Neighborhood Price Externalities of Foreclosure Rehabilitation: An Examination of the Neighborhood Stabilization Program

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This article examines the neighborhood price impacts of Neighborhood Stabilization Program (NSP) funded foreclosure rehabilitation undertaken by Habitat for Humanity in Dallas County, Texas using a difference-in-difference framework.

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31 p.

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Leonard, Tammy; Jha, Nikhil & Zhang, Lei January 12, 2017.

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This article examines the neighborhood price impacts of Neighborhood Stabilization Program (NSP) funded foreclosure rehabilitation undertaken by Habitat for Humanity in Dallas County, Texas using a difference-in-difference framework.

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31 p.

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Abstract: The federally-funded, HUD-administered Neighborhood Stabilization Program (NSP) was enacted
in the wake of the financial recession to mitigate the underlying adverse neighborhood
effects associated with foreclosed properties. We examined the neighborhood price impacts of
NSP-funded foreclosure rehabilitation undertaken by Habitat for Humanity in Dallas County,
Texas using a difference-in-difference framework. Foreclosure rehabilitation projects in Dallas
County produced an average 15% increase in neighborhood home prices that sold up to 30
months after the rehabilitated property sale and within 0.1 miles of the rehabilitated property.
Foreclosure rehabilitation that involved significant exterior repairs was associated with the
largest estimated effect sizes. Results suggest that NSP-funding in Dallas County effectively
targeted homes that had the potential to have the most severe neighborhood impacts, and that
rehabilitation was an effective means of reversing neighborhood price externalities associated
with blighted foreclosed properties.

This is a post-peer-review, pre-copyedit version of an article published in Empirical Economics. The final authenticated version is available online at: http://dx.doi.org/10.1007/s00181-016-1194-1.

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  • Empirical Economics, 52(3), Springer, January 12, 2017, pp. 1-31

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  • Publication Title: Empirical Economics
  • Volume: 52
  • Issue: 3
  • Peer Reviewed: Yes

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  • January 12, 2017

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  • Jan. 23, 2018, 5:28 a.m.

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  • Nov. 28, 2023, 2:56 p.m.

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Leonard, Tammy; Jha, Nikhil & Zhang, Lei. Neighborhood Price Externalities of Foreclosure Rehabilitation: An Examination of the Neighborhood Stabilization Program, article, January 12, 2017; New York, New York. (https://digital.library.unt.edu/ark:/67531/metadc1062057/: accessed May 30, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT College of Arts and Sciences.

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