摘要：止赎房产变现是房地产抵押贷款风险管理中的重要环节，这也使得止赎房产折价问题成为近年来房地产经济学领域的研究热点之一。通过系统回顾现有国际范围内的主要研究，剖析止赎房产折价现象的理论根源，归纳折价率的主要估计结果及估计方法，从实证层面梳理影响折价率的主要因素，并初步讨论止赎房产的外部性对折价率的影响。此外还对我国围绕止赎房产折价问题的后续研究和实践方向提出若干
建议。
关键词：止赎房产；折价率；住房价格；抵押贷款
Abstract：Foreclosure discount，as a key factor in mortgage risk management，has become a hot topic in the field of real estate economics in recent years. By comprehensively reviewing previous studies on foreclosure discounts，this paper investigates the theoretical source of foreclosure discounts，systematically sums up principal estimation methods and results in existing studies，analyzes the main empirical factors affecting the magnitude of foreclosure discounts，and provides a preliminary discussion on the negative externalities of foreclosed properties. In addition，this paper puts forward some suggestions on the follow-up research and practice direction of foreclosure discount in China.
Keywords：foreclosed property；foreclosure discount；housing price；mortgage
参考文献
[1] Anenberg E，Kung E. Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures[J]. American Economic Review，2014（8）：2527-2551.
[2] Aroul R R，Hansz J A. The Valuation Impact on Distressed Residential Transactions：Anatomy of a Housing Price Bubble[J]. The Journal of Real Estate Finance and Economics，2013（2）：277-302.
[3] Campbell J Y，Giglio S，Pathak P. Forced Sales and House Prices[J]. American Economic Review，2011（5）：2108-2131.
[4] Chinloy P，Hardin W，Wu Z. Foreclosure，REO，and Market Sales in Residential Real Estate[J]. The Journal of Real Estate Finance and Economics，2016（2）：188-215.
[5] Clauretie T M，Daneshvary N. Estimating the House Foreclosure Discount Corrected for Spatial Price Interdependence and Endogeneity of Marketing Time[J]. Real Estate Economics，2009（1）：43-67.
[6] Clauretie T M，Daneshvary N. The Optimal Choice for Lenders Facing Defaults：Short Sale，Foreclose，or REO[J]. Journal of Real Estate Finance and Economics，2011（4）：504-521.
[7] Donner H. Foreclosures，Returns，and Buyer Intentions[J]. Journal of Real Estate Research，2017（2）：189-213.
[8] Forgey F，Rutherford R，VanBuskirk M. Effect of foreclosure status on residential selling price[J]. Journal of Real Estate Research，1994（3）：313-318.
[9] Goodwin K R，Johnson K H. The Short Sale Stigma[J]. Journal of Real Estate Finance and Economics，2017（4）：416-434.
[10] Harding J P，Rosenblatt E，Yao V W. The Contagion Effect of Foreclosed Properties[J]. Journal of Urban Economics，
2009（3）：164-178.
[11] Harding J P，Rosenblatt E，Yao V W. The Foreclosure Discount：Myth or Reality?[J]. Journal of Urban Economics，2012（2）：204-218.
[12] Lin Z，Rosenblatt E，Yao V W. Spillover Effects of Foreclosures on Neighborhood Property Values[J]. The Journal of Real Estate Finance and Economics，2007（4）：387-407.
[13] Mian A，Sufi A，Trebbi F. Foreclosures，House Prices，and the Real Economy[J]. Journal of Finance，2015（6）：2587-2634.
[14] Pennington-Cross A. The Value of Foreclosed Property[J]. Journal of Real Estate Research，2006（2）：193-214.
[15] Rutherford J，Rutherford R C，Strom E，et al. The Subsequent Market Value of Former REO Properties[J]. Real Estate Economics，2017（3）：713-760.
[16] Shilling J，Benjamin J，Sirmans C. Estimating Net Realizable Value for Distressed Real Estate[J]. Journal of Real Estate Research，1990（1）：129-140.
[17] Springer T M. Single-family Housing Transactions：Seller Motivations，Price，and Marketing Time[J]. The Journal of Real Estate Finance and Economics，1996（3）：237-254.
[18] Tidwell A，Jauregui A，Sah V，et al. Cash and Distressed House Sales Price Discounts：Dual Sample Selection Spatial Interdependence Approaches[J]. The Journal of Real Estate Finance and Economics，2016：1-39.
[19] William H，Marvin W. The Relationship Between Foreclosure Status and Apartment Price[J]. Journal of Real Estate Research，1996（1）：101-109.
[20] Zhou H Q，Yuan Y，Lako C，et al. Foreclosure Discount：Definition and Dynamic Patterns[J]. Real Estate Economics，2015（3）：683-718.
建筑经济，2019（2）：17-21