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Beyond REO: Properties Transferred at Extremely Distressed Prices, Cuyhoga County 2005-2008

This report analyzes the factors contributing to high-risk foreclosure in Cuyahoga County, including borrower subprime loan default, lack of financial literacy, limited access to local banks, and the need for targeted outreach. It also explores the use of data to support foreclosure prevention, intervention, and reclamation efforts.

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Beyond REO: Properties Transferred at Extremely Distressed Prices, Cuyhoga County 2005-2008

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  1. Michael Schramm Center on Urban Poverty and Community Development Mandel School of Applied Social Sciences Case Western Reserve University schramm@case.edu http://neocando.case.edu http://povertycenter.case.edu Beyond REO: Properties Transferred at Extremely Distressed Prices, Cuyhoga County 2005-2008

  2. Diversions from the Pathway to Foreclosure Racial and geographic characteristics put certain borrowers at HIGH RISK • Foreclosure prevention Borrower Subprime Loan Default • Financial literacy • Access to local banks • Safe and sound products • Targeted outreach Foreclosure Filing • Foreclosure intervention or mediation ? REO Sheriff's Sale

  3. Foreclosure Filings, Cuyahoga County

  4. Trend in Completed Foreclosures Prepared by: Center on Urban Poverty and Community Development, Mandel School of Applied Social Sciences, Case Western Reserve University. Source: NEO CANDO (http://neocando.case.edu), Cuyahoga County Auditor

  5. Proportion of Sheriff’s Deeds by Grantee Category, 2000 vs. 2007 Prepared by: Center on Urban Poverty and Community Development, Mandel School of Applied Social Sciences, Case Western Reserve University. Source: NEO CANDO (http://neocando.case.edu), Cuyahoga County Auditor

  6. Sales Price Relative to Estimated Market Value (in 2007 dollars), City of Cleveland Year Sheriff’s Sale Prepared by: Center on Urban Poverty and Community Development, Mandel School of Applied Social Sciences, Case Western Reserve University. Source: NEO CANDO (http://neocando.case.edu), Cuyahoga County Auditor Prepared by: Center on Urban Poverty and Community Development, Mandel School of Applied Social Sciences, Case Western Reserve University. Source: NEO CANDO (http://neocando.case.edu), Cuyahoga County Auditor

  7. Misc stuff on extremely distressed prices • NPI lawsuit against Deutsche and Wells (declare public nuisance, abate nuisance, declare business practice a public nuisance) • Toxic titles – Banks walking away from foreclosures before taking to sale (decree of foreclosure granted by court, however no sale scheduled)

  8. Ways data are being used in community • Foreclosure prevention/early warning – Mortgages from Recorder flagged with High Cost and HUD subprime list lenders and First American Title adjustable rate data scrubbed against sheriff sales/water shutoffs • Foreclosure intervention – Foreclosure filings that have not yet gone to Sheriff sale (served through NEO CANDO) • Foreclosure reclamation – Sheriff sales that go to Banks/REO departments (served through NEO CANDO) Most of the data are now updated weekly

  9. Who is using these resources • Cleveland Housing Court • Cleveland Tenants Organization • Community development corporations • Foreclosure counseling agencies (ESOP, CHN, NHS) • Neighborhood Progress’s Strategic Investment Initiative (SII) (Opportunity Housing Foreclosure Pilot)

  10. Combining data usefully • Data sources are disparate • Parcel number is key • However, more info is needed! • Parcels can have multiple sheriff sales, foreclosure filings, loans, etc • Originator, Plaintiff, Purchaser at sale are not the same entity • Need to use dates and ownership periods to determine which foreclosure/sheriff sale goes with which loan • County websites only allow search on a property or name, cannot do complex data queries

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