Spanish mortgage crisis and accumulation of foreclosed housing by SAREB: a geographical approach (original) (raw)
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European Planning Studies, 2018
The article identifies the determinants of the uneven spatial distribution of housing accumulated by banks via foreclosures in the city of Barcelona. Working with a new data source, we geolocalised foreclosed housing and analysed its tendency to spatially cluster. Using the bivariate version of the Local Moran Indicator, we confirmed the spatial correlation between the concentration of foreclosed housing and indicators of the socioeconomic vulnerability of the neighbourhoods containing it. We also applied an OLS model to identify and weight the determinants of this clustering at the neighbourhood level. Our findings revealed that the growth of unemployment, the concentration of (non-EU) immigrant population and a greater presence of residents with low levels of studies were the key variables that explain the uneven geography of foreclosures in Barcelona. The results obtained also allowed us to characterise the spatial distribution of the housing accumulated by the banks during the mortgage crisis. As a result of the massive wave of evictions, banks have emerged as large-scale property owners in Spain and key agents for present and future housing policies.
ISPRS International Journal of Geo-Information, 2018
This paper uses data on housing stock owned by financial entities as a result of foreclosures to analyze (1) the spatial logic of Spain's mortgage crisis in urban areas, and (2) the characteristics of the types of housing most affected by this phenomenon. Nearest-Neighbor Index and Ripley's K function analyses were applied in two Catalan cities (Tarragona and Terrassa). The results obtained show that foreclosures tend to be concentrated in the most deprived neighborhoods. The general pattern of clustering also tends to be most intense for smaller and cheaper housing. Our findings show that home foreclosures have been concentrated in only a few neighborhoods and precisely in those containing the poorest-quality housing stock. They also provide new evidence of the characteristics and spatial patterns of the housing stock accumulated by banks in Catalonia as a result of the recent wave of evictions associated with foreclosures.
ISPRS International Journal of Geo-Information, 2020
The article analyses the socio-spatial logic behind the accumulation of foreclosed housing in the hands of large private landlords in the neighbourhoods of all the Catalan cities with over 100,000 inhabitants. Spatial regression and clustering techniques are applied to identify the determinants of the concentration patterns of 10,725 housing units in these cities. The socioeconomic variables, such as income level, percentage of foreign population, level of studies or percentage of unemployed residents, are identified as key explanatory factors of clustering of foreclosures in working-class neighbourhoods. A high presence of previously mortgaged homes is a variable especially relevant in the case of working-class neighbourhoods, but it has no incidence in the case of the medium-high class neighbourhoods. Our findings provide a detailed urban geography of the housing accumulated by banks which, at the same time, correspond to areas in which the vulture funds are focusing their business in the present and in the forthcoming years. New evidences of the spatial logic of the housing crisis and detailed information for the understanding of the new scenarios that have emerged during the post-crisis phase are revealed.
Die Erde, 2017
The Spanish mortgage crisis has resulted in a massive process of home dispossession through foreclosures. This process forms part of the logics of accumulation by dispossession supported by the Spanish financial and real estate model. The article uses the city of Lleida as a case study to show that the effects of this phenomenon has tended not to be spatially homogenous, but rather to be more concentrated in the most deprived urban areas. The analysis has been focused on two approaches: (1) identifying the characteristics of housing affected by foreclosure processes that have resulted in evictions, and; defining the spatial distribution patterns of this housing. This work demonstrates how evictions due to mortgage foreclosures have followed very clear patterns. Firstly, they have predominantly been focused on lower quality housing (identified in this study as the cheapest and smallest properties). Secondly, Getis-Ord Gi* spatial statistic has been used to show that they have been concentrated in the most deprived areas of the city. Both issues confirm the central hypothesis of our study: the Spanish mortgage crisis has exacerbated existing urban disparities. Zusammenfassung Die spanische Immobilienkrise führte zu massiver Wohnraumenteignung in Folge von Zwangsräumungen. Dieser Prozess ist Teil einer Logik der Akkumulation durch Enteignung, die durch das spanische Finanz-und Wohnungs-marktsystem begünstigt wird. Der vorliegende Beitrag zeigt anhand der Fallstudie der Stadt Lleida, dass sich die Effekte dieses Phänomens tendenziell nicht als räumlich homogen erweisen, sondern vielmehr in den am stärksten benachteiligten städtischen Räumen konzentriert auftreten. Die Analyse legt ihren Fokus auf zwei Ansätze: (1) die Identifikation von Charakteristika des Wohnraumes, der von Kündigungsprozessen und infolge dessen von Zwangsräumungen betroffen ist, und (2) die Bestimmung der räumlichen Verteilungsmuster dieser Wohngebiete. Die Arbeit zeigt, dass Räumungen durch Zwangsvollstreckungen sehr klaren Mustern folgen. Erstens fokussieren sie vorwiegend auf Wohnraum geringer Qualität (der in der vorliegenden Studie als preisgünstigster und kleinster Wohnraum definiert wird). Zweitens wurde Getis-Ord Gi* als Tool für räumliche Statistik verwendet, um zu zeigen, dass sie sich in den am stärksten benachteiligten Bereichen der Stadt konzentrieren. Beide Aspekte bestätigen die zentrale Hypothese der Studie: Die spanische Immobilienkrise hat existierende städtische Disparitäten verschärft.
Erdkunde
The article analyses the uneven geography of foreclosed housing owned by large private landlords in Catalonia. A Negative Binomial Model is applied to identify the local determinants of the concentration patterns of 32,941 housing units in Catalan cities. Indicators of socioeconomic vulnerability, such as the percentage of foreign population or the percentage of unemployed residents, are identified as key explanatory factors of the regional geography of housing accumulated by banks which, in turn, correspond to areas in which global corporate landlords are focusing their business for profiteering from the rental market in the current expansionist phase of the housing cycle. Our findings demonstrate that the concentration of properties in the most vulnerable areas was fuelled by foreclosures responsibility of banks rescued with public funds. In tandem, we provide detailed information for the understanding of the new scenarios that have emerged during the post-crisis phase.
Urban Science
At the beginning of the economic crisis in 2008, the number of foreclosures and evictions increased dramatically in Spain. The severe economic situation and the lack of mitigation measures by public institutions seemed to be the main causes. However, the start of a period of economic recovery since 2014 has meant that the number of the evictions continues to increase. In this article, we analyze in detail this phenomenon in the city of Las Palmas de Gran Canaria. Based on the disaggregated judicial data on the records of ejections and transfer of possession by foreclosures and evictions for the period 2009–2017, we carry out a study according to judicial procedures and proceedings and nature of the parties affected from a time-based and spatial perspective. This information allows us to discern that the causes that have led to the loss of housing are more varied than expected; that these circumstances have affected both societies and individuals, diverging on the period of incidence...