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Massachusetts’ efforts to address foreclosed properties

Author

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  • Prabal Chakrabarti

Abstract

The growing number of troubled mortgages in New England poses challenges for local communities. As foreclosures mount, so do the number of vacant homes, given that most properties that do not sell at auction remain in the hands of the foreclosing lender. These foreclosed properties, known as lender-owned or real estate owned (REO) properties, present an obstacle to preserving healthy neighborhoods.

Suggested Citation

  • Prabal Chakrabarti, 2009. "Massachusetts’ efforts to address foreclosed properties," Community Development Innovation Review, Federal Reserve Bank of San Francisco, issue 1, pages 65-72.
    • Handle: RePEc:fip:fedfcr:y:2009:p:65-72:n:v.5no.1
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    File URL: http://www.bostonfed.org/commdev/necd/2008/issue3/foreclosure-efforts.pdf
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    References listed on IDEAS

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    1. Gerardi Kristopher & Willen Paul, 2009. "Subprime Mortgages, Foreclosures, and Urban Neighborhoods," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 9(3), pages 1-37, March.
    2. Daniel Immergluck, 2009. "The accumulation of foreclosed properties: trajectories of metropolitan REO inventories during the 2007–2008 mortgage crisis," Community Development Innovation Review, Federal Reserve Bank of San Francisco, issue 1, pages 07-42.
    3. Julia Reade, 2007. "Massachusetts mortgage summit issues recommendations," New England Community Developments, Federal Reserve Bank of Boston, pages 1-7.
    4. John Y. Campbell & Stefano Giglio & Parag Pathak, 2011. "Forced Sales and House Prices," American Economic Review, American Economic Association, vol. 101(5), pages 2108-2131, August.
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