Table 2.

Foreclosure discount

	Listing price
	(1)	(2)	(3)	(4)	(5)
Foreclosure	−0.653${}^{\ast \ast \ast }$	−0.811${}^{\ast \ast \ast }$	−0.857${}^{\ast \ast \ast }$	−0.667${}^{\ast \ast \ast }$	−0.486${}^{\ast \ast \ast }$
	(0.003)	(0.005)	(0.004)	(0.004)	(0.010)
Foreclosure $\times$ Floor area		0.002${}^{\ast \ast \ast }$
		(0.000)
Foreclosure $\times$ Price			0.000${}^{\ast \ast \ast }$
			(0.000)
Foreclosure $\times$ Market tightness				−0.008${}^{\ast \ast \ast }$
				(0.001)
Foreclosure $\times$ Location: semi-central					−0.111${}^{\ast \ast \ast }$
					(0.012)
Foreclosure $\times$ Location: suburbs					−0.233${}^{\ast \ast \ast }$
					(0.011)
Foreclosure $\times$ Location: out-of-town					−0.185${}^{\ast \ast \ast }$
					(0.030)
Dummies	Microzone	Microzone	Microzone	Microzone	Microzone
	-quarter	-quarter	-quarter	-quarter	-quarter
Observations	550,219	550,219	550,219	543,816	543,984
Adjusted R${}^2$	0.536	0.537	0.542	0.527	0.536

The dependent variable is the log of the last observed asking price before delisting. We control for the following home physical characteristics: property type (apartment or detached house), size (square meters), number of bathrooms, presence of a balcony, parking space/box, maintenance status and floor level. Time effects refer to the quarter in which a house is delisted. ${}^{\ast \ast \ast }$Significant at the 1% level. ${}^{\ast \ast }$Significant at the 5% level. ${}^{\ast }$Significant at the 10% level