The impact of current and former REOs across owner types: the case of Detroit

References

• Been, V. & Glashausser, A. (2009) Tenants: Innocent victims of the nation’s foreclosure crisis, Albany Government Law Review, 2, pp. 1–28.
   Google Scholar
• Bratt, R. G. (2017) Post-foreclosure conveyance of occupied homes and preferential sales to nonprofits: Rationales, policies, and underlying conflicts, Housing Policy Debate, 27, pp. 28–59.
   Web of Science ®Google Scholar
• Fuentes, G. C., Etxezarreta Etxarri, A., Dol, K. & Hoekstra, J. (2013) From housing bubble to repossessions: Spain compared to other West European countries, Housing Studies, 28, pp. 1197–1217.
   Web of Science ®Google Scholar
• Cutts, A. C. & Merrill, W. (2008). Interventions in mortgage default: Policies and practices to prevent home loss and lower costs. Freddie Mac Working Paper #08-01.
   Google Scholar
• City of Detroit (n.d) Neighborhood stabilization program. Available at: https://detroitmi.gov/departments/housing-and-revitalization-department/hud-programs-and-information/neighborhood-stabilization-program
   Google Scholar
• Dane, S. M., Ramchandani, T. K. & Bellows, A. P. (2014) Discriminatory maintenance of REO properties as a violation of the Federal Fair Housing Act, CUNY Law Review, 17, pp. 383.
   Google Scholar
• Daneshvary, N., Clauretie, T. & Kader, A. (2011) Short-term own-price and spillover effects of distressed residential properties: The case of a housing crash, Journal of Real Estate Research, 33, pp. 179–208.
   Web of Science ®Google Scholar
• Deng, L., Seymour, E., Dewar, M. & Manning Thomas, J. (2018) Saving strong neighborhoods from the destruction of mortgage foreclosures: The impact of community-based efforts in Detroit, Michigan, Housing Policy Debate, 28, pp. 153–179.
   Web of Science ®Google Scholar
• Dewar, M., Seymour, E. & Druță, O. (2015) Disinvesting in the city: The role of tax foreclosure in Detroit, Urban Affairs Review, 51, pp. 587–615.
   Web of Science ®Google Scholar
• Edelman, S., Zonta, M. & Rawal, S. (2016) Protecting communities on the road to recovery. Center for American Progress. Available at: https://www.americanprogress.org/issues/economy/reports/2016/06/28/140445/protecting-communities-on-the-road-to-recovery
   Google Scholar
• Ellen, I. G., Madar, J. & Weselcouch, M. (2015) The foreclosure crisis and community development: Exploring reo dynamics in hard-hit neighborhoods, Housing Studies, 30, pp. 535–559.
   Web of Science ®Google Scholar
• Fields, D. (2018) Constructing a new asset class: Property-led financial accumulation after the crisis, Economic Geography, 94, pp. 118–140.
   Web of Science ®Google Scholar
• Ford, F., Hirsh, A., Clover, K., Marks, J. A., Dubin, R., Schramm, M., Chan, T., Lalich, N., Loucky, A. & Cabrera, N. (2013) The role of investors in the one-to-three family REO market: The case of Cleveland. What Works Collaborative.
   Google Scholar
• Fujii, Y. (2016) Spotlight on the main actors: How land banks and community development corporations stabilize and revitalize cleveland neighborhoods in the aftermath of the foreclosure crisis, Housing Policy Debate, 26, pp. 296–315.
   Web of Science ®Google Scholar
• Galster, G. C. (2018) Nonlinear and threshold effects related to neighborhood: Implications for planning and policy, Journal of Planning Literature, 33, pp. 492–508.
   Web of Science ®Google Scholar
• Galster, G. (2016) The case for intervention in Middle neighborhoods, Investment Review, 8, pp. 8–20.
   Google Scholar
• García-Lamarca, M. (2021) Real estate crisis resolution regimes and residential REITs: Emerging socio-spatial impacts in Barcelona, Housing Studies, 36, pp. 1407–1426.
   Web of Science ®Google Scholar
• Gerardi, K., Rosenblatt, E., Willen, P. S. & Yao, V. (2015) Foreclosure externalities: New evidence, Journal of Urban Economics, 87, pp. 42–56.
   Web of Science ®Google Scholar
• Goldstein, M. (2016) Investors profit from foreclosure risk on home mortgages. The New York Times, 30 June. Available at: http://dealbook.nytimes.com/2014/08/13/delinquent-mortgages-attracting-investors/
   Google Scholar
• Harding, J. P., Rosenblatt, E. & Yao, V. W. (2009) The contagion effect of foreclosed properties, Journal of Urban Economics, 66, pp. 164–178.
   Web of Science ®Google Scholar
• Hwang, J. (2019) Racialized recovery: Postforeclosure pathways in Boston neighborhoods, City & Community, 18, pp. 1287–1313.
