BrokerageIndustry News

Study finds disparity in marketing, maintenance of REOs

Lenders accused of violating Fair Housing Act
Published on Apr 11, 2012

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An evaluation of more than 1,000 homes repossessed by lenders in nine markets found properties in African-American and Latino neighborhoods were not maintained or marketed as diligently as homes in predominantly white neighborhoods.

The National Fair Housing Alliance said real estate owned (REO) properties in white communities "generally appeared inhabited, well-maintained and attractive to real estate agents and homebuyers," while foreclosed homes in minority communities were "more likely to have overgrown yards littered with trash, unsecured doors, broken windows, and indications of marketing as a distressed sale."

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