dc.contributor.author | Fisher, Lynn M. | |
dc.contributor.author | Lambie-Hanson, Lauren Skiles | |
dc.date.accessioned | 2013-02-15T19:51:30Z | |
dc.date.available | 2013-02-15T19:51:30Z | |
dc.date.issued | 2011-12 | |
dc.identifier.issn | 1080-8620 | |
dc.identifier.issn | 1540-6229 | |
dc.identifier.uri | http://hdl.handle.net/1721.1/77155 | |
dc.description.abstract | In this article, we examine the role of investors and occupant-owners in an urban context during the recent housing crisis. We focus on Chelsea, Massachusetts, because it is a dense city, dominated by multifamily housing structures with high rates of foreclosure for which we have particularly good data. We distinguish between occupant-owners and investors using local data, and we find that many investors are misclassified as occupant-owners in the Home Mortgage Disclosure Act data. Then, employing a competing risks framework to study ownerships during the period 1998 through mid-2010, we find that local investors, who tend to invest more in relation to purchase prices and sell more quickly, experienced approximately 1.8 times the mortgage foreclosure risk of occupant-owners, conditional on financing. Nonlocal investors have no statistically significant difference in foreclosure risk from occupant-owners. Nonetheless, those owners with subprime purchase mortgages (most of whom are occupant-owners) faced the highest foreclosure risk when house prices fell. | en_US |
dc.language.iso | en_US | |
dc.publisher | Wiley Blackwell | en_US |
dc.relation.isversionof | http://dx.doi.org/10.1111/j.1540-6229.2011.00317.x | en_US |
dc.rights | Creative Commons Attribution-Noncommercial-Share Alike 3.0 | en_US |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-sa/3.0/ | en_US |
dc.source | Other University Web Domain | en_US |
dc.title | Are Investors the Bad Guys? Tenure and Neighborhood Stability in Chelsea, Massachusetts | en_US |
dc.type | Article | en_US |
dc.identifier.citation | Fisher, Lynn M., and Lauren Lambie-Hanson. “Are Investors the Bad Guys? Tenure and Neighborhood Stability in Chelsea, Massachusetts.” Real Estate Economics 40.2 (2012): 351–386. | en_US |
dc.contributor.department | Massachusetts Institute of Technology. Department of Urban Studies and Planning | en_US |
dc.contributor.mitauthor | Lambie-Hanson, Lauren Skiles | |
dc.relation.journal | Real Estate Economics | en_US |
dc.eprint.version | Author's final manuscript | en_US |
dc.type.uri | http://purl.org/eprint/type/JournalArticle | en_US |
eprint.status | http://purl.org/eprint/status/PeerReviewed | en_US |
dspace.orderedauthors | Fisher, Lynn M.; Lambie-Hanson, Lauren | en |
mit.license | OPEN_ACCESS_POLICY | en_US |
mit.metadata.status | Complete | |