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Urban Studies, Vol. 29, No. 5, 701-707 (1992)
DOI: 10.1080/00420989220080641

Price Determinants of Foreclosed Urban Land

Paul K. Asabere

Real Estate Research Center, Temple University

Forrest E. Huffman

School of Business and Management. Department of Legal and Real Estate Studies. Temple University, Speakman Hall, Philadelphia, PA 19122, USA

Foreclosure proceedings are the primary cause of real-estate auction sales in the US. Given the added legal constraints and risk associated with foreclosure proceedings, it is an empirical question as to whether the resulting prices are a function of the usual underlying factors of physical characteristics, locational benefits and neighbourhood effects which motivate normal market sale pricing. Using a hedonic pricing model common in the analysis of market sale prices, we find systematically determined price behaviour which replicates market pricing


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