中文摘要
我们表明，黑人和西班牙裔房主中较高的困境房屋出售率（即止赎和短售）严重压低了这些群体实现的住房回报——尤其是使其低于白人房主实现的水平。然而，在不存在财务困境的情况下，少数族裔拥有的房屋的升值速度并不会显著慢于非少数族裔拥有的房屋。流动性和收入稳定性的种族差异（贷款人对此观察不完善）是困境差异的重要决定因素。防止困境少数族裔止赎的政策可以缩小回报中的种族差距。（JEL D31, G51, J15, R31）
Abstract
We show that higher rates of distressed home sales (i.e., foreclosures and short sales) among Black and Hispanic homeowners severely reduce realized housing returns for these groups—in particular, to a level below that realized by White homeowners. Yet absent financial distress, houses owned by minorities do not appreciate at substantially slower rates than houses owned by nonminorities. Racial differences in liquidity and income stability, which are imperfectly observed by lenders, are important determinants of differences in distress. Policies that prevent foreclosure among distressed minorities can mitigate the racial gap in returns. (JEL D31, G51, J15, R31)