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dc.contributor.authorFisher, Lynnen_US
dc.contributor.authorLambie-Hanson, Laurenen_US
dc.contributor.authorWillen, Paul S.en_US
dc.date.accessioned2010-10-01en_US
dc.date.accessioned2012-06-20T16:09:53Z-
dc.date.available2012-06-20T16:09:53Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/59233-
dc.description.abstractThis paper assesses the impact of the mortgage crisis on Chelsea, Massachusetts, a low-and moderate income community of 35,000 adjacent to Boston. After years of rapid growth, house prices started falling in 2005. According to our repeat-sales indices, by the end of 2009 prices had fallen by as much as 50 percent from their peak. Foreclosures have soared and lenders have repossessed or allowed short sales on more than 330 homes, resulting in a forced exit of at least one in 30 of the town's households. A large fraction of the foreclosed properties were twoor three-family homes, so the number of households affected by the crisis undoubtedly extends beyond the number of foreclosures. But there is some positive news. After a slow start, servicers appear to have become far more efficient at selling foreclosed properties, so the stock of real estate owned properties has been falling since 2008. For the most part, homeowners who bought prior to the peak of the boom have so far avoided selling in the moribund market and thus are poised to gain if and when the market recovers. In addition, the crisis has not prevented homeowners from maintaining and improving their properties: both the number and the dollar value of building permits have held up well even for those homeowners who have bought recently and likely have negative equity in their homes.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of Boston Boston, MAen_US
dc.relation.ispartofseriesPublic policy Discussion Papers, Federal Reserve Bank of Boston 10,6en_US
dc.subject.jelR1en_US
dc.subject.jelG01en_US
dc.subject.ddc330en_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwSubprime-Hypotheken_US
dc.subject.stwImmobilienmarkten_US
dc.subject.stwZwangsvollstreckungen_US
dc.subject.stwKommunale Wirtschaftsentwicklungen_US
dc.subject.stwUSAen_US
dc.titleA profile of the mortgage crisis in a low-and-moderate-income communityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn63592871Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Public Policy Discussion Papers, Federal Reserve Bank of Boston

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