Three essays investigating post-bubble housing market: prices and foreclosures
type: CreativeWork
description: This dissertation investigates the impacts of foreclosures on the housing price dynamics after the bursting of the housing bubble in 2007 in the United States. Following a sharp dip in housing prices, the number of foreclosures increased dramatically. The housing market experienced an unprecedented crisis accompanied by a wave of foreclosures across the country. While the decrease in housing prices triggered a large number of foreclosures initially, foreclosures in turn have slowed down the recovery of the housing market. An understanding of how foreclosures influence housing prices is important in the provision of a more complete interpretation of post-bubble housing market conditions, as well as providing a guide for the consideration of future government responses as well as the provision of reasonable predictions for the recovery trajectory. The following three chapters of this dissertation study the impact of foreclosures since 2008 in Chicago area that was severely hit by the real estate market collapse. Each chapter investigates the impacts of foreclosures on housing prices from different perspectives. In Chapter 1, the heterogeneous impact of foreclosures on nearby property values is examined. In Chapter 2, a governmental program that targeted at reducing the foreclosure impacts is evaluated. In the last chapter, the persistence of foreclosure impacts on housing prices is evaluated through estimating a impulse response function. The first chapter aims to identify the causal effects of foreclosures on housing prices and the heterogeneity of these effects across different neighborhoods. Foreclosures have negative impacts not just for the homeowner, but also on neighboring properties (e.g., Campbell, Giglio, & Pathak, 2011, CGP hence-forth; Gerardi, Rosenblatt, Willen, & Yao, 2015; Anenberg & Kung, 2014). Due to the heterogeneous characteristics of the housing market, different neighborhoods can be impacted differently by foreclosures. This study focuses on the…
abstract: This dissertation investigates the impacts of foreclosures on the housing price dynamics after the bursting of the housing bubble in 2007 in the United States. Following a sharp dip in housing prices, the number of foreclosures increased dramatically. The housing market experienced an unprecedented crisis accompanied by a wave of foreclosures across the country. While the decrease in housing prices triggered a large number of foreclosures initially, foreclosures in turn have slowed down the recovery of the housing market. An understanding of how foreclosures influence housing prices is important in the provision of a more complete interpretation of post-bubble housing market conditions, as well as providing a guide for the consideration of future government responses as well as the provision of reasonable predictions for the recovery trajectory. The following three chapters of this dissertation study the impact of foreclosures since 2008 in Chicago area that was severely hit by the real estate market collapse. Each chapter investigates the impacts of foreclosures on housing prices from different perspectives. In Chapter 1, the heterogeneous impact of foreclosures on nearby property values is examined. In Chapter 2, a governmental program that targeted at reducing the foreclosure impacts is evaluated. In the last chapter, the persistence of foreclosure impacts on housing prices is evaluated through estimating a impulse response function. The first chapter aims to identify the causal effects of foreclosures on housing prices and the heterogeneity of these effects across different neighborhoods. Foreclosures have negative impacts not just for the homeowner, but also on neighboring properties (e.g., Campbell, Giglio, & Pathak, 2011, CGP hence-forth; Gerardi, Rosenblatt, Willen, & Yao, 2015; Anenberg & Kung, 2014). Due to the heterogeneous characteristics of the housing market, different neighborhoods can be impacted differently by foreclosures. This study focuses on the…
author: Bak, Xian Fang
language: en
keywords: Foreclosure, Housing prices, Program evaluation, Spatial and temporal analysis
date published: 2017-08-10T19:15:07Z
date modified: 2026-07-22T22:24:34Z
provider: University of Illinois - Urbana-Champaign
publisher: Networked Digital Library of Theses and Dissertations
type: WebPage
source organization: University of Illinois at Urbana-Champaign

PropertyValue
property ID: Handle
value: http://hdl.handle.net/2142/97362