2.  Housing prices increased in almost 90% of US cities in Q2 2013  The national foreclosure rate has fallen by 52% since its peak in 2010  4.5 million foreclosures have been completed since 2008

3.  1 million homes (2.3 % of all mortgages) are still in foreclosure, and 2.3 million (5.6%) are seriously delinquent  2.2 trillion loss in property values for homeowners near foreclosed properties

4.  24% of homeowners are under- equitied or underwater; over half are underwater by 20% or more.

5.  Significant state- wide variation in the pace of recovery  Pace of recovery influenced by presence of investors, low interest rates

6.  Over 50% of home sales in 2012 and 2013 have been cash-only  In some cases, private investors crowd out individual homeowners and nonprofit developers http://www.realtytrac.com/content/news-and- opinion/individual-investors-feeling-squeezed-out-by- bulk-buyers-7673

7.  NSP funds are running out: need for new sources of capital for community revitalization  Opportunities for public-private partnerships to address ongoing issues in distressed neighborhoods  Local market characteristics and policies drive investor behavior

9.  Different markets lead to different investor behavior Predominant Investor Type Market CharacteristicsInvestor Behavior Las Vegas Short-term holders (3-5 years) House prices on the rise, significant inventory, low property taxes; strong support system of realtors, property managers, etc. Investors rent until property appreciates in value, then sell; growing role of overseas investors Detroit‘Milkers’ (no expectation of appreciation or sale) Property taxes from 25-50% of market value, slow growth in property values post- Recession Investors collect rent on properties without paying property taxes, walk away when properties go into tax foreclosure

10. Recession-driven wealth losses undid decades worth of investment in black and Hispanic households Tighter post-recession credit standards disproportionately impact lower-income and minority communities Dodd-Frank regulations may impact delivery of credit to underserved communities