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House Bubbles

House Bubbles

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Published by nguyenmiha

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Published by: nguyenmiha on Oct 27, 2009
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09/15/2010

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SUBPRIME LENDING, THE HOUSING BUBBLE, ANDFORECLOSURES IN LIMA, OHIOTHESISPresented in Partial Fulfillment for the Degrees Master of City and Regional Planningand Master of Arts in the Graduate School of The Ohio State UniversityByMichael David Webb, B.A.Graduate Program in City and Regional PlanningGraduate Program in GeographyThe Ohio State University2009Thesis Committee:Dr. Hazel A. Morrow-Jones, Advisor Dr. Lawrence A. Brown, Advisor Dr. William V. AckermanDr. Jennifer Evans-Cowley
 
Copyright byMichael David Webb2009
 
ABSTRACTThe recent housing crisis has engendered much nascent scholarship examining therelationships between foreclosures (the effect) and neighborhood characteristics, lending practices, and house price changes (the potential causes). However, the literature suffersfrom two important shortfalls: its empirical grounding has been constrained to largemetro areas, and no study has adopted a comprehensive approach that examines all threeexplanatory factors on foreclosure rates. In response, this thesis investigates therelationships among foreclosures, subprime lending, house price changes, andneighborhood characteristics in Allen County/Lima, Ohio, a small, Rust Belt MSA. A broad literature review examines the rise of subprime lending, the housing bubble, therecent surge in foreclosures, and the spatial aspects of each. Bivariate and multivariateanalysis examines their relationships, and the multivariate analysis questions whatadditional explanation is given by the inclusion of housing market phenomena in themodel. The thesis also investigates various policy proposals aimed at mitigating thedamage of the foreclosure surge, and preventing the most egregious practices of subprimelenders.ii

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