November 11, 2009
Ireland on empirical analysis of neighborhood foreclosure
Mark Ireland (Hamline) has posted Bending Toward Justice: An Empirical Study of Foreclosures in One Neighborhood Three Years after Impact and a Proposed Framework for a Better Community. The abstract:
It has been at least three years since the initial wave of foreclosures impacted major cities across the country. This article is an empirical study of one neighborhood in Minneapolis, Minnesota. In addition to an analysis of lending patterns and loan characteristics, this study also analyzes the post-foreclosure impact. Once the foreclosure occurred, what happened to the property? This study finds that 83% of the properties were the subject of a 911 emergency phone call, most properties took over a year to sell from the date of foreclosure to the date of sale, and that the median loss for the lender related to the property was 49% of the redemption amount. The article puts these statistics into context, analyzing five major policy areas implicated by the statistics that highlight incorrect assumptions made about the foreclosure crisis. Finally, the article proposes a framework for a national conversation about race and poverty in order to move forward and target resources where they are most needed.
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