Are Landlords Different? Foreclosure in single-family, duplex, and triple-decker housing in Massachusetts, 1998-2009.
Morgan, Emily E.
2010
- In the state of Massachusetts, foreclosure rates rose ten-fold between 2004 and 2008, rising from 0.03% to 0.60% of the total housing stock . Research on the foreclosure crisis has so far focused on single family, owner-occupied dwellings. It has neglected another important segment of the housing stock: small, multi-family rental structures. This research looks at how owners of these properties ... read morehave been affected by the crisis and, in particular, how an owner's occupancy status influences the probability of foreclosure. To determine these relationships, I track owners' experiences for a sample of homes in Massachusetts from 1998 to 2009, using data from the Massachusetts Registry of Deeds, the Home Mortgage Disclosure Act (HMDA), and the US Census. I find that ownership of a multifamily property is correlated with higher foreclosure rates than ownership of single-family properties; owners of two family properties are nearly twice as likely to experience foreclosure and owners of three family properties are more than 2.5 times more likely. Owner occupants are more likely to experience foreclosure than investor owners, although financial characteristics, such as loan type, have much greater impacts the probability of foreclosure. Moreover, between 1998 and 2009 I find significant changes in the correlation between owner occupancy, property type and foreclosure.read less
- ID:
- 9k41zr550
- Component ID:
- tufts:UA005.003.052.00001
- To Cite:
- TARC Citation Guide EndNote
- Usage:
- Detailed Rights
