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UPDATE ON FORECLOSURE AND VACANT PROPERTY IN CUYAHOGA COUNTY Frank Ford Senior Policy Advisor Thriving Communities Institute November 1, 2013.

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Presentation on theme: "UPDATE ON FORECLOSURE AND VACANT PROPERTY IN CUYAHOGA COUNTY Frank Ford Senior Policy Advisor Thriving Communities Institute November 1, 2013."— Presentation transcript:

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 9/30/13 Source: 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…. Cleveland City October 2012 May 2013 October 2013 Distressed/Condemnable 6,9747,7618,300 Demolition Estimate $6,974,000$7,761,000$8,300,000 7 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 Vacant Homes Tax Delinquency on Vacant Homes Condemnable Homes Demolition Cost Cuyahoga County26,725$52,644,458 Unknown outside of Cleveland Cleveland City15,718$33,093,7028,300$83,000,000 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 10

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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