When the foreclosure crisis hit the U.S. housing market, there was little consensus on which homeowners were affected the most by home value impairment. The goal of this study is to flexibly estimate house-specific foreclosure discounts and to explore the merits of heterogeneous foreclosure discounts across market segments. I use a comprehensive dataset that encompasses home transactions from 2000 to 2020 in Florida and Indiana. Summary statistics show that foreclosures are realized across the entire home value and home size distributions. I estimate a structural model that builds on Rosen (1974) and Bajari and Benkard (2005) and estimates a price function using a weighted least squares regression approach. The estimation results show that foreclosure discounts in Indiana are higher than in Florida. In Indiana, foreclosed homes lost the most value at the lower part of the house value distribution. Moreover, owners of foreclosed large houses experienced immense value losses, and this applies to every city. In Indiana, houses at the lower part of the house size distribution also suffered from large foreclosure discounts, while Floridian houses lost significantly less value in this market segment. I also find that homes in neighborhoods with higher mortgages, urbanization, median incomes, and education rates realize higher foreclosure discounts. Neighborhoods with smaller Asian, Black, and Hispanic populations experienced higher foreclosure discounts. JEL: R2, R3, C1, L1, L6, O3.

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房屋的异质止赎折扣

当止赎危机袭击美国房地产市场时，对于哪些房主受房屋价值减值影响最大，几乎没有达成共识。本研究的目的是灵活地估计房屋特定的止赎折扣，并探索跨细分市场的异质止赎折扣的优点。我使用了一个综合数据集，其中包含佛罗里达州和印第安纳州 2000 年至 2020 年的家庭交易。汇总统计数据显示，止赎是在整个房屋价值和房屋规模分布中实现的。我估计了一个基于 Rosen (1974) 和 Bajari 和 Benkard (2005) 的结构模型，并使用加权最小二乘回归方法估计价格函数。估计结果表明，印第安纳州的止赎折扣高于佛罗里达州。在印第安纳州，在房屋价值分布的较低部分，止赎房屋的价值损失最大。此外，丧失抵押品赎回权的大型房屋的所有者经历了巨大的价值损失，这适用于每个城市。在印第安纳州，房屋面积分布较低的房屋也遭受了较大的止赎折扣，而佛罗里达州的房屋在该细分市场中的价值损失要小得多。我还发现，在抵押贷款、城市化、收入中位数和教育率较高的社区，房屋的止赎折扣更高。亚洲、黑人和西班牙裔人口较少的社区的止赎折扣较高。JEL：R2、R3、C1、L1、L6、O3。房屋规模分布较低的房屋也遭受了较大的止赎折扣，而佛罗里达州的房屋在该细分市场中的价值损失要小得多。我还发现，在抵押贷款、城市化、收入中位数和教育率较高的社区，房屋的止赎折扣更高。亚洲、黑人和西班牙裔人口较少的社区的止赎折扣较高。JEL：R2、R3、C1、L1、L6、O3。房屋规模分布较低的房屋也遭受了较大的止赎折扣，而佛罗里达州的房屋在该细分市场中的价值损失要小得多。我还发现，在抵押贷款、城市化、收入中位数和教育率较高的社区，房屋的止赎折扣更高。亚洲、黑人和西班牙裔人口较少的社区的止赎折扣较高。JEL：R2、R3、C1、L1、L6、O3。西班牙裔人口的止赎折扣更高。JEL：R2、R3、C1、L1、L6、O3。西班牙裔人口的止赎折扣更高。JEL：R2、R3、C1、L1、L6、O3。