The Contagion Effect of Neighboring Foreclosures
利用马里兰州2006-2009年住宅止赎的精细空间数据，发现邻居止赎会使其他业主违约风险增加18%，这种社会互动效应超越了房价下跌的影响。
We examine the contagion effect of residential foreclosures and find strong evidence of a social interactions influence on default decisions where the interaction is based on neighbors' behavior in a previous period. Using a unique spatially explicit parcel-level dataset documenting residential foreclosures in Maryland for the years 2006–2009 and a highly localized neighborhood definition, based on 13 nearest neighbors, we find that a neighbor in foreclosure increases the hazard of additional defaults by 18 percent. This feedback effect goes beyond a temporary reduction in local house prices and implies a negative social multiplier effect of foreclosures.