抄録
This paper estimates the foreclosure discount and how it changed after the reform of foreclosure. When estimating foreclosure discount, it is important to control for sample characteristics because foreclosure samples and non-foreclosure samples have different tendency. One of the most wellknown such characteristics is neighborhood effects. In order to mitigate this neighborhood effects, I control for nearby station fixed effects using fixed effect model estimation. From the estimated results, foreclosure discount was 40％ in 2003 when reform was not done, and 2006 when reform was done, it decreased to 26％, suggesting that the effect of reform was substantial.
