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Update on Foreclosure and Vacant Property in Cuyahoga County

Update on Foreclosure 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.

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Update on Foreclosure and Vacant Property in Cuyahoga County

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  1. Update on Foreclosure and Vacant Property in Cuyahoga County Frank Ford Senior Policy Advisor Thriving Communities Institute November 1, 2013

  2. Mortgage foreclosures peaked in 2007, dropped through 2011, rose in 2012, and now dropped dramatically in 2013. Foreclosure filings through 9/30/13Source: NEO CANDO at Case Western Reserve University

  3. Foreclosure filings through 9/30/13.Source: NEO CANDO at Case Western Reserve University

  4. Foreclosure filings through 9/30/13. Source: NEO CANDO at Case Western Reserve University.

  5. Foreclosure filings through 9/30/13. Source: NEO CANDO at Case Western Reserve University.

  6. Foreclosure filings through 9/30/13. Source: NEO CANDO at Case Western Reserve University.

  7. Foreclosures Are Down But They’ve Left Us With An Epidemic of Distressed Property…. City of Cleveland Distressed Property Estimates

  8. ….Decreased Home Sale Prices,Lost Homeowner Equity…. Home Sale Prices through 9/30/13. Source: NEO CANDO at Case Western Reserve University.

  9. ….And Increased Costs For The County and Its Municipalities Source: NEO CANDO at Case Western Reserve University and City of Cleveland Distressed Property Estimate

  10. These Costs Represent An Unprecedented Shift of Liability From the Private Sector to the Public

  11. How Are Communities Shifting this Burden Back? • Civil Litigation • Municipal ordinances

  12. Civil Litigation • Public Nuisance Lawsuits against Banks • Cleveland • Cincinnati • Los Angeles • Civil Rights Lawsuit • National Fair Housing Alliance • Case against Wells Fargo • 13 Cities • $42 Million settlement

  13. Municipal Ordinances • Retroactive Liability for demo cost • Cleveland • Vacant Property Registration Ordinances • Cincinnati, South Euclid and others • Foreclosure Bonds • Springfield, MA and Worcester, MA • Youngstown, Canton and Warren, Ohio

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