Managing the consequences of financial crisis: A long view of housing disposition

Publication Type:
Journal Article
Housing Policy Debate, 2012, 22 (2), pp. 201 - 218
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Widespread housing foreclosures and the growth of real estate owned inventories impose significant negative externalities on local communities and their residents. An effective "disposition infrastructure" is needed to limit the damage, but historical efforts (in the HOLC and the RTC) and current experience (in the NSP and related programs) suggest this is a challenging task. Central among the challenges faced is that of managing private investor roles in the housing disposition process. Neither regulation nor funding alone is adequate to ensure that foreclosed homes are disposed of in a way that stabilizes rather than undermines neighborhoods. The article concludes by arguing that an effective disposition infrastructure may require a renewed discussion about lender responsibilities to local communities. © 2011 Virginia Polytechnic Institute and State University.
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