The Cost of Foreclosure Delay

We measure the cost of foreclosure delay by estimating time‐related foreclosure costs using a large national sample of residential mortgages before, during, and after the recent U.S. housing crisis. The large volume of foreclosures, coupled with an unprecedented series of government interventions in mortgage servicing practices, significantly extended foreclosure timelines during and after the crisis.  Costs were especially pronounced in judicial review states, which saw average foreclosure costs go up 15 percentage points, 24 percentage points in the highest cost state.  Cost increases of this magnitude are likely to have consequences for servicing practices and mortgage credit availability.     

Landscape features control river's confluences water quality and tributary fish composition

Rivers networks represent hierarchical dendritic habitats within terrestrial landscapes and differences in connectivity and land use influence dispersal, and consequently biodiversity patterns. We, therefore, measured variation in water chemistry and fish abundance and related these to a number of landscape characteristics (e.g., wetland, urban, wooded, and agricultural) in the River Klarälven and its 30 permanently flowing tributaries. We hypothesized that these environmental attributes would differ between tributary and main stem habitat and that these differences would be driven by landscape attributes including land use. We found considerable intertributary variation in temperature and nutrient levels, and between the tributaries and the main stem. Generally, water temperature was lower in the tributaries, whereas nutrient levels were higher in the tributaries. The lower water temperature has implications for coldwater fishes, and we found two fishes, burbot and lamprey, associated with coldwater tributaries. We also found an inverse relationship between water quality and anthropogenic land use. Protecting tributaries with low anthropogenic impact will likely become increasingly important with ongoing global warming as they can function as thermal refugia for coldwater fishes. Hence, this study underscores the need to evaluate water courses at regional scales to identify spatial refuges and ensure connectivity.     

International price competitiveness of Australia's MICE industry

A special‐interest tourist market that holds out great promise for continued growth well into the next century is that of MICE (meetings, incentives, conventions, exhibitions). At the same time, changing prices in particular destinations relative to others are regarded as one of the most important economic influences on destination shares of total international tourism flows. The question arises as to the price competitiveness of major competing MICE destinations. Although earlier research has recognised that a destination's price competitiveness differs according to a visitor's country of origin there has been relatively little attention paid to tourism price competitiveness from the perspective of those having different motives for travel. This paper has four major aims: first, to provide a method by which price competitiveness of tourism by journey purpose can be estimated; second, to construct price competitiveness indices that measure, absolutely and relative to major competitors world‐wide, the price competitiveness of Australia's MICE tourism industry; third, to compare Australia's price competitiveness as a MICE destination with its price competitiveness for total inbound tourism; fourth, to discuss the implications of the results for travel and tourism decision‐makers in both the private and public sectors. Copyright © 2001 John Wiley & Sons, Ltd.