Foreclosed and Sold: An Examination of Community and Property Characteristics Related to the Sale of REO Properties

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This article uses foreclosure data from Dallas County, Texas to examine how both housing and neighborhood characteristics are related to the possibility of the sale of a foreclosed property out of real-estate-owned (REO) stock.

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39 p.

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Zhang, Lei; Jason, Leonard A. & Dias, Resha September 1, 2017.

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This article is part of the collection entitled: UNT Scholarly Works and was provided by UNT College of Arts and Sciences to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 20 times . More information about this article can be viewed below.

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This article uses foreclosure data from Dallas County, Texas to examine how both housing and neighborhood characteristics are related to the possibility of the sale of a foreclosed property out of real-estate-owned (REO) stock.

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39 p.

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Abstract: Foreclosure affects not only the foreclosing homeowner but also the surrounding residential neighborhood. Prior work has found that the negative neighborhood impacts of foreclosed properties that remain as real-estate-owned (REO) properties persist until the property is resold. Furthermore, negative neighborhood price externalities are more substantial the longer a home spends in REO stock. This article used foreclosure data from Dallas County, Texas, to examine how both housing and neighborhood characteristics are related to the possibility of the sale of a foreclosed property out of REO stock. The findings from the Cox proportional hazard model indicate that homes in low-income minority neighborhoods and homes with property characteristics associated with a need for more preventative maintenance were slower to sell. Results have the potential to provide insight into how housing and neighborhood characteristics might help to explain part of the uneven geographic distribution of foreclosure impacts following the 2007–2009 financial recession.

Zhang, Leonard, Dias, Foreclosed and Sold: An Examination of Community and Property Characteristics Related to the Sale of REO Properties, Urban Affairs Review (Journal Volume 53 and Issue 5) pp. 924-949. Copyright © 2017 The Authors. Reprinted by permission of SAGE Publications.

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  • Urban Affairs, 2017. Thousand Oaks, CA: Sage Publishing Inc.

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  • Publication Title: Urban Affairs Review
  • Volume: 53
  • Issue: 5
  • Pages: 924-949
  • Peer Reviewed: Yes

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  • September 1, 2017

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  • Dec. 14, 2017, 11:26 a.m.

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Zhang, Lei; Jason, Leonard A. & Dias, Resha. Foreclosed and Sold: An Examination of Community and Property Characteristics Related to the Sale of REO Properties, article, September 1, 2017; Thousand Oaks, California. (digital.library.unt.edu/ark:/67531/metadc1049722/: accessed December 11, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT College of Arts and Sciences.