Furman Center Report Finds Fewer New Mortgages Go to Blacks and Hispanics
A new report by the Furman Center for Real Estate & Urban Policy, a joint initiative of the New York University School of Law and the Robert F. Wagner Graduate School of Public Service at NYU, shows that the number of new mortgates to blacks and Hispanics plummeted in New York City in 2007. Meanwhile, according to the report, released in October, 2008, that total held steady for white borrowers.
The report found that risky high-interest loans declined -- a silver lining, according to the researchers, who used data released in September, 2008 under the Federal Home Mortgage Disclosure Act.
The Furman Center is dedicated to providing objective academic and empirical research on the legal and public policy issues involving land use, real estate, housing and urban affairs in the United States, with a particular focus on New York City. Its Director is Law School Professor Vicki L. Been of the Law School and its Co-director is Professor Ingrid Gould Ellen of NYU Wagner.
To read the report and related news coverage, please click below.
Furman Center Sees Sharp Rise in Sub-prime Mortgages in NYC
Furman Center's 10th Annual "Housing & Neighborhoods" Report Explores NYC Trends
The Furman Center for Real Estate and Urban Policy, a project of the New York University School of Law and NYU Wagner, has just released the 10th annual edition of its widely read State of New York City’s Housing and Neighborhoods report.
Professors Been and Ellen are the directors of the Furman Center, which, in February, garnered a nationally prestigious MacArthur Award For Creative and Effective Institutions.
The 10th annual edition of the State of New York City’s Housing and Neighborhoods, features 2011 data on housing, demographics, and quality of life indicators for each borough and for the city’s 59 community districts. It also finds that while the city remains highly segregated by race, more of its neighborhoods are racially integrated today than 20 years ago. In addition, this year’s report analyzes mortgage finance trends in New York City, and finds that the volume of lending is increasing, the number of foreclosure notices issued has dropped from previous years, and the number of properties entering REO has decreased.