The accumulation of foreclosed properties: trajectories of metropolitan REO inventories during the 2007–2008 mortgage crisis
Dan Immergluck ()
No 2008-02, FRB Atlanta Community and Economic Development Discussion Paper from Federal Reserve Bank of Atlanta
Abstract:
A key concern among policymakers and community developers during the ongoing mortgage crisis has been the extent to which lender-owned homes, often called real-estate-owned or ?REO? properties, have been accumulating in different local housing markets. This paper describes the accumulation of REO properties in metropolitan areas across the United States from August 2006 to August 2008. I examine the differences in both changes and static levels of REO activity across metro areas and compare changes in REO levels to changes in home values over the same period. Special attention is paid to a set of large metro areas with substantial levels of REO. I also examine differences across metro areas in the aging or duration of how long properties are held in REO. Cluster analysis is used to identify a typology of metropolitan regions based on REO levels and home price changes. REO exit rates for prime and subprime loans within these three clusters are then compared.
Date: 2008
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Journal Article: The accumulation of foreclosed properties: trajectories of metropolitan REO inventories during the 2007–2008 mortgage crisis (2009) 
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