Are Foreclosures Contagious?
SSRN Electronic Journal
2011
- 13Citations
- 4,691Usage
- 7Captures
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
Using a large sample of U.S. mortgages observed over the 2005-2009 period, we find that foreclosures are contagious. After controlling for major factors known to influence a borrower’s decision to default, including borrower and loan characteristics, local demographic and economic conditions, and changes in property values, the likelihood of a mortgage default increases by as much as 24% with a one standard deviation increase in the foreclosure rate of the borrower’s surrounding zip code. We find that foreclosure contagion is most prevalent among strategic defaulters: borrowers who are underwater on their mortgage but are not likely to be financially distressed. Taken together, the evidence supports the notion that foreclosures are contagious.
Bibliographic Details
http://www.ssrn.com/abstract=1764271; http://dx.doi.org/10.2139/ssrn.1764271; http://www.ssrn.com/abstract=1982133; http://dx.doi.org/10.2139/ssrn.1982133; http://www.ssrn.com/abstract=2024794; http://dx.doi.org/10.2139/ssrn.2024794; https://dx.doi.org/10.2139/ssrn.2024794; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2024794; https://dx.doi.org/10.2139/ssrn.1982133; https://dx.doi.org/10.2139/ssrn.1764271; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1982133; https://ssrn.com/abstract=1982133; https://ssrn.com/abstract=1764271; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1764271; https://ssrn.com/abstract=2024794
Elsevier BV
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