Continuing Foreclosure Saga

Policy Brief: This report addresses the pattern of foreclosure risk in the greater Philadelphia region that existed as of December, 2010. Using data and information provided by the Local Initiatives Support Corporation (LISC) and the Urban Institute, we are able to map the patterns of foreclosure risk and housing market strength across the region. In addition, we are able to compare Philadelphia's experiences of foreclosure with MPIP's comparison metropolitan areas, suggesting that the region's experiences with foreclosure are less pronounced than in many metropolitan areas. Nonetheless, there are reasons for concern, especially with respect to foreclosure of subprime mortgages. We are also able to provide some depth of understanding for a persistent pattern of higher rates of subprime mortgages and foreclosures in the communities of southern New Jersey.

Foreclosure properties and their links to the collapse of the subprime market have...

(Click here for the full report including two maps, two figures, and two tables)