Research Article
Dynamics of Housing Price: Foreclosure Rate Interactions
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) |
| Denver | | 0.0013 (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) |
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Effects close to significant 95% shocks in italics.
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