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Housing Crisis Spillover Effects in Areas of High Concentration of Non-primary Residences

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  • Christopher Cain
  • Daniel Huerta-Sanchez
  • Norman Maynard

Abstract

Prior research finds that non-primary residences will have higher mortgage default rates and foreclosure rates than first homes. We investigate sub-markets with high concentrations of non-primary residences for differences in price behavior, marketing time, and probability of sale during the recent housing crisis relative to those areas with normal concentrations of non-primary residences. We find that there are significant differences between these areas, with generally greater price declines for those areas with high concentrations of non-primary residences. These price declines are also accompanied by statistically significant changes in marketing time for those homes in high non-primary residence areas.

Suggested Citation

  • Christopher Cain & Daniel Huerta-Sanchez & Norman Maynard, 2018. "Housing Crisis Spillover Effects in Areas of High Concentration of Non-primary Residences," Journal of Housing Research, Taylor & Francis Journals, vol. 27(2), pages 159-182, April.
    • Handle: RePEc:taf:rjrhxx:v:27:y:2018:i:2:p:159-182
    DOI: 10.1080/10835547.2018.12092147
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