Neighborhood Effects of Concentrated Mortgage Foreclosures PDF Download
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Author: Jenny Schuetz
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
As the national mortgage crisis has worsened, an increasing number of communities are facing declining housing prices and high rates of foreclosure. Central to the call for government intervention in this crisis is the claim that foreclosures not only hurt those who are losing their homes to foreclosure, but also harm neighbors by reducing the value of nearby properties and in turn, reducing local governments' tax bases. The extent to which foreclosures do in fact drive down neighboring property values has become a crucial question for policy-makers. In this paper, we use a unique dataset on property sales and foreclosure filings in New York City from 2000 to 2005 to identify the effects of foreclosure starts on housing prices in the surrounding neighborhood. Regression results suggest that above some threshold, proximity to properties in foreclosure is associated with lower sales prices. The magnitude of the price discount increases with the number of properties in foreclosure, but not in a linear relationship.
Author: Jenny Schuetz
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
As the national mortgage crisis has worsened, an increasing number of communities are facing declining housing prices and high rates of foreclosure. Central to the call for government intervention in this crisis is the claim that foreclosures not only hurt those who are losing their homes to foreclosure, but also harm neighbors by reducing the value of nearby properties and in turn, reducing local governments' tax bases. The extent to which foreclosures do in fact drive down neighboring property values has become a crucial question for policy-makers. In this paper, we use a unique dataset on property sales and foreclosure filings in New York City from 2000 to 2005 to identify the effects of foreclosure starts on housing prices in the surrounding neighborhood. Regression results suggest that above some threshold, proximity to properties in foreclosure is associated with lower sales prices. The magnitude of the price discount increases with the number of properties in foreclosure, but not in a linear relationship.
Author: Kristopher S. Gerardi
Publisher: DIANE Publishing
ISBN: 143792879X
Category : Self-Help
Languages : en
Pages : 39
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Book Description
Analyzes the impact of the subprime mortgage crisis on urban neighborhoods in Mass. Explores the topic using a data set that matches race and income info. with property-level, transaction data. Much of the subprime lending in the state was concentrated in urban neighborhoods and that minority homeownerships created with subprime mortgages have proved exceptionally unstable in the face of rapid price declines. Subprime lending did not, as commonly believed, lead to a substantial increase in homeownership by minorities but instead generated turnover in properties owned by minority residents. The particularly dire foreclosure situation in urban neighborhoods actually makes it somewhat easier for policymakers to provide remedies. Illus.
Author: Sang Hyun Lee
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Many communities around the country had already been dealing with the problems of increasing and concentrated foreclosures for several years. Thus, the evidence of the social costs of foreclosures will guide policy makers in deciding what policies should be put in many communities that foreclosures have plagued. The objective of this research is to quantify the price-depressing foreclosure effects on existing home sale prices as one of the major social costs for communities. The first methodological goal is to simultaneously quantify the magnitude of the direct and the spillover effects of foreclosures on existing home prices. The second methodological goal is to provide usefulness concerning spatial econometric models in measuring the impact of foreclosures on housing prices. This study was estimated with traditional hedonic and spatial hedonic models specified during two different housing cycles in Phoenix, Arizona, during a strong housing market when prices were up (2005) and a down housing market with falling prices (2008). It has been shown that foreclosures have negative effects on existing home prices in the neighborhood, depending on housing types and cycles. However, the OLS models do not correct for spatial autocorrelation problems and endogeneity that exist in a cross section of house prices and would overestimate absolute values of the coefficients. As alternatives, the maximum likelihood spatial lag or error model controls for spatial autocorrelation but still causes computation obstacles for large data sets and problems of heteroskedasticity in error terms. Thus, the preferred specification is a generalized method of moments (GMM) approach which requires weaker assumptions than the maximum likelihood application and has flexible form to large datasets. As a joint analysis, the most appropriate specification is the general spatial two-stage least-squares (GMM-2SLS) method with HAC (the spatial heteroskedasticity and autocorrelation consistent) variance estimator. These findings provide further evidence that OLS estimates of a coefficient on a foreclosure indicator tend to overstate the direct or indirect foreclosure discount, ignoring spatial effects such as spatial dependence and endogeneity. With regard to the spillover effect of nearby foreclosures on home prices, both foreclosures of single family homes and condos are statistically significant and negatively impact each type of home sale prices. However, the cumulative effects of neighborhood foreclosures are much greater with nonlinear effects in a housing bust year than a housing boom year. Therefore, this study on price-depressing effects of foreclosures emphasizes the importance of the pre-foreclosure step as the beginning of following foreclosure processes, depending on housing types and housing market cycles.
