Tracing the source of liquidity for distressed housing markets
研究发现，追求利润的机构投资者通过购买政府机构打包的困境房产组合，为周边0.25英里内的房产带来1.4%的价格上涨，帮助市场复苏，对法拍房和高度困境社区影响更大。
Abstract We show that profit‐seeking institutional investors provide valuable liquidity and spur the recovery of distressed housing markets. Using a quasi‐natural experiment wherein investors purchased prepackaged distressed home portfolios from government‐sponsored enterprises, we find that transaction prices of properties located within 0.25 miles of bulk‐sale properties increased by 1.4% more than homes located farther away. This positive price spillover effect helped reverse the discounts at which such properties were being sold prior to the bulk‐sale event. The price spillover effect due to the bulk‐sale event is greater for foreclosed homes (4.1%), homes similar to the bulk‐sale homes (2.5%), and homes in highly distressed neighborhoods (7.0%). Our results highlight asset disposition through pooling and institutional participation as a potential market‐driven channel for the recovery of distressed housing markets.