Subprime Mortgages, Foreclosures, and Urban Neighborhoods

Subprime Mortgages, Foreclosures, and Urban Neighborhoods
Author :
Publisher : DIANE Publishing
Total Pages : 39
Release :
ISBN-10 : 9781437928792
ISBN-13 : 143792879X
Rating : 4/5 (92 Downloads)

Book Synopsis Subprime Mortgages, Foreclosures, and Urban Neighborhoods by : Kristopher S. Gerardi

Download or read book Subprime Mortgages, Foreclosures, and Urban Neighborhoods written by Kristopher S. Gerardi and published by DIANE Publishing. This book was released on 2010-06 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.


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