Vacant Property Registration Ordinances (VPROs) were widely adopted by local U.S. governments to compel mortgage lenders to monitor and maintain foreclosed properties. Using a border discontinuity, triple difference identification strategy, we find that enactment of VPROs in Florida more than halved the negative spillover from proximate foreclosures on arms-length sale prices. This finding is robust to various time-by-location fixed effects, different distance buffers around VPRO/non-VPRO borders, alternative foreclosure measures, and two falsification exercises. Finally, we show that foreclosed properties subject to a VPRO sell at higher prices when ultimately returned to the market, consistent with an underlying physical externality.

美国地方政府广泛采用了《空置财产注册条例》（VPROs），以迫使抵押贷款人监视和维护止赎财产。使用边界不连续性，三重差异识别策略，我们发现在佛罗里达州颁布的VPRO将近乎丧失抵押品赎回权的止赎权带来的负面溢出减少了一半以上。这一发现对于各种按时间定位的固定效果，VPRO /非VPRO边界周围的不同距离缓冲区，替代的止赎措施以及两次伪造演习具有鲁棒性。最后，我们证明，受VPRO约束的止赎物业最终返回市场时，其价格较高，与潜在的外部物理条件一致。