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  <doc>
    <id>2568</id>
    <completedYear/>
    <publishedYear>2019</publishedYear>
    <thesisYearAccepted/>
    <language>eng</language>
    <pageFirst>143</pageFirst>
    <pageLast>163</pageLast>
    <pageNumber/>
    <edition/>
    <issue>2</issue>
    <volume>13</volume>
    <type>article</type>
    <publisherName>Emerald</publisherName>
    <publisherPlace/>
    <creatingCorporation/>
    <contributingCorporation/>
    <belongsToBibliography>0</belongsToBibliography>
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    <thesisDateAccepted>--</thesisDateAccepted>
    <title language="eng">Foreclosure discounts for German housing markets</title>
    <abstract language="eng">Purpose&#13;
This paper aims to investigate the foreclosure discount for the German residential market in the years from 2008 to 2011.&#13;
Design/methodology/approach&#13;
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.&#13;
Findings&#13;
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.&#13;
Research limitations/implications&#13;
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.&#13;
Practical implications&#13;
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.&#13;
Originality/value&#13;
To the best of the authors' knowledge, this is the first attempt to analyze the foreclosure discount for the German housing market.</abstract>
    <parentTitle language="eng">International Journal of Housing Markets and Analysis</parentTitle>
    <identifier type="doi">10.1108/IJHMA-12-2018-0106</identifier>
    <enrichment key="opus.import.date">2022-01-27T15:19:14+00:00</enrichment>
    <enrichment key="opus.source">sword</enrichment>
    <enrichment key="opus.import.user">importuser</enrichment>
    <enrichment key="BegutachtungStatus">peer-reviewed</enrichment>
    <enrichment key="opus.doi.autoCreate">false</enrichment>
    <enrichment key="opus.urn.autoCreate">false</enrichment>
    <licence>Keine Lizenz - Es gilt das deutsche Urheberrecht: § 53 UrhG</licence>
    <author>Tobias Just</author>
    <author>Michael Heinrich</author>
    <author>Mark Andreas Maurin</author>
    <author>Thomas Schreck</author>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Characteristics of a property</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>COST</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Distressed assets</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Foreclosure discount</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>German regions</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Hedonic house price model</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Liquidity</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>PRICE</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>SALES</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>TRANSACTIONS</value>
    </subject>
    <collection role="institutes" number="FakBW">Fakultät Business and Management</collection>
    <collection role="othforschungsschwerpunkt" number="16314">Lebenswissenschaften und Ethik</collection>
  </doc>
  <doc>
    <id>1382</id>
    <completedYear/>
    <publishedYear>2018</publishedYear>
    <thesisYearAccepted/>
    <language>deu</language>
    <pageFirst/>
    <pageLast/>
    <pageNumber>98</pageNumber>
    <edition/>
    <issue/>
    <volume/>
    <type>periodicalpart</type>
    <publisherName/>
    <publisherPlace>Regensburg</publisherPlace>
    <creatingCorporation>Ostbayerische Technische Hochschule Regensburg</creatingCorporation>
    <contributingCorporation/>
    <belongsToBibliography>0</belongsToBibliography>
    <completedDate>--</completedDate>
    <publishedDate>--</publishedDate>
    <thesisDateAccepted>--</thesisDateAccepted>
    <title language="deu">Forschung 2018</title>
    <identifier type="isbn">978-3-9818209-5-9</identifier>
    <identifier type="urn">urn:nbn:de:bvb:898-opus4-13826</identifier>
    <identifier type="doi">10.35096/othr/pub-1382</identifier>
    <author>Christian Broser</author>
    <author>Thomas Falter</author>
