Table 3: Magnitude and Lag Length of Maximum Significant 95% Shocks.

Metropolitan
Area
Exp. Sign
ΔLnP on
Foreclose
Foreclose
on ΔlnP
ΔLnP on
Itself
+
Foreclose
on Itself
+
LnFF
on ΔLnP
LnFF on
Foreclose
+

Cleveland−0.0015
(4)
0.003 (1,13)
−0.003 (3)
0.0075
(1)
−0.0045
(6)

Dallas−0.001
(1)
0.002
(4)
0.002 (1)
0.001 (12)
0.004
(6)
−0.001
(6)
0.001
(1)

Denver0.0013
(10)
−0.0017 (7)
0.002 (12)
0.017
(1)
0.001 (2)
−0.001 (17)
0.015
(5)

Las Vegas−0.025
(7)
−0.002
(2)
0.0055
(2)
0.025
(1,12)
−0.005
(8)
0.030
(14)

Los Angeles−0.017
(7)
−0.002
(8)
0.004
(2,15)
0.008
(7)
−0.0035
(9)

Minneapolis−0.001
(2)
−0.0045 (3)
0.0025 (12)
0.005 (2)
0.004 (9)
0.011
(14)
0.0025
(3)

New York−0.0009
(14)
−0.002
(9)
0.0023
(2,13)
0.0008
(2)
−0.002
(7,17)
0.004
(2)

Phoenix−0.025
(15)
−0.0045
(8)
0.004
(3)
0.020
(6,13)
−0.030
(7)
0.010
(10)

Portland−0.001 (1)
−0.004 (13)
−0.004
(7)
0.0037
(2)
0.007
(14)
−0.002
(3)

San Diego−0.011
(7)
−0.002
(4)
0.004
(1)
0.012
(2,6)
−0.005
(7)
0.014
(18)

San Fran.−0.006  
(8)
−0.006
(8)
0.0055
(1)
0.015
(7)
−0.004
(8)
0.002
(1)

Seattle−0.005
(14)
−0.003
(12)
0.0025
(2,14)
0.0063
(13)
−0.002
(9)
0.005
(18)

Washington−0.008
(19)
−0.002
(7)
0.0037
(2,13)
0.006
(4)
−0.0035
(6)
0.005
(8)

U. S.−0.0035
(8)
−0.002
(8)
0.0023
(2,14)
0.0025
(12)
−0.003
(9)
0.002
(9)

Effects close to significant 95% shocks in italics.