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1.
    
ABSTRACT

The surge in foreclosures in the United States that began in 2007 reached a peak in mid-2011, and since then, the rate of foreclosures has been decreasing, providing evidence of the housing market recovery. This study examines factors that affected changes in ZIP code-level foreclosure rates in more than 300 U.S. metropolitan areas during the national housing recovery. Using multivariate analyses of the long- and short-term effects of foreclosures simultaneously, this finding shows that certain characteristics of the mortgage and housing markets led to more rapid neighborhood recovery. Results also indicate, however, that most urban-form variables led to neighborhood resilience over the long term, that high shares of mixed land use were strongly associated with fewer foreclosures, and that high shares of auto dependency were associated with high foreclosure rates. Finally, findings suggest that low- and moderate-income neighborhoods, particularly in cities, were more vulnerable and less resilient to economic shock, and the accumulated effects of foreclosures worsened over the long term. However, low- and moderate-income neighborhoods surrounded by suburban affluent neighborhoods recovered more rapidly than those in cities did. Understanding such resilience to economic crises will provide policymakers with insights that they can leverage to establish housing policies for sustainable neighborhoods.  相似文献   

2.
    
This article examines the extent to which shelter entry and re-entry increased during the Great Recession (December 2007–December 2009) in Hennepin County, Minnesota. Among successive cohorts of families entering the Supplemental Nutritional Assistance Program (SNAP), Black families were 23% more likely to enter shelter if they were in the 2008–2009 cohort and 28% more likely to enter shelter if they were in the 2010 cohort than if they entered SNAP in 2004–2005. In addition, families who left shelter in 2009 were 39% more likely and families leaving shelter in 2010 were 63% more likely to re-enter shelter than those leaving shelter in 2004–2006. Only a small part of the increases in shelter entry and shelter re-entry was explained by reductions in family earnings. This suggests that the increases in shelter entry and re-entry may have been caused by other factors, such as the decline in the availability of affordable housing.  相似文献   

3.
    
According to previous studies, residential foreclosures reduce the value of neighboring residential units and the initial negative effects decay over time and space. This study attempts to investigate the temporal path of the initial effects by following cohorts of single-family housing distressed sales (foreclosures and real estate owned sales) over time. A hedonic model estimation of single-family housing sales in Saint Louis County, Missouri, produced larger marginal impacts for new distressed sales in the year 2000 compared with the marginal impact of new distressed sales in 2007, that is, the marginal impact of new distressed sales is declining in at least one housing market. This result holds true for the distressed sale neighborhood impact, the effect of distress on the same unit's future sales price, and the discount on a distressed unit's current “liquidation sale” price.  相似文献   

4.
ABSTRACT

Mansionization—the process in which original single-family houses are demolished and replaced with larger houses—in the older inner-ring suburbs of U.S. cities is a contentious and important driver of physical, social, and economic neighborhood change, yet little is known about how the mansionization process varies across the diverse inner-ring suburban landscape. With a focus on the inner-ring suburbs of Chicago located in Cook County, Illinois, this study presents a typology of mansionization based upon the housing, population, and household characteristics; economic status; and race and ethnicity of the neighborhoods in which mansionization occurs. Principal components analysis followed by cluster analysis are used to identify five distinct types of mansionization in the inner-ring suburbs of Chicago: highly affluent, upper middle class, postwar ethnoburb, white middle class, and diverse working class. Although mansionization is often perceived as a single process, findings reveal that it occurs in a variety of places and manifests in a variety of ways. The regulatory approaches of municipalities with differing types of suburban mansionization are discussed.  相似文献   

5.
    
In the aftermath of the foreclosure crisis, there has been a marked shift toward renting in the United States, with a large increase in households renting single-family homes. In the 50 largest metropolitan areas, the number of detached, single-family rental homes (SFRs) increased from 3.8 million to 5.8 million from 2006 to 2015. Single-family rentership rates increased in all 50 large metro areas, with the percentage of single-family units that are rented increasing from 11.3% to 16%. Notably, the nine metropolitan areas with the largest increases were all located in the Sunbelt. Given expected neighborhood sorting, it is important to consider neighborhood increases in SFRs. In one large Sunbelt metro area, Atlanta, increases in SFRs from 2010 to 2015 were particularly large in older, inner-county diverse suburbs. Regression results show that, controlling for other neighborhood characteristics, neighborhoods with larger Asian, Latino, and black populations saw larger increases in SFRs. The effects were particularly high in neighborhoods with larger Latino and, especially, Asian populations. Another key finding is that, in neighborhoods with lower property values, more foreclosures during the crisis were associated with sizeable increases in SFRs. However, more foreclosures in neighborhoods with high property values were not associated with increases in SFRs. This is possibly due to the exclusionary nature of high property-value suburbs and the strong demand in such neighborhoods for owner-occupied housing. Implications for policy and research are considered.  相似文献   

