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Full-Text Articles in Property Law and Real Estate
Eminent Domain For The Seizure Of Underwater Mortgages, Sarah Thompson
Eminent Domain For The Seizure Of Underwater Mortgages, Sarah Thompson
University of Michigan Journal of Law Reform Caveat
Like many cities in the United States, Richmond, California suffered greatly from the recent mortgage crisis. The foreclosure crisis hit Richmond hard in 2009, when more than 2,000 homes in Richmond went into foreclosure. This figure is especially shocking given that there were 18,659 owner-occupied housing units in the city at that time. In 2012, the city saw an additional 914 foreclosures and a foreclosure rate of thirty out of 1,000 homes (well above the national average of thirteen of every 1,000 homes). Today, it is reported that nearly forty-six percent of homes in Richmond are “underwater,” meaning that what …
Moving From Colonias To Comunidades: A Proposal For New Mexico To Revisit The Installment Land Contract Debate, Elizabeth M. Provencio
Moving From Colonias To Comunidades: A Proposal For New Mexico To Revisit The Installment Land Contract Debate, Elizabeth M. Provencio
Michigan Journal of Race and Law
Communities of Mexican Americans in the Southwest, known as colonias, have provided many low-income buyers with affordable opportunities. Affordability, however, comes at a high price for the colonias residents. Most of the buyers live in colonias pursuant to installment land contracts, devices which allow buyers to spread the purchase price of property over a number of years but leave them without legal title or equity under New Mexico law. The buyers sacrifice their legal rights to "own" small, unimproved lots of land in developments that are often without electricity, gas, a sewage system, and indoor plumbing. The author argues …