Abstract
Although a rich literature exists on the determinants and effects of concentrated foreclosures, little is known about what drives variation in how long real estate owned (REO) properties take to sell and to whom, particularly in Latino communities heavily affected by the current foreclosure crisis. This research employs multilevel and event history modeling to assess the factors associated with recent REOs' likelihood of sale, sale to an investor, and sale to a Spanish-surname household in a sample of majority Latino Southern California neighborhoods. Properties in inner-city and exurban Latino neighborhoods with larger black population shares were less likely to sell and more likely to sell to investors if they did, while those located in lower poverty, largely Latino communities were more likely to sell to Spanish-surname households. These results suggest that the crisis is both exacerbating existing patterns of inequality and segregation while enabling Latinos' homeownership in potentially socioeconomic mobility-enabling areas.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 81-109 |
| Number of pages | 29 |
| Journal | Housing Policy Debate |
| Volume | 23 |
| Issue number | 1 |
| DOIs | |
| State | Published - 2013 |
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Keywords
- foreclosure
- minorities
- neighborhood
ASJC Scopus subject areas
- Development
- Urban Studies
- Management, Monitoring, Policy and Law
Cite this
The Trajectory of REOs in Southern California Latino Neighborhoods : An Uneven Geography of Recovery. / Pfeiffer, Deirdre; Molina, Emily Tumpson.
In: Housing Policy Debate, Vol. 23, No. 1, 2013, p. 81-109.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - The Trajectory of REOs in Southern California Latino Neighborhoods
T2 - An Uneven Geography of Recovery
AU - Pfeiffer, Deirdre
AU - Molina, Emily Tumpson
PY - 2013
Y1 - 2013
N2 - Although a rich literature exists on the determinants and effects of concentrated foreclosures, little is known about what drives variation in how long real estate owned (REO) properties take to sell and to whom, particularly in Latino communities heavily affected by the current foreclosure crisis. This research employs multilevel and event history modeling to assess the factors associated with recent REOs' likelihood of sale, sale to an investor, and sale to a Spanish-surname household in a sample of majority Latino Southern California neighborhoods. Properties in inner-city and exurban Latino neighborhoods with larger black population shares were less likely to sell and more likely to sell to investors if they did, while those located in lower poverty, largely Latino communities were more likely to sell to Spanish-surname households. These results suggest that the crisis is both exacerbating existing patterns of inequality and segregation while enabling Latinos' homeownership in potentially socioeconomic mobility-enabling areas.
AB - Although a rich literature exists on the determinants and effects of concentrated foreclosures, little is known about what drives variation in how long real estate owned (REO) properties take to sell and to whom, particularly in Latino communities heavily affected by the current foreclosure crisis. This research employs multilevel and event history modeling to assess the factors associated with recent REOs' likelihood of sale, sale to an investor, and sale to a Spanish-surname household in a sample of majority Latino Southern California neighborhoods. Properties in inner-city and exurban Latino neighborhoods with larger black population shares were less likely to sell and more likely to sell to investors if they did, while those located in lower poverty, largely Latino communities were more likely to sell to Spanish-surname households. These results suggest that the crisis is both exacerbating existing patterns of inequality and segregation while enabling Latinos' homeownership in potentially socioeconomic mobility-enabling areas.
KW - foreclosure
KW - minorities
KW - neighborhood
UR - http://www.scopus.com/inward/record.url?scp=84873999952&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84873999952&partnerID=8YFLogxK
U2 - 10.1080/10511482.2012.731655
DO - 10.1080/10511482.2012.731655
M3 - Article
AN - SCOPUS:84873999952
VL - 23
SP - 81
EP - 109
JO - Housing Policy Debate
JF - Housing Policy Debate
SN - 1051-1482
IS - 1
ER -