Speculating in crisis: the intrametropolitan geography of investing in foreclosed homes in Atlanta

Investors in single-family residential properties have played a crucial role in the United States foreclosure crisis. In this paper, we analyze investor behavior in the diverse urban housing market of Fulton County, Georgia. We examine the composition of buyers of lender-owned properties at two different stages of the foreclosure crisis, and analyze the intrametropolitan geography of investment. Results indicate that large-scale investors are most active in low-value housing submarkets with high poverty and vacancy rates.