The Continuing Foreclosure Saga

This report displays the varying levels of subprime lending and a comparison of foreclosure risks experienced by the more than 350 communities in the Philadelphia region. While much of the subprime lending has occurred in communities with income levels that limit access to prime mortgages, striking levels of foreclosure risk appear in many suburban communities, especially in southern New Jersey. Additional data are provided that suggest that these communities have been much more affected by employment and wages losses over the past several years, which suggests that a combination of income and mortgage types creates a stronger understanding of community conditions that are associated with increased foreclosure risk and difficult housing markets looking forward.