Abstract

http://ssrn.com/abstract=1316978
 
 

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An Analysis of Foreclosure Rate Differentials in Soft Markets


Francisca Richter


Federal Reserve Bnk of Cleveland

November 16, 2008

FRB of Cleveland Working Paper No. 08-11

Abstract:     
A quantile regression model is used to identify the main neighborhood characteristics associated with high foreclosure rates in weak market neighborhoods, specifically for two counties in Ohio and one in Pennsylvania. A decomposition technique by Machado and Mata (2005) allows separating foreclosure filing rate differentials across counties into two components: the first due to differences in the levels of neighborhood characteristics and the second due to differences in the model parameters. At higher than median rates, foreclosure rate differentials between counties in Ohio are mainly explained by the levels of these characteristics. However, foreclosure rate differences between counties across states are mainly explained by the parameter component, suggesting that state level effects might have contributed to shape foreclosure rate outcomes.

Number of Pages in PDF File: 27

Keywords: foreclosure, quantile regression, decomposition analysis

JEL Classification: G21, R23

working papers series





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Date posted: December 18, 2008  

Suggested Citation

Richter, Francisca, An Analysis of Foreclosure Rate Differentials in Soft Markets (November 16, 2008). FRB of Cleveland Working Paper No. 08-11. Available at SSRN: http://ssrn.com/abstract=1316978 or http://dx.doi.org/10.2139/ssrn.1316978

Contact Information

Francisca Richter (Contact Author)
Federal Reserve Bnk of Cleveland ( email )
East 6th & Superior
Cleveland, OH 44101-1387
United States
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