§ 1964

Citation: § 1964
Parent Document: City of Miami v. Wells Fargo & Co., 923 F.3d 1260 (2019)
Jurisdiction: United States (federal)
Effective Date: 2019-05-03
Original Source: https://www.courtlistener.com/opinion/4616452/city-of-miami-v-wells-fargo-co/ ↗

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Homes in foreclosure tend to experience a substantial decline in
       value . . . [F]oreclosure properties and the problems associated with
       them likewise cause especially significant declines in surrounding
       property values because the neighborhoods become less desirable. . . .
           Routinely maintained property tax and other data allow for the
       precise calculation of the property tax revenues lost by the City as a
       direct result of particular [bank] foreclosures. Using a well-established
       statistical regression technique that focuses on effects on neighboring
       properties, the City can isolate the lost property value attributable to
       [the Banks’] foreclosures and vacancies from losses attributable to
       other causes, such as neighborhood conditions. This technique, known
       as Hedonic regression, when applied to housing markets, isolates the
       factors that contribute to the value of a property by studying thousands
       of housing transactions. Those factors include the size of a home, the
       number of bedrooms and bathrooms, whether the neighborhood is safe,
       whether neighboring properties are well-maintained, and more.
       Hedonic analysis determines the contribution of each of these house
       and neighborhood characteristics to the value of a home.

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