Foreclosures, House Prices, and the Real Economy

We thank Paul Beaudry, John Cochrane, Kris Gerardi, Christopher James, Francisco Perez-Gonzalez, Jesse Shapiro, Jeremy Stein, Robert Vishny, Susan Woodward, and seminar participants at Boston College, Boston University, MIT, the NBER Summer Institute, Stanford University, the University of British Columbia, the University of Chicago, Yale, and UCLA for comments. We also thank the National Science Foundation and the Initiative on Global Markets at the University of Chicago Booth School of Business for funding. Filipe Lacerda and Mauricio Larrain provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. The appendix to this study is located at: http://faculty.chicagobooth.edu/amir.sufi.

• December 5, 2011