    <author>Robert Damian Ławrowski</author>
    <author>Amelie Altenbuchner</author>
    <author>Daniel Vögele</author>
    <author>Claus Koss</author>
    <author>Matthias Schlamp</author>
    <author>Jan Dunnweber</author>
    <author>Oliver Steffens</author>
    <author>Markus Heckner</author>
    <author>Sabine Jaritz</author>
    <author>Thomas Schiegl</author>
    <author>Sabine Corsten</author>
    <author>Norina Lauer</author>
    <author>Katherine Guertler</author>
    <author>Eric Koenig</author>
    <author>Sonja Haug</author>
    <author>Dominik Huber</author>
    <author>Clemens Birkenmaier</author>
    <author>Lars Krenkel</author>
    <author>Thomas Wagner</author>
    <author>Xenia Justus</author>
    <author>Sean Patrick Saßmannshausen</author>
    <author>Nadine Kleine</author>
    <author>Karsten Weber</author>
    <author>Carina N. Braun</author>
    <author>Giuliano Giacoppo</author>
    <author>Michael Heinrich</author>
    <author>Tobias Just</author>
    <author>Thomas Schreck</author>
    <author>Andreas Schnabl</author>
    <author>Amador Téran Gilmore</author>
    <author>Samuel Roeslin</author>
    <author>Sandra Schmid</author>
    <author>Felix Wellnitz</author>
    <author>Sebastian Malz</author>
    <author>Andreas Maurial</author>
    <author>Florian Hauser</author>
    <author>Jürgen Mottok</author>
    <author>Meike Klettke</author>
    <author>Stefanie Scherzinger</author>
    <author>Uta Störl</author>
    <author>Markus Heckner</author>
    <author>Alexander Bazo</author>
    <author>Christian Wolff</author>
    <author>Andreas Kopper</author>
    <author>Markus Westner</author>
    <author>Christian Pongratz</author>
    <author>Ingo Ehrlich</author>
    <author>Ulrich Briem</author>
    <author>Sebastian Hederer</author>
    <author>Marcus Wagner</author>
    <author>Moritz Schillinger</author>
    <author>Julien Görlach</author>
    <author>Stefan Hierl</author>
    <author>Marco Siegl</author>
    <author>Christoph Langer</author>
    <author>Matthias Hausladen</author>
    <author>Rupert Schreiner</author>
    <author>Matthias Haslbeck</author>
    <author>Reinhard Kreuzer</author>
    <author>Oliver Brückl</author>
    <author>Belal Dawoud</author>
    <author>Hans-Peter Rabl</author>
    <author>Bernd Gamisch</author>
    <author>Ottfried Schmidt</author>
    <author>Michael Heberl</author>
    <author>Bianca Gänsbauer</author>
    <author>Werner Bick</author>
    <author>Andreas Ellermeier</author>
    <author>Gareth J. Monkman</author>
    <author>Nina Prem</author>
    <author>Dirk Sindersberger</author>
    <author>Karl Tschurtschenthaler</author>
    <author>Maximilian Aurbach</author>
    <author>Sebastian Dendorfer</author>
    <author>Michael A. Betz</author>
    <author>Tamara Szecsey</author>
    <author>Wolfgang Mauerer</author>
    <author>Florian Murr</author>
    <series>
      <title>Forschungsberichte der OTH Regensburg</title>
      <number>2018</number>
    </series>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Forschung</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Forschungsbericht</value>
    </subject>
    <collection role="institutes" number="HL">Hochschulleitung/Hochschulverwaltung</collection>
    <collection role="othpublikationsherkunft" number="">Von der OTH Regensburg herausgegeben</collection>
    <collection role="persons" number="weberlate">Weber, Karsten (Prof. Dr.) - Labor für Technikfolgenabschätzung und Angewandte Ethik</collection>
    <collection role="institutes" number="IAFW">Zentrum für Forschung und Transfer (ZFT ab 2024; vorher: IAFW)</collection>
    <collection role="persons" number="bruecklfenes">Brückl, Oliver (Prof. Dr.) - FENES / Forschungsgruppe Energienetze</collection>
    <collection role="persons" number="hauglasofo">Haug, Sonja (Prof. Dr.) - Labor Empirische Sozialforschung</collection>
    <thesisPublisher>Ostbayerische Technische Hochschule Regensburg</thesisPublisher>
    <file>https://opus4.kobv.de/opus4-oth-regensburg/files/1382/Forschung-OTHR_2018.pdf</file>
  </doc>
</export-example>
