경매주택이 주변 주택가격에 미치는 영향

Price Spillover Effects of Foreclosed Properties at Auction Stage: A Case Study of Los Angeles, California

Many studies have examined the spillover effects of neighboring foreclosures on nearby property values. While the previous studies have focused on single-family home s spillover effects, little has examined the effect of foreclosures on the sales price for condominium homes. In addition, this research focus on the auction stage of foreclosure, which has not much paid attention in the literature. By using a rich dataset on foreclosures and property values for the City of Los Angeles, California from January 2008 to December 2010, we analyze the Cliff-Ord spatial regression model to estimate the price spillover effects of foreclosed condominium properties at auction stage. The results show the negative and significant impacts on nearby property values.