6.
This paper reviews the current state of the housing market, particularly in the shadow of the foreclosure crisis, the collapse of the financial system, and persistent unemployment. The authors outline the policy priorities necessary to facilitate the recovery of the housing market in general and to encourage comprehensive revitalization of the hardest hit communities.  相似文献   

7.
    
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.  相似文献   

8.
Research has linked concentrated foreclosures with negative neighborhood outcomes; for instance, increased crime and decreased property values. These outcomes drain community asset holdings and impact the longer term trajectory of the neighborhood. However, data reported in this article from a Boston study challenge the assumption that negative neighborhood outcomes are a foregone conclusion in the face of foreclosures. Analysis of interviews with real estate agents and other foreclosure professionals, neighborhood ethnographic observation, and citywide sales and foreclosure sales documents demonstrate that the distinct nature of the foreclosure sales process creates market disruptions heightening the risk for documented negative neighborhood outcomes. Attempts by the seller to reduce financial risks in the sale increase the likelihood of vacancy and create a market oriented toward investor–buyers. Understanding the risk preferences of key decision makers in the foreclosure sale process reveals new intervention points—such as intervening at the short sale, or expanding and updating foreclosure laws to reflect current foreclosure sales markets—to reduce market disruptions and preserve community assets in the face of foreclosures.  相似文献   

9.
    
This article revisits the relative performance of housing programs in terms of delivering on neighborhood quality. Newman and Schnare examined this issue in 1997, and this article updates their work more than a decade later. Both efforts examine the neighborhood characteristics surrounding assisted rental housing and assess the direction of assisted-housing policy. The analysis is performed by exploring census data at the tract level for the tenant-based Housing Choice Voucher program plus a set of project-based programs, including public housing, the Low-Income Housing Tax Credit program, and other HUD multifamily programs. We conclude that Newman and Schnare remain correct that rental housing assistance does little to improve the quality of the recipients' neighborhoods relative to those of welfare households and can make things worse. However, things have improved. The Housing Choice Voucher and Low-Income Housing Tax Credit programs have grown in importance over the intervening years and have improved their performance by moving more households into low-poverty, less distressed areas. Importantly, these active programs for assisted housing are beginning to find ways to overcome the barriers preventing entry into the suburbs, although more needs to be done.  相似文献   

10.
    
Cleveland, Ohio provides a useful case for examining and contrasting property transfer practices among certain key actors before, during, and after the foreclosure crisis. Transfers among key actors—Cleveland’s two land banks, the State of Ohio, Fannie Mae, investors, and community development corporations (CDCs)—differed considerably. This article empirically shows that inappropriate property transfer practices by financial institutions and speculator-type investors negatively impacted neighborhoods, compounding the damage brought on by the foreclosure crisis. By contrast, a case study of one of the hardest hit neighborhoods in Cleveland finds that the land banks and CDC are producing positive outcomes. A proactive land bank as a conduit and robust CDCs as a project promoter are an effective combination to cope with vacant and abandoned properties.  相似文献   

11.
    
