Losing a home affects not only the homeowner but the community at large. This thesis examines both housing and neighborhood characteristics to determine which characteristics have an impact on the speed of the sale of a foreclosed property. The findings from the Cox Proportional hazard model show which characteristics buyers value more when buying a foreclosed property. These characteristics can be different from the ones that are used to determine the sales price of a foreclosed property. Both financial institutions and real estate speculators can benefit from knowing which housing characteristics are preferred in a foreclosed property, allowing them to sell that property fast in the market.