   Web of Science ®Google Scholar
• Ihlanfeldt, K. & Mayock, T. (2016a) The impact of reo sales on neighborhoods and their residents, The Journal of Real Estate Finance and Economics, 53, pp. 282–324.
   Web of Science ®Google Scholar
• Ihlanfeldt, K. & Mayock, T. (2016b) The variance in foreclosure spillovers across neighborhood types, Public Finance Review, 44, pp. 80–108.
   Web of Science ®Google Scholar
• Immergluck, D. (2010a) The accumulation of lender-owned homes during the US mortgage crisis: Examining metropolitan REO inventories, Housing Policy Debate, 20, pp. 619–645.
   Web of Science ®Google Scholar
• Immergluck, D. (2010b) Neighborhoods in the wake of the debacle: Intrametropolitan patterns of foreclosed properties, Urban Affairs Review, 46, pp. 3–36.
   Web of Science ®Google Scholar
• Immergluck, D. (2011) Foreclosed: High-risk lending, deregulation, and the undermining of America’s mortgage market. Ithaca, NY: Cornell University Press.
   Google Scholar
• Immergluck, D. (2012) Distressed and dumped: Market dynamics of low-value, foreclosed properties during the advent of the federal neighborhood stabilization program, Journal of Planning Education and Research, 32, pp. 48–61.
   Web of Science ®Google Scholar
• Immergluck, D. (2013) Too little, too late, and too timid: The federal response to the foreclosure crisis at the five-year mark, Housing Policy Debate, 23, pp. 199–232.
   Web of Science ®Google Scholar
• Immergluck, D. & Law, J. (2014) Speculating in crisis: The intrametropolitan geography of investing in foreclosed homes in Atlanta, Urban Geography, 35, pp. 1–24.
   Web of Science ®Google Scholar
• Immergluck, D. & Smith, G. (2006) The external costs of foreclosure: The impact of single-family mortgage foreclosures on property values, Housing Policy Debate, 17, pp. 57–79.
   Web of Science ®Google Scholar
• Kelejian, H. H. & Prucha, I. R. (2010) Specification and estimation of spatial autoregressive models with autoregressive and heteroskedastic disturbances, Journal of Econometrics, 157, pp. 53–67.
   PubMed Web of Science ®Google Scholar
• Kim, J. & Cho, G.-H. (2016) Unending foreclosure crisis: Uneven housing tenure trajectories of post-reo properties, Applied Geography, 70, pp. 49–58.
   Web of Science ®Google Scholar
• Kobie, T. F. & Lee, S. (2011) The spatial-temporal impact of residential foreclosures on single-family residential property values, Urban Affairs Review, 47, pp. 3–30.
   Web of Science ®Google Scholar
• Lambie-Hanson, L., Li, W. & Slonkosky, M. (2019) Institutional investors and the US housing recovery. Federal Reserve Board of Philadelphia Working Paper.
   Google Scholar
• Leonard, T. & Murdoch, J. C. (2009) The neighborhood effects of foreclosure, Journal of Geographical Systems, 11, pp. 317–332.
   Web of Science ®Google Scholar
• Lin, Z., Rosenblatt, E. & Yao, V. W. (2009) Spillover effects of foreclosures on neighborhood property values, The Journal of Real Estate Finance and Economics, 38, pp. 387–407.
   Web of Science ®Google Scholar
• Mallach, A. (2014) Lessons from Las Vegas: Housing markets, neighborhoods, and distressed single-family property investors, Housing Policy Debate, 24, pp. 769–801.
   Web of Science ®Google Scholar
• McMillan, A. & Chakraborty, A. (2016) Who buys foreclosed homes? How neighborhood characteristics influence real estate-owned home sales to investors and households, Housing Policy Debate, 26, pp. 766–784.
   Web of Science ®Google Scholar
• Monfort, F. (2018) NFHA sues Deutsche Bank, Ocwen, Altisource over REO racial discrimination. Mortgage Professional America, 6 Feb. Available at: https://www.mpamag.com/news/nfha-sues-deutsche-bank-ocwen-altisource-over-reo-racial-discrimination-91322.aspx
   Google Scholar
• National Fair Housing Alliance (2014a) The banks are back - our neighborhoods are not: Discrimination in the maintenance and marketing of REO properties. National Fair Housing Alliance. Available at: https://nationalfairhousing.org/wp-content/uploads/2017/04/Banks-are-Back-Final-12.3.2012.pdf
   Google Scholar
• National Fair Housing Alliance (2014b) Zip code inequality: Discrimination by banks in the maintenance of homes in neighborhoods of color. National Fair Housing Alliance. Available at: http://www.mvfairhousing.com/pdfs/2014-08-27_NFHA_REO_report.PDF
   Google Scholar
• National Fair Housing Alliance (2016a) Fannie Mae fails to maintain foreclosures in African American and Latino neighborhoods across the U.S.A (presentation). National Fair Housing Alliance. Available at: http://www.mvfairhousing.com/pdfs/2016-12-05_NFHA_Fannie_Mae/2016-12-05_Fannie_Mae_national_PowerPoint.PDF
   Google Scholar
• National Fair Housing Alliance (2016b) National Fair Housing Alliance accuses mortgage giant Fannie Mae of racial discrimination in 38 U.S. metro areas. National Fair Housing Alliance. Available at: https://nationalfairhousing.org/wp-content/uploads/2017/04/2016-12-05_Fannie_Mae_news_release.pdf
   Google Scholar
• Newman, K. (2009) Post‐industrial widgets: Capital flows and the production of the urban, International Journal of Urban and Regional Research, 33, pp. 314–331.
