Focus on Foreclosures

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Focus on Foreclosures




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Slide1

Focus on Foreclosures

22

nd

Annual Fair Lending Conference

Friday, October 26, 2012

Sally Martin, Housing Manager, City of South Euclid

smartin@seuclid.com

www.cityofsoutheuclid.com

Slide2

Foreclosures have taken many families out of homeownership.

Other qualified buyers are choosing to delay buying a home due to lack of confidence in the housing market.Demand for rental property is high, and is expected to remain high.

Throughout the county, the number of rental properties is increasing at a rapid pace.

Slide3

Investors view the housing crisis as an incredible opportunity.

Homes are available in suburban communities for under $30,000. For a small investment in improvements, these homes can be rented for up to $1,200 per month, providing cash flow and a quick return on investment.

It was the best of times…

Slide4

Many homeowners who find themselves forced to sell are becoming reluctant landlords with neither the experience nor the funding to make needed repairs and upgrades.

And the worst of times…

City code enforcement departments must be prepared to manage the increase in rental properties by aggressively enforcing property maintenance codes that ensure the life, health, and safety of tenants.

Slide5

In South Euclid, there has been close to a 10% increase in the number of single family rental homes since the housing crisis began.

Nearly 50% of vacant homes are becoming rental homes once they are reoccupied.

16% of South Euclid’s homes are now in the rental market.

Slide6

Slide7

For more than a decade South Euclid has maintained a

strong rental inspection program

:

Rental properties are registered annually for a $200 fee, and inspected inside and out every three years.

Zero tolerance for late registration or failure to register

:

-

$100

penalty for late registration.

-

$100

penalty for non-disclosure of rental status.

-

$100

if prosecution is required to force registration.

-

$500

to reinstate occupancy if revoked due to non-registration.

Strong partnerships with

CMHA

,

Parma Public Housing

and the

local school district

to ensure registration and code compliance.

Hotline for public to call to report suspected rental property.

Slide8

All vacant structures must be: - Registered - Inspected inside & out - Fully brought up to code before being reoccupiedThe process is similar to point of sale, but applies exclusively to vacant structures. Required escrow must be placed and violations assumed prior to property transfer.

In March of 2010, South Euclid City Council passed legislation mandating the registration and inspection of vacant buildings.

Prior to this ordinance, many vacant homes were becoming rentals with little or no improvements being made.

Slide9

This practice has stopped

Since the implementation of the vacant building ordinance there has been a

63% increase

in the valuation of residential construction projects.

Close to half of all formerly vacant homes become rental homes. With the passage of this ordinance, we are confident that those new rental homes are safe for their occupants.

Slide10

Focus on Foreclosures

22

nd

Annual Fair Lending Conference

Friday, October 26, 2012

Sally Martin, Housing Manager, City of South Euclid

smartin@seuclid.com

www.cityofsoutheuclid.com

Slide11

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Slide13

Slide14


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