Most previous empirical research estimates a greater than 20% discount associated with the sale of foreclosed properties. Under the assumption that the real estate market is somewhat efficient, such a large discount would be counterintuitive. We argue, and empirically show, that the estimated foreclosure coefficients in most of the previous research are upward biased because they do not control for variables such as the physical condition of the property and the relationship between marketing time and price. Accounting for these factors and correcting for two types of spatial price interdependence, our results show that estimates of foreclosure discount reported by previous studies are about one-third higher than the true discount caused by foreclosure "per se". Copyright (c) 2009 American Real Estate and Urban Economics Association.

This study examines determinants of residents' support for a curbside textile-recycling policy in southern Nevada. Based on the existing solid-waste recycling behavior literature and 817 responses to a mail survey of the residents, a model for support of curbside textile-recycling policy is developed. The model is empirically tested, using univariate analyses such as chi-square tests and student t tests and multivariate analysis using binary logit regression. Results from the univariate analyses indicate that the likelihood of support for a curbside textile-recycling policy is significantly influenced by regular waste-recycling habits, political affiliation, family size, minority status, home ownership, and income. Results from the binary logit regression analysis indicate that (a) current waste-recycling behavior is a good predictor of support for a curbside textile-recycling policy, and (b) the importance of recycling habits is manifested by its impact on the effect of political affiliation on support for a policy.

No abstract

Housing prices, Default, Short Sale, Foreclose, REO,

Broker behavior, Agency problem, Listing contract, D8, K12, L8,