   Web of Science ®Google Scholar
• Pfeiffer, D. & Molina, E. T. (2013) The trajectory of REOs in Southern California Latino neighborhoods: An uneven geography of recovery, Housing Policy Debate, 23, pp. 81–109.
   Web of Science ®Google Scholar
• Rogers, W. H. (2010) Declining foreclosure neighborhood effects over time, Housing Policy Debate, 20, pp. 687–706.
   Web of Science ®Google Scholar
• Rogers, W. & Winter, W. (2009) The impact of foreclosures on neighboring housing sales, Journal of Real Estate Research, 31, pp. 455–479.
   Web of Science ®Google Scholar
• Rohe, W. M. & Stewart, L. S. (1996) Homeownership and neighborhood stability, Housing Policy Debate, 7, pp. 37–81.
   Web of Science ®Google Scholar
• Rolnik, R. (2013) Late neoliberalism: The financialization of homeownership and housing rights, International Journal of Urban and Regional Research, 37, pp. 1058–1066.
   Web of Science ®Google Scholar
• Rooney, B. (2008) Rust and Sun Belt cities lead ‘07 foreclosures. CNN Money. Available at: https://money.cnn.com/2008/02/12/real_estate/realtytrac/
   Google Scholar
• Schuetz, J., Been, V. & Ellen, I. G. (2008) Neighborhood effects of concentrated mortgage foreclosures, Journal of Housing Economics, 17, pp. 306–319.
   Web of Science ®Google Scholar
• Seymour, E. (2020) From REO to ruin: Post-foreclosure pathways and the production of decline in Detroit, Michigan, Housing Policy Debate, 30, pp. 431–456.
   Web of Science ®Google Scholar
• Schuetz, J., Spader, J., Buell, J. L., Burnett, K., Buron, L., Cortes, A., DiDomenico, M., Jefferson, A., Redfearn, C. & Whitlow, S. (2015) Investing in distressed communities: Outcomes from the neighborhood stabilization program, Cityscape, 17, pp. 279–306.
   Google Scholar
• Sugrue, T. J. (2014) The Origins of the Urban Crisis (Princeton, NJ: Princeton University Press).
   Google Scholar
• Thomas, H. (2015) Preserving community assets: Do foreclosure sales need to negatively impact the neighborhood?, Housing Policy Debate, 25, pp. 649–683.
   Web of Science ®Google Scholar
• Thomas, J. M. (2013) Redevelopment and race: Planning a finer city in postwar Detroit (Detroit, MI: Wayne State University Press).
   Google Scholar
• US Department of Housing and Urban Development. Office of Inspector General (2012). Evaluation of HUD’s management of real estate-owned properties. Available at: https://www.hudoig.gov/sites/default/files/documents/IED-12-001R%20Final%20REO%20Report%20.pdf
   Google Scholar
• U.S. Government Accountability Office (2013). Federal housing administration: Improving disposition and oversight practices may increase returns on foreclosed property sales. Available at: http://www.gao.gov/products/GAO-13-542
   Google Scholar
• Whitaker, S. & Fitzpatrick, T. J. (2013) Deconstructing distressed-property spillovers: The effects of vacant, tax-delinquent, and foreclosed properties in housing submarkets, Journal of Housing Economics, 22, pp. 79–91.
   Web of Science ®Google Scholar
• Wyly, E. K., Atia, M., Foxcroft, H., Hamme, D. J. & Phillips‐Watts, K. (2006) American home: Predatory mortgage Capital and neighbourhood spaces of race and class exploitation in the United States, Geografiska Annaler: Series B, Human Geography, 88, pp. 105–132.
   Web of Science ®Google Scholar
• Zhang, L., Leonard, T. & Murdoch, J. C. (2016) Time and distance heterogeneity in the neighborhood spillover effects of foreclosed properties, Housing Studies, 31, pp. 133–148.
   Web of Science ®Google Scholar