کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5103731 1480531 2017 45 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Measuring foreclosure impact mitigation: Evidence from the Neighborhood Stabilization Program in Chicago
ترجمه فارسی عنوان
اندازه گیری اثرات کاهش سلب حق اقامه دعوی: شواهد از برنامه تثبیت همجوشی در شیکاگو
کلمات کلیدی
رفع موانع، تسکین دهنده، توسعه شهری، برنامه فدرال، ارزیابی،
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
The Neighborhood Stabilization Program (NSP) is a $7 billion nationwide government program that was established to reduce the negative impacts of the housing crisis in foreclosure-concentrated neighborhoods. NSP rehabilitations aim to bring foreclosed and abandoned properties back to productive use. Very few quantitative studies have evaluated NSP and provided policy suggestions for future stabilization. Furthermore, there is some ambiguity about the channels through which foreclosures influence neighboring properties. This study fills the gap in the literature by evaluating the effects of NSP acquisition and rehabilitation in terms of the impact on elevating neighboring property values. In addition, it provides evidence that disamenity effects are a source of the negative impacts of foreclosures on their neighbors. Using a 2008-2014 repeated cross-section dataset for housing sales in the city of Chicago, the difference-in-differences estimates reveal that the average sales prices of homes within 0.1 miles of the NSP projects increased by 14.3% and these effects do not appear until the completion of the rehabilitation. Furthermore, large program effects are found for normal homes but not for foreclosure-related homes. The results vary under different contexts of NSP implementation, but the analytical approach presented in this study is reproducible for NSP studies in other regions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Regional Science and Urban Economics - Volume 63, March 2017, Pages 38-56
نویسندگان
, ,