The financial crisis of 2008 was an economic catastrophe that shook the housing market in the United States. Its devastating impact was marked by mass home foreclosures that spread across the...Show moreThe financial crisis of 2008 was an economic catastrophe that shook the housing market in the United States. Its devastating impact was marked by mass home foreclosures that spread across the country. Many homeowners defaulted on their mortgages and were evicted from their homes. For the neighborhoods that became vacant, it became more attractive for criminal activity. However, whether or not empty neighborhoods drew in more crime due to foreclosures remains understudied. This thesis, therefore, sought to advance the research by employing both quantitative and qualitative approaches by examining two neighborhoods in the city of Cleveland. The analysis controlled for demographic and economic factors that have potential influence over foreclosure and crime. Results from elasticity calculations indicated both a positive and negative inelastic response of crime with respect to foreclosures, suggesting mixed conclusions. The results of qualitative data collected from media reports, documentary videos, and photographs on the other hand indicated a more significant impact of crime on the neighborhood environment and its residents.Show less
