@article{JustHeinrichMaurinetal., author = {Just, Tobias and Heinrich, Michael and Maurin, Mark Andreas and Schreck, Thomas}, title = {Foreclosure discounts for German housing markets}, series = {International Journal of Housing Markets and Analysis}, volume = {13}, journal = {International Journal of Housing Markets and Analysis}, number = {2}, publisher = {Emerald}, doi = {10.1108/IJHMA-12-2018-0106}, pages = {143 -- 163}, abstract = {Purpose This paper aims to investigate the foreclosure discount for the German residential market in the years from 2008 to 2011. Design/methodology/approach The determinants of the foreclosure discount are estimated in a hedonic price model. The analysis is based on a unique data set compiled from three different data sources with 135,000 foreclosed properties. Findings The findings reveal that residential units in foreclosures are sold at a discount of 19 per cent compared to residential units with similar characteristics that are not in foreclosure. Second, a regional pattern can be observed, with discounts being negatively correlated to unemployment risk and liquidity. Third, the model with interaction terms shows that foreclosure discounts are linked to specific property characteristics. Fourth, these object-related risks are typically smaller than regional risks or locational risks. Research limitations/implications Given the highly fragmented system of Gutachterausschusse in Germany, who are responsible for collecting transaction data, we were not able to directly analyze transaction data, but only a proxy for this price information. Practical implications The results can be important for financial institutions that are trying to assess the risk of lending for a specific object in a specific location. So far, banks primarily try to assess the default risk of private lenders by analyzing the debtor's financial position and the quality of the property. The analysis provides insights into which characteristics of a property might imply additional risk, and in which region these risks are biggest. Originality/value To the best of the authors' knowledge, this is the first attempt to analyze the foreclosure discount for the German housing market.}, language = {en} } @misc{BroserFalterŁawrowskietal., author = {Broser, Christian and Falter, Thomas and Ławrowski, Robert Damian and Altenbuchner, Amelie and V{\"o}gele, Daniel and Koss, Claus and Schlampp, Matthias and Dunnweber, Jan and Steffens, Oliver and Heckner, Markus and Jaritz, Sabine and Schiegl, Thomas and Corsten, Sabine and Lauer, Norina and Guertler, Katherine and Koenig, Eric and Haug, Sonja and Huber, Dominik and Birkenmaier, Clemens and Krenkel, Lars and Wagner, Thomas and Justus, Xenia and Saßmannshausen, Sean Patrick and Kleine, Nadine and Weber, Karsten and Braun, Carina N. and Giacoppo, Giuliano and Heinrich, Michael and Just, Tobias and Schreck, Thomas and Schnabl, Andreas and Gilmore, Amador T{\´e}ran and Roeslin, Samuel and Schmid, Sandra and Wellnitz, Felix and Malz, Sebastian and Maurial, Andreas and Hauser, Florian and Mottok, J{\"u}rgen and Klettke, Meike and Scherzinger, Stefanie and St{\"o}rl, Uta and Heckner, Markus and Bazo, Alexander and Wolff, Christian and Kopper, Andreas and Westner, Markus and Pongratz, Christian and Ehrlich, Ingo and Briem, Ulrich and Hederer, Sebastian and Wagner, Marcus and Schillinger, Moritz and G{\"o}rlach, Julien and Hierl, Stefan and Siegl, Marco and Langer, Christoph and Hausladen, Matthias and Schreiner, Rupert and Haslbeck, Matthias and Kreuzer, Reinhard and Br{\"u}ckl, Oliver and Dawoud, Belal and Rabl, Hans-Peter and Gamisch, Bernd and Schmidt, Ottfried and Heberl, Michael and G{\"a}nsbauer, Bianca and Bick, Werner and Ellermeier, Andreas and Monkman, Gareth J. and Prem, Nina and Sindersberger, Dirk and Tschurtschenthaler, Karl and Aurbach, Maximilian and Dendorfer, Sebastian and Betz, Michael A. and Szecsey, Tamara and Mauerer, Wolfgang and Murr, Florian}, title = {Forschung 2018}, editor = {Baier, Wolfgang}, address = {Regensburg}, organization = {Ostbayerische Technische Hochschule Regensburg}, isbn = {978-3-9818209-5-9}, doi = {10.35096/othr/pub-1382}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:898-opus4-13826}, pages = {98}, subject = {Forschung}, language = {de} }