Addressing the Foreclosure Crisis: Action Oriented Research in the Greater Atlanta Area Michael J. Rich Emory University.

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Presentation transcript:

Addressing the Foreclosure Crisis: Action Oriented Research in the Greater Atlanta Area Michael J. Rich Emory University

Atlanta Metro Area Year City population (thousands) % of metro area

Atlanta Profile Georgia is a nonjudicial foreclosure state— – Initiated by lender (or its agent) and not subject to court supervision – Entire process from initial notice to court house sale less than 45 days Few borrower protections Foreclosure filings increased in 13-county metro area from 37,000 in 2005 to 58,000 in 2007 (57%), which is almost 4 times the level of 2000

Metropolitan Housing Conditions and Trends U.S. AverageAtlantaChicagoWashington, DC Population (000s, city/suburbs), /4,8392,738/6,785588/4,718 Poverty (%, 2007, city/suburbs)21/1020/816/6 Housing Units (000s) 2007 % chg/yr, , , , , Vacancy rate (%, 2007) Renters Owners Homeownership (%, 2007) Total Minority Housing Values Owner-Occupied, 2007 Avg. Gross Rent, ,282 Housing Prices (OFHEO Index) Q1/2000 – Q4/2006 Q4/2006 – Q2/ Housing Affordability Pay more than 30% income for housing Renters Owners Hendey, Kingsley, Pettit, Metropolitan Profiles, 2008

Home Value Trajectories for the Atlanta Metropolitan Area Source: Case-Shiller Index, Immergluck and Lee, 2008

Mortgage Market Conditions and Trends Hendey, Kingsley, Pettit, Metropolitan Profiles, 2008

Percent of Home Mortgage Loans Made by Subprime Lenders,

Foreclosure filings, June – August 2008 Number of filingsForeclosures per square mile

Atlanta Area Response Limited response prior to NSP – Prevention activities Consumer Credit Counseling Services CD and Housing counseling groups Atlanta Legal Aid Homeowner Defense Project DeKalb County Foreclosure Task Force – Mitigation activities Land bank authority reinvigorated ANDP, Enterprise launched initiative (50 homes)

Neighborhood Stabilization Program Profile Six recipients in Metropolitan Atlanta – DeKalb County$18.5 million – City of Atlanta$12.3 million – Gwinnett County$10.5 million – Fulton County$10.3 million – Clayton County$ 9.7 million – Cobb County$ 6.9 million – State of Georgia$77.0 million

DeKalb County NSP Strategy Geographic targeting: five tiers Social targeting: 25-30% of NSP funds to households <50% of AMI ($35,600) Strategic use of funds (leverage): StrategyDollarsUnits Financing mechanisms$.7.5 million100 single family 1 multi-family Purchase and rehab$7.5 million56 units Land bank$500,0004 units Demolition$500,00028 units Redevelopment$500,0004 units Administration$1.8 million Less than 200 units v. 10,000 foreclosure filings Jan – Sep 2008

DeKalb County Priority Areas Number and percentage of subprime loans Number and percentage of foreclosures Number and percentage of defaults and delinquencies Source: DeKalb County NSP Application, draft

Sustainability/Stabilization Principles Priorities for properties located in areas with: Existing community group or organization Overlay zone or LCI initiative Senior citizens or youth facilities High crime rate Major employment center Special needs Threat to major multi-family development

Partners Public Agencies – Atlanta Regional Commission – DeKalb County, Fulton County, Atlanta – GA Dept. of Community Affairs – Federal Reserve Bank of Atlanta Nonprofit Organizations – NeighborWorks – Atlanta Legal Aid Society – Atlanta Neighborhood Development Partnership – Enterprise Community Partners – Annie E. Casey Foundation Atlanta Civic Site – Atlanta Housing Association of Neighborhood-Based Developers

Work Plan Focus on DeKalb and Fulton Counties and city of Atlanta (about 42% of foreclosure filings) Assist with NSP application – Identifying areas of concentration Emphasis on REO neighborhoods – Subprime  Foreclosure filings  REOs 1.Identify inventories and hotspots 2.Profiles of neighborhoods 3.Monitoring response

Challenges and Opportunities Challenges Building a data system across multiple counties Time and attention of partners Crowded field but lack of coherence Lack of fit between need and organizations Opportunities NSP funds as a spark for action Recognition of need for good data State funding (NSP) potential for greater state- local interaction