Abstract

Rent burdens are increasing in U.S. metropolitan areas while subsidies on privately owned, publicly subsidized rental units are expiring. As a result, some of the few remaining affordable units in opportunity neighborhoods are at risk of being converted to market rate. Policy makers face a decision about whether to devote their efforts and scarce resources toward developing new affordable housing, recapitalizing existing subsidized housing, and/or preserving properties with expiring subsidies. There are several reasons to preserve these subsidies, one being that properties may be located in neighborhoods with greater opportunity. In this article, we use several sources of data at the census tract level to learn how subsidy expirations affect neighborhood opportunity for low-income households. Our analysis presents several key findings. First, we find that units that left the project-based Section 8 program were – on average – in lower opportunity neighborhoods, but these neighborhoods were improving. In addition, properties due to expiry from the Section 8 program between 2011 and 2020 are in higher opportunity neighborhoods than any other subsidy program. On the contrary, new Low-Income Housing Tax Credit (LIHTC) units were developed in tracts similar to those where LIHTC units are currently active, which tend to be lower opportunity neighborhoods.  相似文献   

12.
The idea of filtering has played a key role in our understanding of housing markets and in framing federal policy. The origins of the idea, however, and of the term itself, are poorly understood. Drawing loosely on the approach of discourse analysis, this article clarifies both issues, arguing that language shapes how we think about housing policy, and indeed policy itself. The concept of filtering emerged in Great Britain in the late nineteenth century where, by 1900, it informed arguments in favor of municipal (public) housing. It became influential in the United States in the 1920s but in 1938 was still referred to in different ways, notably as “hand-me-down housing.” Here, it was understood more narrowly, as an alternative to public housing. After 1939, the Federal Housing Administration, though not its leading consultant Homer Hoyt, popularized the term “filtering.” The neutral connotations of this metaphorical term suited the agency's goal of developing an apparently objective discourse of housing markets and market analysis. The term was normalized by the early 1960s.  相似文献   

13.
Ever-scarce affordable housing production resources, in addition to their primary function of providing housing for those in need, are increasingly enlisted for the dual goals of strengthening distressed communities and increasing access to higher opportunity neighborhoods. Information on spillovers can inform investment decisions over time and across communities. We leverage recent, high-quality research on neighborhood effects of Low-Income Housing Tax Credit (LIHTC) production, synthesizing evidence according to neighborhood context. We also summarize the evidence on project features moderating impacts of publicly subsidized, place-based rental housing, in general. We conclude that context matters. Producing LIHTC housing in distressed neighborhoods positively impacts the surrounding neighborhood—in terms of modest property value gains and increased safety. By contrast, higher opportunity neighborhoods experience small property value reductions, and no impacts on crime. Big questions remain, however, about impact heterogeneity—via tenant mix, property design, and ongoing property management, as examples—with the scarcity of systematic data representing one of the field’s largest constraints.  相似文献   

14.
    
Improving locational outcomes emerged as a major policy hope for the nation's largest low-income housing program over the past two decades, but a host of supply and demand-side barriers confront rental voucher users, leading to heated debate over the importance of choice versus constraint. In this context, we examine the Moving to Opportunity experiment's first decade, using a mixed-method approach.

MTO families faced major barriers in tightening markets, yet diverse housing trajectories emerged, reflecting variation in: (a) willingness to trade location – in particular, safety and avoidance of “ghetto” behavior – to get larger, better housing units after initial relocation; (b) the distribution of neighborhood types in different metro areas; and (c) circumstances that produced many involuntary moves. Access to social networks or services “left behind” in poorer neighborhoods seldom drove moving decisions. Numerous moves were brokered by rental agents who provided shortcuts to willing landlords but thereby steered participants to particular neighborhoods.  相似文献   

15.
    
Abstract

This paper provides a comprehensive evaluation of market segmentation and lender/purchaser specialization in the primary and secondary mortgage markets. It describes and assesses the 1990 Home Mortgage Disclosure Act (HMDA) data, which for the first time provide detailed information on the borrower and neighborhood racial and income characteristics of mortgage loan originations and securitizations in the primary and secondary mortgage markets. Evidence presented in the paper indicates that home purchase loan origination rates for black applicants—and, to a lesser degree, Hispanic applicants—appear to be significantly lower than those of other racial or ethnic groups. Similarly, the HMDA data reveal that home purchase mortgage origination rates in predominantly minority census tracts are significantly lower than those in predominantly white neighborhoods. The HMDA data also indicate a striking reliance of black borrowers on government‐backed forms of mortgage credit.

