This article reviews the surge in research on mortgage default inspired by the recent
foreclosure crisis. Economists already understood a great deal about default, both …

Finance is the fuel of economic growth. Yet, the same fuel, when excessive and triggered by
a shock of flame, can engender an economic crisis. For decades, the economics literature …

From 2007 to 2009, states without a judicial requirement for foreclosures were twice as likely
to foreclose on delinquent homeowners. Analysis of borders of states with differing …

We measure the capitalization of housing market externalities into residential housing
values by studying the unanticipated elimination of stringent rent controls in Cambridge …

Using new data on real estate listings, we provide new evidence that foreclosures have a
causal effect on nearby house prices and disentangle the effect into two sources …

There is a growing debate about whether new housing units increase rents for immediately
surrounding apartments. Some argue new market-rate development produces a supply …

The mortgage foreclosure crisis has generated increasing concerns about the effects of
foreclosed properties on their surrounding neighborhoods, and on criminal activity in …

Urban growth requires the replacement of outdated buildings, yet growth may be restricted
when landowners do not internalize positive spillover effects from their own reconstruction …

Policy makers have used externalities to justify government intervention in the foreclosure
process. Using a new dataset that covers 15 of the largest metropolitan statistical areas in …

In this empirical analysis, we estimate the impacts of property-tax delinquency, vacancy, and
foreclosures on the value of neighboring homes. We demonstrate that these externalities …