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The effects of local demographic characteristics and state-level legislation on foreclosure rates

Author

Listed:
  • Ross Lawrence
  • Brent C. Smith

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.

Suggested Citation

  • Ross Lawrence & Brent C. Smith, 2010. "The effects of local demographic characteristics and state-level legislation on foreclosure rates," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue Sep.
    • Handle: RePEc:fip:fedreb:y:2010:i:sep:n:10-09
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