Estimating the House Foreclosure Discount Corrected for Spatial Price Interdependence and Endogeneity of Marketing Time
研究发现，以往研究高估了止赎房屋的折扣约三分之一，因为未控制房屋物理状况和营销时间与价格的关系，修正空间价格相互依赖后得到更真实的折扣估计。
Most previous empirical research estimates a greater than 20% discount associated with the sale of foreclosed properties. Under the assumption that the real estate market is somewhat efficient, such a large discount would be counterintuitive. We argue, and empirically show, that the estimated foreclosure coefficients in most of the previous research are upward biased because they do not control for variables such as the physical condition of the property and the relationship between marketing time and price. Accounting for these factors and correcting for two types of spatial price interdependence, our results show that estimates of foreclosure discount reported by previous studies are about one‐third higher than the true discount caused by foreclosure per se .