Abstract

http://ssrn.com/abstract=1533772
 
 

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The Accumulation of Lender-Owned Homes During the U.S. Mortgage Crisis: Examining Metropolitan REO Inventories


Dan Immergluck


School of City and Regional Planning, Georgia Institute of Technology

March 1, 2009

Housing Policy Debate, Forthcoming

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 twelve large MSAs with substantial levels of REO as of August 2008. A model of REO volume at the metropolitan level is estimated which 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.

Number of Pages in PDF File: 48

Keywords: foreclosure, foreclosed properties, subprime crisis, mortgage crisis

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Date posted: January 10, 2010  

Suggested Citation

Immergluck, Dan, The Accumulation of Lender-Owned Homes During the U.S. Mortgage Crisis: Examining Metropolitan REO Inventories (March 1, 2009). Housing Policy Debate, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1533772

Contact Information

Dan Immergluck (Contact Author)
School of City and Regional Planning, Georgia Institute of Technology ( email )
United States
HOME PAGE: http://www.prism.gatech.edu/~di17
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