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Update on Foreclosure and Vacant Property Frank Ford Senior Vice President for Research and Development Neighborhood Progress, Inc. October 26, 2012.

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Presentation on theme: "Update on Foreclosure and Vacant Property Frank Ford Senior Vice President for Research and Development Neighborhood Progress, Inc. October 26, 2012."— Presentation transcript:

1 Update on Foreclosure and Vacant Property Frank Ford Senior Vice President for Research and Development Neighborhood Progress, Inc. October 26, 2012

2 Foreclosures quadrupled from 1995 to 2007, then dropped steadily for four years, but are now rising again. 12/31/12 projection based on filings through 9/30/12. Source: NEO CANDO at Case Western Reserve University

3 After declining steadily for 4 years, foreclosure filings in the City of Cleveland are rising again – up 6% from /31/12 projection based on filings through 9/30/12. Source: NEO CANDO at Case Western Reserve University

4 After a dramatic decline over the past 4 years, filings on the East Side of Cleveland are up 12%. 12/31/12 projection based on filings through 9/30/12. Source: NEO CANDO at Case Western Reserve University.

5 East Side neighborhoods with highest volume and greatest increase from /31/12 projection based on filings through 9/30/12. Source: NEO CANDO at Case Western Reserve University

6 Filings in the Outer Suburbs have risen 39% over the past 6 years and are projected to be up again this year by 11%. 12/31/12 projection based on filings through 9/30/12. Source: NEO CANDO at Case Western Reserve University.

7 Foreclosures by Region 12/31/12 projection based on filings through 9/30/12. Source: NEO CANDO at Case Western Reserve University.

8 Update on Vacant Residential Structures County 26,728 vacant - includes Cleveland count ◦ $43,969,608 current tax delinquency on these properties City of Cleveland 15,976 vacant ◦ $29,244,753 current tax delinquency on these properties Vacancy and delinquency counts as of 10/24/12. Source: NEO CANDO at Case Western Reserve University.

9 Demolition Estimates For City of Cleveland - Next Five Years - Source: NEO CANDO at Case Western Reserve University and Vacant and Abandoned Property Action Council (VAPAC). 15,976 Vacant Residential Structures 6,974 Likely Condemnable $69,740,000 Estimated Current Demo Cost 6,500 Likely Condemnable Next Five Years $65,000,000 Additional Demo Cost $134,740,000 Total Demo Cost Next Five Years

10 Cities spending millions of dollars on demolition of bank-foreclosed property $44M Uncollected tax on bank-foreclosed property Bank-foreclosed property causing devaluation of adjacent homeowner property Lost property tax revenue for schools, police, fire and social services An Unprecedented Shift of Private Liability to the Public Taxpayer

11 Code Enforcement Responses Municipal (criminal) Code Enforcement Private (civil) Code Enforcement litigation

12 Municipal Code Enforcement New Cleveland ordinance holding prior owners financially responsible. Cleveland Condemnation Task Force. Targeting of Corporate and Bulk Holders. Civil Debt Collection to Recoup Costs. Fines levied by Housing Court Judge Ray Pianka.

13 Private Code Enforcement Neighborhood Progress Public Nuisance Lawsuit against Deutsche and 9 Servicers Key Objectives: ◦ Low-value ($20,000 or less) offered as donation to County Land Bank. ◦ Condemned (regardless of value) offered as donation to County Land Bank. ◦ Up to $10,000 paid to the County Land bank for any that require demolition.


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