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The Postforeclosure Experience of U.S. Households

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  • Raven Molloy
  • Hui Shan

Abstract

Despite the recent flood of foreclosures on residential mortgages, little is known about what happens to borrowers and their households after their mortgage has been foreclosed. We study the post-foreclosure experience of U.S. households using a unique dataset based on the credit reports of a large panel of individuals to from 1999 to 2010. Although foreclosure considerably raises the probability of moving, the majority of post-foreclosure migrants do not end up in substantially less desirable neighborhoods or more crowded living conditions. These results suggest that, on average, foreclosure does not impose an economic burden large enough to severely reduce housing consumption.
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Suggested Citation

  • Raven Molloy & Hui Shan, 2013. "The Postforeclosure Experience of U.S. Households," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 41(2), pages 225-254, June.
    • Handle: RePEc:bla:reesec:v:41:y:2013:i:2:p:225-254
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    File URL: http://hdl.handle.net/10.1111/reec.2013.41.issue-2
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    Cited by:

    1. Jack DeWaard & Janna Johnson & Stephan Whitaker, 2019. "Internal migration in the United States: A comprehensive comparative assessment of the Consumer Credit Panel," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 41(33), pages 953-1006.
    2. Chan, Sewin & Haughwout, Andrew & Tracy, Joseph, 2015. "How Mortgage Finance Affects the Urban Landscape," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 987-1045, Elsevier.
    3. Nathaniel Pattison, 2024. "Landlords as Lenders of Last Resort? Late Housing Payments During Unemployment," Departmental Working Papers 2401, Southern Methodist University, Department of Economics.
    4. Rogers, William H. & Winkler, Anne E., 2014. "How Did the Housing and Labor Market Crises Affect Young Adults' Living Arrangements?," IZA Discussion Papers 8568, Institute of Labor Economics (IZA).
    5. Ding, Lei & Hwang, Jackelyn & Divringi, Eileen, 2016. "Gentrification and residential mobility in Philadelphia," Regional Science and Urban Economics, Elsevier, vol. 61(C), pages 38-51.
    6. Hembre, Erik, 2018. "An examination of the first-time homebuyer tax credit," Regional Science and Urban Economics, Elsevier, vol. 73(C), pages 196-216.
    7. Brown, Jennifer & Matsa, David A., 2020. "Locked in by leverage: Job search during the housing crisis," Journal of Financial Economics, Elsevier, vol. 136(3), pages 623-648.
    8. Elliot Anenberg & Patrick Bayer, 2013. "Endogenous Sources of Volatility in Housing Markets: The Joint Buyer-Seller Problem," NBER Working Papers 18980, National Bureau of Economic Research, Inc.
    9. Askitas, Nikos & Zimmermann, Klaus F., 2011. "Detecting Mortgage Delinquencies," IZA Discussion Papers 5895, Institute of Labor Economics (IZA).
    10. Samuel Dodini & Jeff Larrimore & Jenny Schuetz, 2016. "What are the Perceived Barriers to Homeownership for Young Adults?," Finance and Economics Discussion Series 2016-021, Board of Governors of the Federal Reserve System (U.S.).
    11. Jung Choi & Gary Painter, 2015. "Housing Formation and Unemployment Rates: Evidence from 1975–2011," The Journal of Real Estate Finance and Economics, Springer, vol. 50(4), pages 549-566, May.
    12. Ihlanfeldt, Keith & Mayock, Tom, 2018. "School segregation and the foreclosure crisis," Regional Science and Urban Economics, Elsevier, vol. 68(C), pages 277-290.
    13. Adam M Guren & Timothy J McQuade, 2020. "How Do Foreclosures Exacerbate Housing Downturns?," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(3), pages 1331-1364.
    14. Rogers, William H. & Winkler, Anne E., 2014. "How Did the Housing and Labor Market Crises Affect Young Adults' Living Arrangements?," IZA Discussion Papers 8568, Institute of Labor Economics (IZA).
    15. Lei Ding, 2017. "Borrower credit access and credit performance after loan modifications," Empirical Economics, Springer, vol. 52(3), pages 977-1005, May.
    16. Robert M. Hunt & Keith Wardrip, 2013. "Residential Migration, Entry, and Exit as Seen Through the Lens of Credit Bureau Data," Consumer Finance Institute discussion papers 13-4, Federal Reserve Bank of Philadelphia.

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