Portfolio solutions, bulk sales of bank-owned properties, and the reemergence of racially exploitative land contracts

《Portfolio solutions, bulk sales of bank-owned properties, and the reemergence of racially exploitative land contracts》

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关键字: Housing; Foreclosure; Land contracts; Race; NEIGHBORHOODS; CRISIS; HOME; ACCUMULATION; RACE

作者单位: [Seymour, Eric] Brown Univ, Spatial Struct Social Sci, 309 Maxcy Hall,108 George St, Providence, RI 02912 USA. [Akers, Joshua] Univ Michigan, Dept Social Sci, Room 214 SSB,4901 Evergreen Rd, Dearborn, MI 48128 USA. Seymour, E (reprint author), Brown Univ, Spatial Struct Social Sci, 309 Maxcy Hall,108 George St, Providence, RI 02912 USA. E-Mail: eric_seymour@brown.edu; jmakers@umich.edu

摘要: Since the onset of the foreclosure crisis, scholars have examined large-scale investor acquisition of mortgage reverted properties in numerous U.S. housing markets. This work is generally framed by an interest in the massive shift from homeownership to rentership and the implications of this transition for low- and moderate income households and neighborhoods subject to the lingering effects of the crisis. This article extends this literature by examining the national geography of contract-for-deed sales initiated by large-scale investors acquiring properties from federal foreclosure inventories. Contract-for-deed sales are historically associated with exploitative high-cost transactions targeting credit-starved communities of color, but researchers have noted their return in places hit hard by foreclosures. Drawing on a national dataset of real estate transaction records, we track the size and location of these contract-for-deed dealers' inventories. We then restrict our analysis to properties sold by Fannie Mae to known contract sellers to address the question of whether these sales were disproportionately concentrated in cities and neighborhoods with large numbers of Black inhabitants. We find race is a significant predictor of metropolitan level foreclosure sales to contract sellers and that predominantly Black neighborhoods saw a disproportionate number of foreclosures sold to contract sellers.