The Value of Foreclosed Property

22 Pages Posted: 20 Dec 2006

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This paper examines the expected price appreciation of distressed property and compares it to the prevailing metropolitan area appreciation rate. Whether due to individual property or local area heterogeneity in appreciation, the results show that foreclosed property appreciates less than the area average appreciation rate. The magnitude of the deviation is sensitive to loan characteristics, legal restrictions, housing market conditions and marketing time.

Keywords: price, appreciation, distressed, foreclosed

JEL Classification: R11, R21, L85, E31, D23

Suggested Citation

Pennington-Cross, Anthony N., The Value of Foreclosed Property. Journal of Real Estate Research, Vol. 28, No. 2, 2006, Available at SSRN:

Anthony N. Pennington-Cross (Contact Author)

Marquette University - Dept. of Finance ( email )

P.O. Box 1881
Milwaukee, WI 53201-1881
United States

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