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Price Determinants of Foreclosed Urban Land

Author

Listed:
  • Paul K. Asabere

    (Real Estate Research Center, Temple University)

  • Forrest E. Huffman

    (School of Business and Management. Department of Legal and Real Estate Studies. Temple University, Speakman Hall, Philadelphia, PA 19122, USA)

Abstract

Foreclosure proceedings are the primary cause of real-estate auction sales in the US. Given the added legal constraints and risk associated with foreclosure proceedings, it is an empirical question as to whether the resulting prices are a function of the usual underlying factors of physical characteristics, locational benefits and neighbourhood effects which motivate normal market sale pricing. Using a hedonic pricing model common in the analysis of market sale prices, we find systematically determined price behaviour which replicates market pricing

Suggested Citation

  • Paul K. Asabere & Forrest E. Huffman, 1992. "Price Determinants of Foreclosed Urban Land," Urban Studies, Urban Studies Journal Limited, vol. 29(5), pages 701-707, June.
    • Handle: RePEc:sae:urbstu:v:29:y:1992:i:5:p:701-707
    DOI: 10.1080/00420989220080641
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    References listed on IDEAS

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    8. Murray, Michael P., 1983. "Mythical demands and mythical supplies for proper estimation of Rosen's hedonic price model," Journal of Urban Economics, Elsevier, vol. 14(3), pages 327-337, November.
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    Cited by:

    1. Jou, Jyh-Bang & Lee, Tan (Charlene), 2016. "How does statutory redemption affect a buyer's decision at the foreclosure sale?," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 263-272.

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