Briefing
The effects of local demographic characteristics and state-level legislation on foreclosure rates
Abstract: Problems in the housing sector have prompted research into the causes of default by borrowers. The terms of the loans that were made, the characteristics of borrowers, and local economic conditions, among other factors, all contributed significantly to differences in default rates. State-level legislation may also have played a role by making it more costly for lenders in some states to proceed to foreclose on defaulted mortgages.
Keywords: Housing; Foreclosure; Mortgage loans;
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Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Richmond Fed Economic Brief
Publication Date: 2010
Issue: Sep
Order Number: 10-09