 The accumulation of lender-owned homes during the US mortgage crisis: examining metropolitan REO inventoriesDan Immergluck Housing Policy Debate, 2010, vol. 20, issue 4, 619-645 Abstract: A key concern among policymakers and community developers in recent years has been the extent to which lender-owned homes, often called real estate owned or “REO” properties, accumulate in different local housing markets during the mortgage crisis. This paper describes the accumulation of REO properties in 356 metropolitan statistical areas (MSAs) from August 2006 to August 2008. It examines differences in both changes and static levels of REO activity across MSAs and compares changes in REO levels to changes in home values over the same period. Special attention is paid to 12 large MSAs with substantial levels of REO as of August 2008. A model of REO volume at the metropolitan level is estimated that includes differences in state foreclosure legal processes and timing among the independent variables. Finally, cluster analysis is used to identify a simple typology of MSAs based on REO levels and home price changes. Date: 2010 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:houspd:v:20:y:2010:i:4:p:619-645 Ordering information: This journal article can be ordered from DOI: 10.1080/10511482.2010.505872 Access Statistics for this article Housing Policy Debate is currently edited by Tom Sanchez, Susanne Viscarra and Derek Hyra More articles in Housing Policy Debate from Taylor & Francis Journals |
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