米国の不動産競売制度−売却手続及び占有者保護の分析−

抄録

There is a big contrast between Japan and the US in the rules of foreclosure. Japan gave a strong protection of short-term renters, which often hampered the foreclosure sale, while the US did not and does not. The US widely uses non-judicial foreclosure for speedy and low-cost liquidation while Japan does not. The authors conducted a research trip to the US in September, 2015. With the findings, we made a comparative analysis of foreclosure systems of Japan and the US. We hope it will add an insight for the improvement of Japan's foreclosure system. The findings of the research trip are: （1） Non-judicial foreclosure of the US is still speedier and lower-cost than judicial foreclosure after the financial crisis in 2008. （2） The REO (Real Estate Owned), bidding for and owning of the property by the mortgage holder, as well as the strict eviction of unlawful occupants by the sheriff contribute to the efficiency of the US foreclosure system. Japan should consider their applicability to her foreclosure system. （3） In the wake of the financial crisis which hit countless residence owners, the federal government in 2009 introduced the protection clause for occupants of the mortgaged residence. In the same line, Washington D.C. switched from non-judicial foreclosure to judicial foreclosure. These changes increased the transaction cost, lowered the bid prices at the foreclosure sale, and made banks reluctant to finance housing. The social cost of these changes, however, was much smaller than that of Japan's protection of short-term renters.