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Race and uneven recovery: neighborhood home value trajectories in Atlanta before and after the housing crisis

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  • Elora Raymond
  • Kyungsoon Wang
  • Dan Immergluck

Abstract

We use zip-code-level home value data and cluster analysis to define three types of neighborhood housing markets in the Atlanta region based on their levels of volatility and stability before, during, and after the housing crisis. We identify the demographic and housing market characteristics of each of these clusters and use multivariate analysis to measure their predictive association with the neighborhood types. We also examine factors that predict long-term price appreciation over the 2001--2014 period. One key finding is that many black neighborhoods exhibited steep rates of price decline with only little recovery following the crisis. Meanwhile, many predominantly white, middle- and upper-income neighborhoods generally more than recovered from any housing price declines. The findings suggest that the legacies of the mortgage crisis may have long-lasting implications for housing wealth inequality and housing markets. Implications include a call for a renewed commitment to fair housing, community reinvestment, and equitable housing finance policies to support more evenness in recovery.

Suggested Citation

  • Elora Raymond & Kyungsoon Wang & Dan Immergluck, 2016. "Race and uneven recovery: neighborhood home value trajectories in Atlanta before and after the housing crisis," Housing Studies, Taylor & Francis Journals, vol. 31(3), pages 324-339, April.
  • Handle: RePEc:taf:chosxx:v:31:y:2016:i:3:p:324-339
    DOI: 10.1080/02673037.2015.1080821
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    References listed on IDEAS

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    1. Atif Mian & Amir Sufi, 2008. "The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis," NBER Working Papers 13936, National Bureau of Economic Research, Inc.
    2. Atif Mian & Amir Sufi, 2008. "Summary of \"the consequences of mortgage credit expansion\"," Proceedings 1074, Federal Reserve Bank of Chicago.
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    Cited by:

    1. Craig J. Richardson & Zachary D. Blizard, 2023. "Did the 2010 Dodd–Frank Banking Act deflate property values in low-income neighborhoods?," Public Choice, Springer, vol. 197(3), pages 433-454, December.
    2. Scott N. Markley & Taylor J. Hafley & Coleman A. Allums & Steven R. Holloway & Hee Cheol Chung, 2020. "The Limits of Homeownership: Racial Capitalism, Black Wealth, and the Appreciation Gap in Atlanta," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 44(2), pages 310-328, March.
    3. Timothy F Welch & Steven R Gehrke & Steven Farber, 2018. "Rail station access and housing market resilience: Case studies of Atlanta, Baltimore and Portland," Urban Studies, Urban Studies Journal Limited, vol. 55(16), pages 3615-3630, December.
    4. Benjamin W. Chrisinger & Sparkle Springfield & Eric A. Whitsel & Aladdin H. Shadyab & Jessica L. Krok-Schoen & Lorena Garcia & Shawnita Sealy-Jefferson & Marcia L. Stefanick, 2022. "The Association of Neighborhood Changes with Health-Related Quality of Life in the Women’s Health Initiative," IJERPH, MDPI, vol. 19(9), pages 1-18, April.
    5. Yung Chun & Stephen Roll & Selina Miller & Hedwig Lee & Savannah Larimore & Michal Grinstein-Weiss, 2023. "Racial and Ethnic Disparities in Housing Instability During the COVID-19 Pandemic: the Role of Assets and Income Shocks," Journal of Economics, Race, and Policy, Springer, vol. 6(2), pages 63-81, June.
    6. Hannah Thomas & Alexis Mann & Tatjana Meschede, 2018. "Race and Location: The Role Neighborhoods Play in Family Wealth and Well‐Being," American Journal of Economics and Sociology, Wiley Blackwell, vol. 77(3-4), pages 1077-1111, May.

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