Forefront Topic
Housing
- Housing and the Federal Reserve
- Sandra Pianalto
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- Remarks presented at the Ohio Housing Conference, Columbus, Ohio, November 17, 2009.
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(PDF)
- The Foreclosure Timeline: The Curious Case of Cleveland’s Foreclosure Rate
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- The foreclosure process—from the initial filing to the sheriff’s sale of the home—is expected to take about seven months in Ohio. But for a time in the Cleveland metropolitan area, it wasn’t unusual for foreclosure proceedings to drag on for more than a year…or even two. Cleveland is well known for its high foreclosure rate, but less so for its lengthy foreclosure process. Economists Tim Dunne and Guhan Venkatu thought that not enough attention was being paid to the latter, and to its importance in determining the foreclosure rate. The average time for a foreclosure episode also has implications for borrowers trying to resume payment on delinquent loans, as well as for individuals considering acquiring a new mortgage.
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(PDF)
- Opinion: Can Foreclosures Be a Neighborhood’s Best Friend?
- Mary Helen Petrus
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- Rampant foreclosures present a dichotomy for communities. On the one hand, foreclosure can deal a crushing blow to the American Dream of homeownership, and it certainly can accelerate the decline of neighborhoods. But often overlooked is the other hand: Foreclosure can sometimes serve as a useful tool to stave off community blight.
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(PDF)
- Sound Bite: Can Foreclosures Be a Neighborhood’s Best Friend?
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- Mary Helen Petrus of the Cleveland Fed says the focus should be on making the process less cumbersome.
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(WMV)
- Video Clips: Using the CRA to Fight Vacancy and Abandonment
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- Cleveland Fed researchers discuss the Bank’s proposal for recasting the CRA to address the vacancy and abandonment problem.
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- A Proposal: Using the CRA to Fight Vacancy and Abandonment
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- In 2009, banks became the reluctant holders of more than 1,500 foreclosed properties in Cuyahoga County, Ohio. Most of these houses are in Cleveland, worth little to nothing, and in danger of remaining vacant for the foreseeable future- destined to define neighborhood decay.
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(PDF)
- The Community Reinvestment Act and the Economics of Lending in Lower-Income Neighborhoods
- Ozgur Emre Ergungor
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- The Community Reinvestment Act helped end the practice of redlining. But 33 years after its introduction, it may be time to consider whether the CRA needs a twenty-first century overhaul.
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(PDF)
- Land Bank Notches First-Year Win
- Thomas J Fitzpatrick IV
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- In its first year, the Land Bank of Cuyahoga County, Ohio, took strides toward becoming the model approach to the vacancy and abandonment problem that state lawmakers hoped it would be.
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(PDF)
- View: Neighborhood Stabilization: Early Reports on Policymaking in Action
- Anne O'Shaughnessy
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- Many neighborhoods bear visible scars of the housing crisis in the form of vacant and abandoned homes. These properties attract crime, drag down the values of neighboring properties, and erode a neighborhood’s sense of community.
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(PDF)
- Battling the Next Phase of the Housing Crisis
- Anne O'Shaughnessy
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- A new volume published by the Federal Reserve sheds light on the escalating problem with real-estate-owned, or REO, properties.
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(PDF)
- Mortgage Counseling, Plain Language, and Financial Education: What Works?
- Amy Koehnen
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- Highlights from the Federal Reserve Bank of Cleveland’s 2010 Policy Summit.
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(PDF)
- Slowing Speculation: A Proposal to Lessen Undesirable Housing Transactions
- Ozgur Emre Ergungor and Thomas J Fitzpatrick IV
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- In the City of Cleveland, 8.2 percent of the housing stock sits vacant or abandoned, according to the U.S. Postal Service.
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(PDF)
- Renting: The New American Dream
- Amy Koehnen
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- Fallout in the housing market has made renting a more sensible choice for many families.
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(PDF)
