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Geography of Opportunity and Residential Mortgage Foreclosure: A Spatial Analysis of a U.S. Housing Market
[journal article]
Abstract South Florida has been among the top foreclosure markets in the United
States, but little research has explored whether this market presents different dynamics
compared to other metropolitan areas. This research chooses Broward County to explore
whether socioeconomic characteristics and certain p... view more
South Florida has been among the top foreclosure markets in the United
States, but little research has explored whether this market presents different dynamics
compared to other metropolitan areas. This research chooses Broward County to explore
whether socioeconomic characteristics and certain public policy instruments relate to
subprime lending and mortgage foreclosure patterns. Results indicate areas bounded by
linear highways and railroads have a concentration of low-income black population and
subprime loans. The spatial distribution of subprime loans is mostly explained by a higher
percentage of minority and/or Hispanic population in a neighborhood. Yet, racial minorities,
instead of Hispanic origin, contributes mostly to the concentration of subprime loans. The
spatial pattern of foreclosures is more complex, determined not only by subprime loans but
also possibly other factors associated with the mortgage crisis. This suggests that
disadvantaged neighborhoods are disproportionally lacking favorable opportunities due to
institutional and sub- cultural forces shaping the geography of subprime and foreclosure.... view less
Keywords
United States of America; real estate; market; foreclosure; agglomeration area; regional difference; socioeconomic factors; demographic factors; spatial planning; land utilization; lending
Classification
Area Development Planning, Regional Research
Economic and Social Geography
Document language
English
Publication Year
2011
Page/Pages
p. 195-214
Journal
Journal of Urban and Regional Analysis, 3 (2011) 2
ISSN
2067-4082
Status
Published Version; peer reviewed