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Forced sales and their impact on real estate prices
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.ORCID iD: 0000-0003-4849-0726
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.ORCID iD: 0000-0002-9944-0510
2016 (English)In: Journal of Housing Economics, ISSN 1051-1377, E-ISSN 1096-0791, Vol. 34, 60-68 p.Article in journal (Refereed) Published
Abstract [en]

Based on data of sold apartments and single-family houses in Stockholm, Sweden, during the period of 2006 through 2013, we find that forced sales of apartments and single-family houses cause a substantial price discount. The results of a hedonic spatial Durbin model show a negative impact on transaction price of 20.1% for foreclosed apartments and 24.6% for foreclosed single-family houses. Furthermore, the price discount increases when the number of attempted auctions is limited, which is the case for forced apartment sales owing to a lost membership in a housing association (forfeited). In those cases, the discount is as high as 29.1%.

Place, publisher, year, edition, pages
Elsevier, 2016. Vol. 34, 60-68 p.
Keyword [en]
Foreclosure, Housing, Mortgage, Spatial Durbin model
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:kth:diva-195198DOI: 10.1016/j.jhe.2016.08.002ISI: 000388912100005Scopus ID: 2-s2.0-84984614250OAI: oai:DiVA.org:kth-195198DiVA: diva2:1050643
Note

QC 20161129

Available from: 2016-11-29 Created: 2016-11-02 Last updated: 2017-01-09Bibliographically approved

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