publication . Report . Preprint . 2011

The Impact of Vacant, Tax-Delinquent, and Foreclosed Property on Sales Prices of Neighboring Homes

Stephan D. Whitaker; Thomas J. Fitzpatrick;
Open Access
  • Published: 01 Dec 2011 Journal: Working paper (Federal Reserve Bank of Cleveland) (eissn: 2573-7953, Copyright policy)
  • Publisher: Federal Reserve Bank of Cleveland
Abstract
In this empirical analysis, we estimate the impact of vacancy, neglect associated with property-tax delinquency, and foreclosures on the value of neighboring homes using parcel-level observations. Numerous studies have estimated the impact of foreclosures on neighboring properties, and these papers theorize that the foreclosure impact works partially through creating vacant and neglected homes. To our knowledge, this is only the second attempt to estimate the impact of vacancy itself and the first to estimate the impact of tax-delinquent properties on neighboring home sales. We link vacancy observations from Postal Service data with property-tax delinquency and ...
Subjects
free text keywords: Foreclosure ; Housing - Prices
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