1{2 "indexed": {3 "date-parts": [4 [5 2026,6 9,7 248 ]9 ],10 "date-time": "2026-09-24T07:40:18Z",11 "timestamp": 1790235618931,12 "version": "4.1.0"13 },14 "reference-count": 33,15 "publisher": "Wiley",16 "issue": "6",17 "license": [18 {19 "start": {20 "date-parts": [21 [22 2015,23 11,24 1225 ]26 ],27 "date-time": "2015-11-12T00:00:00Z",28 "timestamp": 144728640000029 },30 "content-version": "vor",31 "delay-in-days": 0,32 "URL": "http://onlinelibrary.wiley.com/termsAndConditions#vor"33 }34 ],35 "content-domain": {36 "domain": [37 "onlinelibrary.wiley.com"38 ],39 "crossmark-restriction": true40 },41 "short-container-title": [42 "The Journal of Finance"43 ],44 "published-print": {45 "date-parts": [46 [47 2015,48 1249 ]50 ]51 },52 "abstract": "<jats:title>ABSTRACT</jats:title>\n <jats:p>\n From 2007 to 2009, states without a judicial requirement for foreclosures were\n <jats:italic>twice</jats:italic>\n as likely to foreclose on delinquent homeowners. Analysis of borders of states with differing foreclosure laws reveals a discrete jump in foreclosure propensity as one enters nonjudicial states. Using state judicial requirement as an instrument for foreclosures, we show that foreclosures led to a large decline in house prices, residential investment, and consumer demand from 2007 to 2009. As foreclosures subsided from 2011 to 2013, the foreclosure rates in nonjudicial and judicial requirement states converged and we find some evidence of a stronger recovery in nonjudicial states.\n </jats:p>",53 "DOI": "10.1111/jofi.12310",54 "type": "journal-article",55 "created": {56 "date-parts": [57 [58 2015,59 8,60 761 ]62 ],63 "date-time": "2015-08-07T16:25:08Z",64 "timestamp": 143896470800065 },66 "page": "2587-2634",67 "update-policy": "https://doi.org/10.1002/crossmark_policy",68 "source": "Crossref",69 "is-referenced-by-count": 249,70 "title": [71 "Foreclosures, House Prices, and the Real Economy"72 ],73 "prefix": "10.1111",74 "volume": "70",75 "author": [76 {77 "given": "ATIF",78 "family": "MIAN",79 "sequence": "first",80 "affiliation": [],81 "role": [82 {83 "vocabulary": "crossref",84 "role": "author"85 }86 ]87 },88 {89 "given": "AMIR",90 "family": "SUFI",91 "sequence": "additional",92 "affiliation": [],93 "role": [94 {95 "vocabulary": "crossref",96 "role": "author"97 }98 ]99 },100 {101 "given": "FRANCESCO",102 "family": "TREBBI",103 "sequence": "additional",104 "affiliation": [],105 "role": [106 {107 "vocabulary": "crossref",108 "role": "author"109 }110 ]111 }112 ],113 "member": "311",114 "published-online": {115 "date-parts": [116 [117 2015,118 11,119 12120 ]121 ]122 },123 "reference": [124 {125 "key": "e_1_2_10_2_1",126 "doi-asserted-by": "crossref",127 "unstructured": "Anenberg Elliot andEdwardKung 2013 Estimates of the size and source of price declines due to nearby foreclosures Working paper 2013\u201009 UCLA.",128 "DOI": "10.2139/ssrn.2197535"129 },130 {131 "key": "e_1_2_10_3_1",132 "doi-asserted-by": "publisher",133 "DOI": "10.1515/9781400829828"134 },135 {136 "key": "e_1_2_10_4_1",137 "doi-asserted-by": "publisher",138 "DOI": "10.1162/003355305774268200"139 },140 {141 "key": "e_1_2_10_5_1",142 "doi-asserted-by": "publisher",143 "DOI": "10.1111/reec.12011"144 },145 {146 "key": "e_1_2_10_6_1",147 "doi-asserted-by": "publisher",148 "DOI": "10.1257/aer.101.5.2108"149 },150 {151 "key": "e_1_2_10_7_1",152 "first-page": "53",153 "article-title": "Loss characteristics of commercial mortgage foreclosure",154 "volume": "14",155 "author": "Ciochetti Brian",156 "year": "1997",157 "journal-title": "Real Estate Finance"158 },159 {160 "key": "e_1_2_10_8_1",161 "doi-asserted-by": "publisher",162 "DOI": "10.1016/j.jue.2008.07.006"163 },164 {165 "key": "e_1_2_10_9_1",166 "doi-asserted-by": "publisher",167 "DOI": "10.1016/j.jue.2012.06.003"168 },169 {170 "key": "e_1_2_10_10_1",171 "first-page": "69",172 "article-title": "Making sense of the subprime crisis",173 "author": "Gerardi Kris",174 "year": "2010",175 "journal-title": "Brookings Papers on Economic Activity Fall"176 },177 {178 "key": "e_1_2_10_11_1",179 "doi-asserted-by": "crossref",180 "unstructured": "Ghent Andra 2012 America's mortgage laws in historical perspective Working paper Arizona State University.",181 "DOI": "10.2139/ssrn.2166656"182 },183 {184 "key": "e_1_2_10_12_1",185 "doi-asserted-by": "publisher",186 "DOI": "10.1016/j.jpubeco.2013.02.001"187 },188 {189 "key": "e_1_2_10_13_1",190 "doi-asserted-by": "crossref",191 "unstructured": "Hartley Daniel 2010 The effects of foreclosures on nearby housing prices: Supply or dis\u2010amenity? 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