Industry NewsMarkets & Economy

Car ownership linked to mortgage defaults

Study says cost of housing should include transportation costs
Published on Feb 23, 2010

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by CareyBot

A recent study shows a direct link between car ownership in a given neighborhood and mortgage foreclosure rates.

The Natural Resources Defense Council conducted the study, "Location Efficiency and Mortgage Default," by comparing 40,000 mortgages in Chicago, San Francisco, and Jacksonville, Fla. along with census data on neighborhood conditions, incomes, and car ownership.