Neighborhood Racial Composition and Mortgage Redlining: A Nationwide Analysis

Andrew Holmes

Journal of Real Estate Portfolio Management, 2000, vol. 6, issue 1, 37-51

Abstract: Executive Summary. Concerns about fairness in the mortgage markets have motivated a large and growing literature and continues to be a regulatory issue impacting a wide range of financial institutions. However, disparate conclusions from recent studies on redlining and discrimination leave the question of equitable lending unanswered. General inference from the existing evidence is hampered by the uncertainties surrounding regional variability and methodological discontinuity. For example, differences in data, variable definitions and statistical techniques inhibit comparisons across studies. Moreover, differing economic circumstances, employment conditions, industry representation, and, perhaps, biases, will also induce dissimilar conclusions. This article analyzes the geographic flow of mortgage credit on a national basis with a single methodology. Thus, we avoid many of the pitfalls from earlier studies that impeded general inference concerning racially induced redlining. Our tests provide statistical evidence that neighborhood racial composition may affect the flow of mortgage credit in some regions. However, the economic significance of these results is, at most, small.

Date: 2000
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DOI: 10.1080/10835547.2000.12089596

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