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From REO to Ruin: Post-Foreclosure Pathways and the Production of Decline in Detroit, Michigan

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  • Eric Seymour

Abstract

Although much has been written about the localized impacts of foreclosed properties, few studies have examined the role of the main actors handling mortgage-reverted properties, particularly the parties responsible for their disposition. Fewer still have examined these trends in historically stable but hard-hit neighborhoods where owner practices are implicated in current conditions. This study examines the likelihood of the U.S. Department of Housing and Urban Development and the government-sponsored enterprises selling real estate owned homes in the historically stable neighborhoods of Detroit, Michigan, to investors, as well as the likelihood of tax foreclosure following sales to homebuyers and investors. Whereas federal entities were less likely to sell homes to investors, all parties sold a high percentage of homes to investors. Once sold to an investor, the probability of tax foreclosure is extremely high. These results suggest federal and non-federal entities alike are associated with destabilizing and dispossessory outcomes that irreversibly altered these neighborhoods.

Suggested Citation

  • Eric Seymour, 2020. "From REO to Ruin: Post-Foreclosure Pathways and the Production of Decline in Detroit, Michigan," Housing Policy Debate, Taylor & Francis Journals, vol. 30(3), pages 431-456, May.
  • Handle: RePEc:taf:houspd:v:30:y:2020:i:3:p:431-456
    DOI: 10.1080/10511482.2020.1725094
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    Cited by:

    1. Martin J. Murray, 2021. "Ruination and Rejuvenation: Rethinking Growth and Decline through an Inverted Telescope," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 348-362, March.

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