Table 4.

Local effects of foreclosures on house prices and time-on-market

	Listing price	Time on market	Listing price	Time on market
	(1)	(2)	(3)	(4)
${\gamma }_{400}^{-}$	0.0057${}^{\ast \ast \ast }$	−0.0029
	(0.0012)	(0.0030)
${\delta }_{400}^{-}$	−0.0178${}^{\ast \ast \ast }$	0.0060${}^{\ast \ast }$
	(0.0012)	(0.0030)
${\gamma }_{150}^{-}$	−0.0114${}^{\ast \ast \ast }$	0.0300${}^{\ast \ast \ast }$
	(0.0010)	(0.0026)
${\delta }_{150}^{-}$	−0.0519${}^{\ast \ast \ast }$	−0.0077${}^{\ast \ast }$
	(0.0015)	(0.0039)
${\gamma }_{400}^{-}-{\gamma }_{400}^{+}$			−0.0002	0.0091
			(0.0058)	(0.0148)
${\delta }_{400}^{-}-{\delta }_{400}^{+}$			−0.0021	−0.0070
			(0.0035)	(0.0090)
${\gamma }_{150}^{-}-{\gamma }_{150}^{+}$			−0.0158${}^{\ast \ast \ast }$	0.0436${}^{\ast \ast \ast }$
			(0.0049)	(0.0126)
${\delta }_{150}^{-}-{\delta }_{150}^{+}$			−0.0162${}^{\ast \ast \ast }$	0.0060
			(0.0047)	(0.0119)
Dummies	Microzone-month	Microzone-month	Microzone-month	Microzone-month
Observations	407,167	407,177	407,167	407,177
Adjusted R${}^2$	0.5219	0.0137	0.5220	0.0137

The dependent variables and the number of nearby listings are measured in logs. Parameters denoted by $\delta$ are associated with nearby foreclosures listings, while $\gamma$ refers to other listings. 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 month 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