The paper further reveals that secondary market loan purchase distributions arrayed by borrower and neighborhood characteristics generally reflect those of home mortgage originations. The borrower and locational characteristics of home purchase loans acquired by the Government National Mortgage Association (GNMA) directly reflect that agency's legislated specialization in government‐backed loans, whereas the characteristics of loans acquired by Fannie Mae and Freddie Mac for the most part derive from the borrower and geographic composition of conventional home purchase loan originations. Findings of analyses of HMDA data raise concern regarding the access of minority and low‐income households and neighborhoods to mortgage finance. Those results also raise some question as to whether the federally chartered agencies in the secondary market are adequately promoting the availability of mortgage credit to low‐ and moderate‐income and minority households.  相似文献   

16.
    
Abstract

We use the Location Affordability Index (LAI) and the newly developed Child Opportunity Index (COI) to assess, for the first time, the tradeoff between neighborhood opportunity and housing/transportation affordability facing low-income renter families in the 100 largest metropolitan areas. In addition to describing the opportunity/affordability relationship, we explore the level of balance between neighborhoods’ relative cost burden and their corresponding opportunity levels to determine whether children of different racial/ethnic groups are more (or less) likely to experience cost-opportunity imbalance. Our multilevel analyses show that housing affordability is largely accounted for by the neighborhood opportunity structure within each metropolitan area. The metropolitan characteristics examined account for only a small proportion of the between-metro variance in the opportunity/affordability gradient for housing, presumably because the neighborhood opportunity structure already reflects metro area factors such as fragmentation and segregation. On the other hand, transportation affordability shows a weaker association with neighborhood opportunity. The COI/LAI association is much weaker for transportation than for housing, and a large part of the variation in the transportation gradient occurs at the metropolitan area level, not the neighborhood level. Sprawl is particularly associated with transportation affordability, with lower sprawl areas having lower transportation-cost burden. We discuss the implications of the empirical findings for defining affordability in housing assistance programs. We recommend that housing policy for low-income renter families adopt an expanded notion of affordability (housing, transportation, and opportunity) and explicitly consider equity (e.g. cost-opportunity imbalance) in the implementation of this expanded affordability definition.  相似文献   

17.
18.
A key goal of housing assistance programs is to help lower income households reach neighborhoods of opportunity. Studies have described the degree to which Low-Income Housing Tax Credit (LIHTC) developments are located in high-opportunity neighborhoods, but our focus is on how neighborhood outcomes vary across different subsets of LIHTC residents. We also examine whether LIHTC households are better able to reach certain types of neighborhood opportunities. Specifically, we use new data on LIHTC tenants in 12 states along with eight measures of neighborhood opportunity. We find that compared with other rental units, LIHTC units are located in neighborhoods with higher poverty rates, weaker labor markets, more polluted environments, and lower performing schools, but better transit access. We also find that compared with other LIHTC tenants, poor and minority tenants live in neighborhoods that are significantly more disadvantaged.  相似文献   

19.
    
Scholars have long debated the relative merits of site-based, subsidized housing owned and operated by a public entity or by the private sector. This is the first study to classify long-term residential trajectories of nationally representative low-income households in the United States by their initial assisted housing status. We employ a matched sequence analysis of neighborhood poverty and racial trajectories of low-income households in the Panel Study of Income Dynamics who formed during 1988–1992. Among households carefully matched by their demographic and economic attributes, we find that those first forming households in public housing spend much longer durations over the subsequent 20 years in poorer, minority dominant neighborhoods than similar households first forming in market-rate housing do. In contrast, forming a household in private site-based subsidized housing is associated with superior neighborhood socioeconomic (but not desegregated racial composition) trajectories compared with starting in market-rate housing. Implications for housing policy are discussed.  相似文献   

20.
ABSTRACT

A lawsuit that argued that the method used to calculate rent limits in the Housing Choice Voucher Program promoted racial segregation in Dallas, Texas, resulted in the U.S. Department of Housing and Urban Development developing zip code-based voucher rent limits in Dallas in 2011. This rent calculation approach was then expanded to five other demonstration sites in 2012. This article analyzes whether adjusting voucher rent limits reduces a minority household’s likelihood of living in a high-minority neighborhood, improves their likelihood of living in a higher opportunity neighborhood, and reduces the disparity in location outcomes between minority and White households in the voucher program. This article finds evidence of improvements in the location outcomes of Black and Hispanic voucher households because of the use of zip code-based rent limits, but that these results are only marginal with respect to the persistent disparities in outcomes based on race within the voucher program.  相似文献   

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