Estimating Loan-to-Value and Foreclosure Behavior
---- Acknowledgements -----
We are grateful to Chris Mayer and the Paul Milstein Center for Real Estate at Columbia Business School for generous access to data and research assistance. We thank Chris Downing, Dasol Kim, Monika Piazzesi, Stijn van Nieuwerburgh, Karen Pence, Chester Spatt, Richard Stanton, NancyWallace, along with seminar participants at the Berkeley Capital Markets Real Estate seminar, Columbia Business School, Duke, Haas School of Business, NBER Summer Institute (2011), Santa Fe Summer Real Estate Symposium (2011), Stanford Graduate School of Business, Rice, SIFR, Stockholm EFA (2011), Utah, and UT Dallas for helpful comments and feedback. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.