I identify the effect of financial constraints on product prices using granular data on home-builder housing developments from the 2006–2009 housing crisis. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. When builders cut prices, they sell homes faster and builders cut prices more in areas in which price cuts produce larger declines in time-to-sale. Financially constrained firms are more likely to cut prices of homes in healthy areas following losses elsewhere. Firms cut prices following losses in other projects only during the crisis, not during the boom.

中文翻译：

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绝望的房屋卖家：开发商的困境

我使用 2006 年至 2009 年住房危机期间住宅建筑商住房开发的详细数据来确定财务约束对产品价格的影响。在某一地区遭受损失的建筑商随后以折扣价出售未受影响地区的房屋，以快速筹集现金。当建筑商降价时，他们会更快地出售房屋，而在降价导致销售时间缩短幅度更大的地区，建筑商降价幅度更大。在其他地区遭受损失后，财务拮据的公司更有可能降低健康地区的房屋价格。只有在危机期间，公司才会在其他项目遭受损失后降价，而不是在繁荣时期。