Avondale, AZ Housing Crisis: Impacts and Strategies

Avondale, AZ 2000: 35,883 (approximately 126% increase in population from ) 1990: 16, : 81,299

Boom Times Residential Construction off the charts Fast appreciation of residential values New Retail Revenue Growth healthy Investors: Rentals and Flipping

Houston, we have a problem…

Foreclosures by Subdivision Fall 2008 High: 21% Median: 7.2% Low: 0.1%

City Sales Tax FY Monthly

Building Permits

Foreclosures -- Impacts Values plummet Abandoned homes – weeds – green pools – vandalism Partially-built/occupied subdivisions Tons of “for sale” signs Spirits plummet

In Depth Look: Avondale Residential Foreclosures Since 2007 Current Total:5110 of (25.25%) Median Re-Sale Home Prices 2006:$255,000 Current:$105,000 (59% Drop) New Home Sales Volume 2006:1, : 82 (93% Drop)

Strategies Public Relations/communication HOA Coordination Code Enforcement – Clean and Lien – Definition of “responsible party” – Rental registration

Foreclosures Mitigation Purchase updated foreclosure data Track all foreclosures through database Regularly map Update database monthly Knowing where they are and the status

Foreclosures Mitigation Inspect every foreclosed home – Secure properties as needed – Treat pools for mosquitoes – Enforce property maintenance compliance Monitor and document condition until occupied Keep neighborhoods looking good Proactive monitoring of ALL foreclosures

Foreclosures Mitigation Awarded $2,466,000 for foreclosure mitigation Consumer-driven homebuyer program Acquisition – rehab: Energy Star Home Demolished 4 blighted, multi-family properties Created a buzz on purchasing Avondale home Use of federal Neighborhood Stabilization Funds

Foreclosures by Subdivision Fall 2010 High: 10.7% Median: 2.5% Low: 0%

The Future and the Recovery Inching our way out of the recession Making things happen: City Center, American Sports Center Percentages of Foreclosures -- Subdivisions High21%10.7% Median7.2%2.5% Low0.10

City Center

American Sports Center