Massachusetts’ Efforts to Address Foreclosed Properties

Author(s): Prabal Chakrabarti

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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Other articles in this issue

Confronting the “Second Wave of the Tsunami”: Stabilizing Communities in the Wake of Foreclosures

The Accumulation of Foreclosed Properties: Trajectories of Metropolitan REO Inventories During the 2007–2008 Mortgage Crisis

Learning From the Past: The Asset Disposition Experiences of the Home Owners’ Loan Corporation, The Resolution Trust Corporation, and the Asset Control Area Program

Community Development Financial Expertise Put in Service of Neighborhood Stabilization

Community Land Trusts Work in the Best and Worst of Times

Using New Markets Tax Credits to Mitigate the Impact of Foreclosures on Communities