Determinants of Housing Values and Variations in Home Prices Across Neighborhoods in Cook County
Abstract: From 2007 to 2009, the U.S. underwent one of the worst recessions in its history, a recession triggered by an unprecedented, international financial crisis that resulted from institutional portfolio concentration in securities backed by home mortgages, and the collapse of that securities market. The period saw a wave of defaults and foreclosures that spared almost no communities in metropolitan areas throughout the country (Bajaj and Story, 2008). Loan defaults and foreclosures, which had tended to be concentrated in lower-income and minority neighborhoods, spread to new and diverse communities, including higher income communities, resulting in broad-based, deep declines in home prices.
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Provider: Federal Reserve Bank of Chicago
Part of Series: Profitwise
Publication Date: 2018