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In Foreclosure's Wake: Geography and Consequences of the Foreclosure Crisis
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In Foreclosure's Wake: Geography and Consequences of the Foreclosure Crisis
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Dissertation
In Foreclosure's Wake: Geography and Consequences of the Foreclosure Crisis
2015
Overview
My dissertation explores the geography and consequences of the Great Recession by analyzing a dataset of the 14 million foreclosures filed between 2006 and 2012. While foreclosures have important implications for the study of inequality between individuals, I am interested in understanding these dynamics through an analysis of place. My dissertation has three main substantive chapters. I begin by leveraging variation over time within neighborhoods and metropolitan areas to show significant and dramatic differences in foreclosure rates across neighborhoods of different racial and ethnic makeups. The raw differences between majority white and black or Latino neighborhoods cannot be accounted for by the inclusion of a wide array of control variables. Next, I explore the relationship between foreclosures and the expansion of fringe financial services (i.e. check cashers). Results show that racially isolated neighborhoods in New York City, often where subprime lending was common, were uniquely vulnerable during the foreclosure crisis and were communities where check cashing outlets sprouted, highlighting a mechanism for the reproduction of inequality over time. Finally, I evaluate the relationship between foreclosures and changes in home purchase decisions made by households of differing racial and ethnic makeup. Perhaps surprisingly, I find that the number of white households buying homes within a census tract was positively correlated with foreclosure volume and that this relationship was strongest during the peak of the Great Recession. However, I also present evidence that the net impact of foreclosures combined with home purchases may not have had an integrative effect, likely because of racial disparities in foreclosures.
