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Journal Article
Mortgage Data Help Paint Foreclosure Picture
Community Development, Federal Reserve Bank of Dallas (2008)
As foreclosure and delinquency rates escalate, community organizations, counseling agencies and policymakers need good-quality data to understand foreclosure patterns and mitigate foreclosure losses to individuals and communities. To that end, the Federal Reserve System has aggregated mortgage performance data, created dynamic maps and made them available to the public
e-Perspectives , Volume 8 , Issue 1

Working Paper
Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program
Cortes, Alvaro; Spader, Jonathan; Schuetz, Jenny (2015-03-04)
During the 2007-2009 housing crisis, concentrations of foreclosed and vacant properties created severe blight in many cities and neighborhoods. The federal Neighborhood Stabilization Program (NSP) was established to help mitigate distress in hard-hit areas by funding the rehabilitation or demolition of troubled properties. This paper analyzes housing market changes in areas that received investments during the second round of NSP funding, focusing on seven large urban counties. Grantees used NSP to invest in census tracts with high rates of distressed and vacancy properties, and tracts that ...
Finance and Economics Discussion Series , Paper 2015-16

Journal Article
A Look at Detroit's Affordable Housing Market
Hatcher, Desiree (2017)
The foreclosure crisis had a significant impact on Detroit's home ownership rates. The 2000 and 2010 censuses indicate that the homeownership rate in Detroit was 54.9 percent and 51.1 percent, respectively. According to the 2011-2015 American Community Survey 5-Year Estimates, the current rate is below 50 percent. Detroit now has more renters than homeowners. As more residents move from homeownership, increased focus is being placed on the city?s rental housing market and the findings are not entirely favorable.
Profitwise , Issue 2 , Pages 4-7

Working Paper
Do homeowners associations mitigate or aggravate negative spillovers from neighboring homeowner distress?
Meltzer, Rachel; Cheung, Ron; Cunningham, Chris (2013-12-01)
Experiences reveal that the monitoring costs of the foreclosure crisis may be nontrivial, and smaller governments may have more success at addressing potential negative externalities. One highly localized form of government is a homeowners association (HOA). HOAs could be well-suited for triaging foreclosures, as they may detect delinquencies and looming defaults through direct observation or missed dues. On the other hand, the reliance on dues may leave HOAs particularly vulnerable to members? foreclosure. We examine how property prices respond to homeowner distress and foreclosure within ...
FRB Atlanta Working Paper , Paper 2013-18

Working Paper
A quantitative analysis of the u.s. housing and mortgage markets and the foreclosure crisis
Eyigungor, Burcu; Chatterjee, Satyajit (2015-03-01)
We present a model of long-duration collateralized debt with risk of default. Applied to the housing market, it can match the homeownership rate, the average foreclosure rate, and the lower tail of the distribution of home-equity ratios across homeowners prior to the recent crisis. We stress the role of favorable tax treatment of housing in matching these facts. We then use the model to account for the foreclosure crisis in terms of three shocks: overbuilding, financial frictions, and foreclosure delays. The financial friction shock accounts for much of the decline in house prices, while the ...
Working Papers , Paper 15-13

Discussion Paper
If Prices Fall, Mortgage Foreclosures Will Rise
Haughwout, Andrew F.; Rodriguez, Belicia (2021-09-08)
In our previous post, we illustrated the recent extraordinarily strong growth in home prices and explored some of its key spatial patterns. Such price increases remind many of the first decade of the 2000s when home prices reversed, contributing to a broad housing market collapse that led to a wave of foreclosures, a financial crisis, and a prolonged recession. This post explores the risk that such an event could recur if home prices go into reverse now. We find that although the situation looks superficially similar to the brink of the last crisis, there are important differences that are ...
Liberty Street Economics , Paper 20210908b

Journal Article
Foreclosure Rate Drops during COVID-19 despite Dip in On-Time Mortgage Payments
Sanchez, Juan M.; Wilkinson, Olivia (2021-06-04)
While on-time residential mortgage payments dropped drastically during the 2020 COVID-19 pandemic, most delinquent borrowers avoided foreclosure.
The Regional Economist

Working Paper
Mortgage-default research and the recent foreclosure crisis
Foote, Christopher L.; Willen, Paul S. (2017-10-01)
This paper reviews recent research on mortgage default, focusing on the relationship of this research to the recent foreclosure crisis. Research on defaults was advanced both theoretically and empirically by the time the crisis began, but economists have moved the frontier further by improving data sources, building dynamic optimizing models of default, and explicitly addressing reverse causality between rising foreclosures and falling house prices. Mortgage defaults were also a key component of early research that pointed to subprime and other privately securitized mortgages as fundamental ...
Working Papers , Paper 17-13

Working Paper
Crises in the Housing Market: Causes, Consequences, and Policy Lessons
Garriga, Carlos; Hedlund, Aaron (2019-04-18)
The global financial crisis of the past decade has shaken the research and policy worlds out of their belief that housing markets are mostly benign and immaterial for understanding economic cycles. Instead, a growing consensus recognizes the central role that housing plays in shaping economic activity, particularly during large boom and bust episodes. This article discusses the latest research regarding the causes, consequences, and policy implications of housing crises with a broad focus that includes empirical and structural analysis, insights from the 2000's experience in the United ...
Working Papers , Paper 2019-33

Journal Article
San Antonio Tackles Foreclosure
Community Development, Federal Reserve Bank of Dallas (2008)
A look-to city for programs to help low- and moderate-income working families build assets, San Antonio has taken on the challenge of homeownership preservation.
e-Perspectives , Volume 8 , Issue 1

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