Speculators Scoop Up 42% of Oakland, CA Foreclosures

A new report by Oakland, CA nonprofit Urban Strategies Council reveals that a massive surge has occurred in investor-speculator ownership in the city's low-income neighborhoods in the wake of the foreclosure crisis.

A new report by the Oakland-based nonprofit Urban Strategies Council shows that-as of October 2011-investors had acquired 42 percent of all properties that went through foreclosure since 2007 in Oakland. Of these properties acquired by investors, 93 percent are located in the low-income flatland neighborhoods of the city. Further, only ten out of the top 30 most active investors are located in Oakland.

The findings in the report raise a series of questions regarding the role that investors are playing-and will continue to play-in Oakland neighborhoods already devastated by the foreclosure crisis. The spike in non-local ownership and non-owner occupied housing presents new concerns related to the extraction of wealth from low-income neighborhoods, in addition to ongoing property maintenance and management issues. Given the nearly exclusive concentration of investor activity in Oakland's low-income neighborhoods, the new report considers what the rapid surge in investor-ownership might mean regarding shifting tenure, neighborhood succession, and the displacement of residents.

Full Story: Who Owns Your Neighborhood? The Role of Investors in Post-Foreclosure Oakland

Comments

Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

New! 4th Edition of the Planetizen Guide to Graduate Urban Planning Programs just released.
Starting at $24.95

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $209
Book cover of Insider's Guide to Careers in Urban Planning

So you want to be a planner...

Check out our behind the scenes look at 25 careers in the Urban Planning field
Starting at $14.95
City Plate table setting

New Arrival! City Plates

City downtown cores printed on gorgeous decorative collectible porcelain plates.
$50.00