Author:
Publisher: DIANE Publishing
ISBN: 1437941966
Category : Foreclosure
Languages : en
Pages : 27
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Book Description
This publication highlights MORE-sponsored projects designed to communicate best practices and information about innovative programs to improve conditions in neighborhoods affected by high rates of foreclosure. It also reviews initiatives undertaken by the various Reserve Banks and the Board of Governors to respond to the foreclosure crisis.
Author: Yung Chun
Publisher:
ISBN:
Category : Foreclosure
Languages : en
Pages :
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Book Description
Mortgage foreclosures are costly not only to individuals, but also to society as a whole as the effects of foreclosures spill over into neighborhoods. The increasing volume of research on foreclosure spillover effects during and after the recent mortgage crisis reveals two limitations. First, empirical studies yield different evidence regarding the effect sizes of foreclosures on the house prices of neighboring properties. Second, the literature has not yet sufficiently dealt with foreclosure contagion, which posits that each foreclosure in a neighborhood increases the probability of additional foreclosures in the neighborhood.
Author: Dr. Owusu Kizito
Publisher: Page Publishing Inc
ISBN: 1681395568
Category : Social Science
Languages : en
Pages : 118
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Book Description
LIVED EXPERIENCES OF HOME FORECLOSURES The rising rate of home foreclosures which stands at approximately 1 in 92 households in the United States has raised a national alarm. Medical issues account for approximately half of all home foreclosure filings and it appears that approximately 1.5 million American homeowners could lose their homes to foreclosure every year. The qualitative phenomenological study involved investigating the lived experiences of the consequences of home foreclosures on the physical and mental illness of northern New Jersey homeowners. The research questions asked included what were the lived experiences of physical and mental health decline following home foreclosure and how did the participant’s perceive their physical and mental health decline affected their family members? Four core themes were revealed from the study. The four themes included foreclosure process resulting in hospitalization of family and foreclosure associated with the lack of family’s health insurance, family health and the foreclosure process, and foreclosure and the negligence of doctor’s prescription, foreclosure as perceived loss of money and finally homeownership, displacement and housing instability as a reason for depression. The current phenomenological research study of the lived experiences of home foreclosures on twenty-five homeowners in the process of foreclosure has added to the body of knowledge because it highlighted the stressors, reasons, and causes. The study provides a framework for local practitioners and decision makers in identifying the consequences on the physical and mental health of the participants and their families and providing a workable foreclosure response system.
Author: United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Domestic Policy
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 132
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Author: Yale Law Journal
Publisher: Quid Pro Books
ISBN: 161027816X
Category : Law
Languages : en
Pages : 357
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Book Description
This issue of the Yale Law Journal (the fourth issue of academic year 2015-2016) features articles and essays by notable scholars, as well as extensive student research. The issue is dedicated to the memory of Professor Robert A. Burt, with essays in his honor by Robert Post, Owen Fiss, Monroe Price, Martha Minow, Martin Boehmer, Anthony Kronman, Frank Iacobucci, and Andrew David Burt. In addition, the issue's contents include: • Article, "The First Patent Litigation Explosion," Christopher Beauchamp • Article, "The Lost 'Effects' of the Fourth Amendment: Giving Personal Property Due Protection," Maureen E. Brady • Note, "Fifty Shades of Gray: Sentencing Trends in Major White-Collar Cases," Jillian Hewitt • Note, "Present at Antitrust's Creation: Consumer Welfare in the Sherman Act's State Statutory Forerunners," Charles S. Dameron • Comment, "In Defense of 'Free Houses,'" Megan Wachspress, Jessie Agatstein, and Christian Mott • Comment, "Tort Concepts in Traffic Crimes," Noah M. Kazis Quality digital editions include active Contents for the issue and for individual articles, linked footnotes, active URLs in notes, and proper digital and Bluebook presentation from the original edition.
Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 140
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Book Description
Author: Christopher E. Herbert
Publisher: DIANE Publishing
ISBN: 1437929273
Category : Law
Languages : en
Pages : 83
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Book Description
Analyzes data and trends in the residential housing market and reviews the academic lit. and industry press on the root causes of the current foreclosure crisis (FC). Provides a review of policy responses and recommended actions to mitigate the FC and help prevent similar crises from occurring in the future. Contents: (1) Trends in Delinquencies and Foreclosures: Regional Trends in Foreclosures; (2) Lit. Review: General Lit. on Causes of Foreclosures and Delinquencies; Lit. Assessing Causes of the Current FC; Factors Enabling Expanded Risky Lending; (3) Policy Responses to the FC: Efforts To Address Rising Foreclosures; Efforts To Reduce the Risk of High Rates of Mortgage Foreclosures in the Future; Mortgage Market Reform. Illus.
