The Banks are Back, Our Neighborhoods are Not
As the foreclosure crisis continues to affect 1 in 69 households across the United States, or roughly 2.7 million families in 2011, banks are repossessing an unprecedented number of properties. As a result, a related properties mar once vibrant, well-maintained neighborhoods. But this problem has not affected all neighborhoods equally. This report documents an alarming pattern by many of the banks, lenders, investors and other entities that manage Real Estate Owned (REO) assets. They have engaged in substandard maintenance of REO properties in communities of color, while maintaining REO properties in predominantly white communities in a superior manner.