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Neighborhood Housing Resilience: Examining Changes in Foreclosed Homes During the U.S. Housing Recovery

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  • Kyungsoon Wang

Abstract

The surge in foreclosures in the United States that began in 2007 reached a peak in mid-2011, and since then, the rate of foreclosures has been decreasing, providing evidence of the housing market recovery. This study examines factors that affected changes in ZIP code-level foreclosure rates in more than 300 U.S. metropolitan areas during the national housing recovery. Using multivariate analyses of the long- and short-term effects of foreclosures simultaneously, this finding shows that certain characteristics of the mortgage and housing markets led to more rapid neighborhood recovery. Results also indicate, however, that most urban-form variables led to neighborhood resilience over the long term, that high shares of mixed land use were strongly associated with fewer foreclosures, and that high shares of auto dependency were associated with high foreclosure rates. Finally, findings suggest that low- and moderate-income neighborhoods, particularly in cities, were more vulnerable and less resilient to economic shock, and the accumulated effects of foreclosures worsened over the long term. However, low- and moderate-income neighborhoods surrounded by suburban affluent neighborhoods recovered more rapidly than those in cities did. Understanding such resilience to economic crises will provide policymakers with insights that they can leverage to establish housing policies for sustainable neighborhoods.

Suggested Citation

  • Kyungsoon Wang, 2019. "Neighborhood Housing Resilience: Examining Changes in Foreclosed Homes During the U.S. Housing Recovery," Housing Policy Debate, Taylor & Francis Journals, vol. 29(2), pages 296-318, March.
  • Handle: RePEc:taf:houspd:v:29:y:2019:i:2:p:296-318
    DOI: 10.1080/10511482.2018.1515098
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    Cited by:

    1. Albert Sanghoon Park, 2023. "Building resilience knowledge for sustainable development: Insights from development studies," WIDER Working Paper Series wp-2023-33, World Institute for Development Economic Research (UNU-WIDER).
    2. Brzezicka Justyna, 2022. "The Application of the Simplified Speculative Frame Method for Monitoring the Development of the Housing Market," Real Estate Management and Valuation, Sciendo, vol. 30(1), pages 84-98, March.

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