and Vacant Property in Cuyahoga County Frank Ford Senior Policy Advisor Thriving Communities Institute November 1 2013 Mortgage foreclosures peaked in 2007 dropped through 2011 rose in 2012 and now dropped dramatically in 2013 ID: 532627
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Slide1
Update on Foreclosure and Vacant Property in Cuyahoga County
Frank Ford
Senior Policy Advisor
Thriving Communities Institute
November 1, 2013Slide2
Mortgage foreclosures peaked in 2007, dropped through 2011, rose in 2012, and now dropped dramatically in 2013.
Foreclosure filings
through
9/30/13
Source: NEO CANDO at Case Western Reserve UniversitySlide3
Foreclosure filings through 9/30/13.Source: NEO CANDO at Case Western Reserve UniversitySlide4
Foreclosure filings through 9/30/13.Source: NEO CANDO at Case Western Reserve University.Slide5
Foreclosure filings
through
9/30/13.
Source: NEO CANDO at Case Western Reserve University.Slide6
Foreclosure filings
through
9/30/13.
Source: NEO CANDO at Case Western Reserve University.Slide7
Foreclosures Are Down But They’ve Left Us With An Epidemic of Distressed Property….
Cleveland City
October 2012
May
2013
October
2013
Distressed/Condemnable
6,974
7,761
8,300
Demolition Estimate
$6,974,000
$7,761,000$8,300,000
7
City of Cleveland Distressed Property EstimatesSlide8
….Decreased Home Sale Prices,Lost Homeowner Equity….
Home Sale Prices
through
9/30/13.Source: NEO CANDO at Case Western Reserve University.Slide9
….And Increased Costs For The County and Its Municipalities
Vacant Homes
Tax Delinquency on Vacant Homes
Condemnable
Homes
Demolition
Cost
Cuyahoga County
26,725
$52,644,458
Unknown outside of Cleveland
Cleveland City
15,718
$33,093,7028,300
$83,000,000
Source: NEO CANDO at Case Western Reserve University and City of Cleveland Distressed Property EstimateSlide10
These Costs Represent An Unprecedented Shift of Liability From the Private Sector to
the
Public
10Slide11
How Are Communities Shifting this Burden Back?
Civil
Litigation
Municipal ordinancesSlide12
Civil LitigationPublic Nuisance Lawsuits against Banks
Cleveland
Cincinnati
Los AngelesCivil Rights Lawsuit National Fair Housing AllianceCase against Wells Fargo13 Cities$42 Million settlementSlide13
Municipal OrdinancesRetroactive Liability for demo costCleveland
Vacant Property Registration Ordinances
Cincinnati, South Euclid and others
Foreclosure BondsSpringfield, MA and Worcester, MA Youngstown, Canton and Warren, Ohio