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Glossary Home» Mortgage

Land use succession

Changes occurring over time in the use of a neighborhood. Several factors contribute to land use succession. In a residential neighborhood, the aging of the residents and the growth and maturity of their children will eventually cause a turnover in the ownership of the housing. Residential neighborhoods bordering business district may eventually be overwhelmed by the expansion of the business district. Other contributing factors include the physical aging of the building structures leading to obsolescence and eventual abandonment.