in 1999. After controlling for some 40 characteristics of properties and their respective neighborhoods, we find that foreclosures of conventional single‐family (one‐ to four‐unit) loans have a significant impact on nearby property values. Our most conservative estimates indicate that each conventional foreclosure within an eighth of a mile of a single‐family home results in a decline of 0.9 percent in value. Cumulatively, this means that, for the entire city of Chicago, the 3,750 foreclosures that occurred in 1997 and 1998 are estimated to have reduced nearby property values by more than $598 million, for an average of $159,000 per foreclosure. This does not include effects on the value of condominiums, multifamily rental properties, and commercial buildings.
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Cites
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Disorder and decline: crime and the spiral of decay in American neighborhoods
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Fixing broken windows: restoring order and reducing crime in our communities
(1997) · Choice Reviews Online · doi:10.5860/choice.34-5394 · Cited by 1,302
The Impact of Single-family Mortgage Foreclosures on Neighborhood Crime
IMMERGLUCK, D., & SMITH, G. (2006) · Housing Studies · doi:10.1080/02673030600917743 · Cited by 362
Self-citationHousing Policy in the United States: An Introduction
Schwartz, A. F. (2002) · Cited by 114
Quercia, R. G., Stegman, M. A., & Davis, W. R. (2007) · Housing Policy Debate · doi:10.1080/10511482.2007.9521603 · Cited by 113
Bradford, C. (1979) · Urban Affairs Quarterly · doi:10.1177/107808747901400303 · Cited by 78
Cited by
The contagion effect of foreclosed properties
Harding, J. P., Rosenblatt, E., & Yao, V. W. (2009) · Journal of Urban Economics · doi:10.1016/j.jue.2009.07.003 · Cited by 420
Neighborhood effects of concentrated mortgage foreclosures
Schuetz, J., Been, V., & Ellen, I. G. (2008) · Journal of Housing Economics · doi:10.1016/j.jhe.2008.09.004 · Cited by 303
Neighborhood foreclosures, racial/ethnic transitions, and residential segregation
Hall, M., Crowder, K., & Spring, A. (2015) · American Sociological Review · doi:10.1177/0003122415581334 · Cited by 138
Saegert, S., Fields, D., & Libman, K. (2011) · Journal of Urban Health · doi:10.1007/s11524-011-9584-3 · Cited by 83
Tax deed sales and land banking to reuse vacant and abandoned properties
Fujii, Y. (2021) · International Journal of Housing Markets and Analysis · doi:10.1108/ijhma-05-2020-0054 · Cited by 5
Metadata
- Authors
- Immergluck, D., & Smith, G.
- Venue
- Housing Policy Debate
- Publisher
- Informa UK Limited
- Published
- 2006-01
- Volume
- 17
- Issue
- 1
- Pages
- 57-79
- ISSN
- 1051-1482 (ISSN-L)
- 2152-050X
- OpenAlex
- W2103569408
- Cited by
- 444
- References
- 7
- FWCI
- 24.69
- Type
- journal article
- Language
- en
- Open access
- closed
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- Immergluck, D., & Smith, G. (2006). The external costs of foreclosure: The impact of single‐family mortgage foreclosures on property values. Housing Policy Debate. https://doi.org/10.1080/10511482.2006.9521561
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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