Role of Non-Owner-Occupied Homes in the Current Housing and Foreclosure Cycle

Role of Non-Owner-Occupied Homes in the Current Housing and Foreclosure Cycle

by Breck L. Robinson

69 pages· 2010· ISBN 9781437935479
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Non-occupant homeowners (NOH) differ from owner occupants in that they tend to have lower-risk credit characteristics, but may also have weaker incentives to maintain mortgage pay. when housing values fall. During the recent housing boom, the share of mortgage borrowing by NOH was relatively high in states where home values rose rapidly. After the housing boom, foreclosures on NOH mortgages in several Midwestern and Northeastern states reflected a high rate of foreclosure per mortgage, not a high vol. of mortgages to NOH. The reverse held true in coastal and mountain states. NV and FL have experienced the greatest impact overall, because they have both a high vol. of mortgages to NOH and a high rate of foreclosure on those mortgages. Illus.

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