Publications Tagged ‘foreclosures’
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Quarterly Housing Update 2011: 4th Quarter
In an analysis of fourth quarter housing indicators, the Furman Center finds that home sales volume continued to decline in the fourth quarter of 2011, with the number of transactions citywide down 15 percent from the previous quarter and 11 percent from the fourth quarter of 2010. Foreclosure starts were down in most of the city, with 33 percent fewer foreclosure notices issued in the fourth quarter of 2011 compared to the same quarter in 2010. Manhattan was the only borough where the number of foreclosure starts increased, although the number of notices issued in Manhattan still remained well below the numbers issued in any of the other boroughs.
The Furman Center for Real Estate and Urban Policy. March 2012.
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Working Paper
Determinants of the Incidence of Loan Modifications
Loan modifications ensure that borrowers avoid foreclosure and save their credit record. These modifications are also beneficial to the neighborhoods in which these borrowers reside, preventing vacancies and high rates of turnover. This analysis looks at loan delinquency and repayment plan data from New York City borrowers to provide the strongest predictors of modifications or liquidation of property. In this paper, we answer key questions about loan modifications, including how the identity, property or neighborhood of the borrower affects the likelihood of receiving a modification. We also look at the role of residential segregation, as well as the identity of the loan’s servicer as an influence on variations in borrower access to loan modifications.
Vicki Been, Mary Weselcouch, Ioan Voicu, Scott Murff. September 2011.
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Working Paper
The Role of Neighborhood Characteristics in Mortgage Default Risk: Evidence from New York City
We construct a database of non-prime hybrid adjustable and fixed rate mortgages from New York City that augments a rich set of loan and borrower risk characteristics with a variety of census tract level neighborhood characteristics. We find that these neighborhood characteristics are important for default behavior, even after an extensive set of controls. First, default rates increase with the rate of foreclosure notices and the number of lender-owned properties (REOs) in the tract. Second, default rates for home purchase mortgages are higher in predominantly black tracts, regardless of the borrower’s own race. We explore possible explanations for our findings.
Sewin Chan, Michael Gedal, Vicki Been, Andrew Haughwout. August 2011.
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