Federal Reserve Bank of San Francisco

Community Development

Massachusetts’ Efforts to Address Foreclosed Properties

Author(s): Prabal Chakrabarti

April 2009

Community Development Investment Review

The growing number of troubled mortgages in New England poses challenges for local communities. As foreclosures mount, so do the number of vacant homes, given that most properties that do not sell at auction remain in the hands of the foreclosing lender. These foreclosed properties, known as lender-owned or real estate owned (REO) properties, present an obstacle to preserving healthy neighborhoods.

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