Illiquidity and Pricing Biases in the Real Estate Market

By Zhenguo Lin, Kerry D. Vandell. 2007

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Spillover Effects of Foreclosures on Neighborhood Property Values (2009, background): “Suppose that a foreclosure in the neighborhood enters the valuation process through comparable k. Forgey et al. (1994) and Hardin and Wolverton (1996) found that the foreclosure is usually sold at a discount of around 23% to compensate for the moral risk, amenity deterioration and other negative fea”
The Subprime Crisis and House Price Appreciation (2011, unknown): “3 C.f. Goetzmann and Spiegel (2002) 4 c.f. Doms et al. (2007) no consensus of model failure, even among professional economists.”