In The News

APRIL 27, 2011

Chicago-Area Home Price Values Get Boost with New Math

According to CoreLogic, home prices in Chicago appeared stable in February. However, this calculation only included traditional sales and not distressed-sale properties. When the sale of REO or foreclosed homes is included, this same market area experienced a 10.4 percent decrease in prices. One legislator is taking this shift in calculation one step further by promoting the idea that foreclosure sales prices be excluded during appraisals.

SOURCE: Chicago Tribune, 4/8/11

APRIL 20, 2011

Diversity in the Boston Area Continues to Deepen

According to the Census Bureau, minorities are expected to become the majority in the U.S. by the year 2050. This is already the case in many cities, including Lawrence and Chelsea, Massachusetts. This article provides demographic data regarding immigrant and minority populations in several Boston-area cities and provides reasons for growth of immigrant populations as well as issues related to segregation and integration. It also covers how the housing and foreclosure crisis have hit minority communities harder than other populations.

SOURCE: Boston.com, 4/7/11

URL: http://articles.boston.com/2011-04-07/news/29393590_1_moderate-income-minorities-housing-prices-hispanics

APRIL 20, 2011

Detroit’s Demise Sets Up Rebirth From Grassroots

Negative news associated with Detroit is discussed in this article, along with the expectation that the city is poised for a comeback. Reasons for its decline are posed (including government corruption and class warfare), while the innovative responses of those who remain are described. Neighborhood alliances, community revitalization initiatives and strategies for reshaping the city have inspired many creative responses such as reclaiming lots, urban farming projects and small business enterprises.

SOURCE: Bloomberg.com, 4/6/11

URL: http://www.bloomberg.com/news/2011-04-06/detroit-s-fall-sets-up-rebirth-from-grassroots-commentary-by-joshua-long.html

APRIL 20, 2011

Places that Work: Holland, Michigan’s Sidewalks

This article highlights the innovative technologies being used in a small Michigan town that are benefiting streetscapes. Years ago, waste heat from a power plant was diverted through pipes running under streets and sidewalks; it still keeps sidewalks clear and dry in the wintertime. In addition, a gas-powered hearth was recently added near one street corner that people visit to warm themselves. This innovation creates opportunities for impromptu discussions and gatherings on a regular basis, an innovative strategy for building community.

SOURCE: MetropolisMag.com, 4/6/11

URL: http://www.metropolismag.com/pov/20110406/places-that-work-holland%E2%80%99s-sidewalks

APRIL 19, 2011

Report Criticizes Banks for Handling of Mortgages

Federal regulators are reporting that many banks did not handle the foreclosure crisis well, and evicted homeowners when it was not necessary to do so. This report has motivated 14 mortgage servicers to sign consent agreements saying they will make changes for better accountability and oversight. The enforcement actions will be substantial and expensive and will require lenders to fix existing problems. Additional features of the mortgage crisis, according to the report, include issues with lost documents, tracking failures, improper oversight and poorly trained staff.

SOURCE: NY Times, 4/13/11

URL: http://www.nytimes.com/2011/04/14/business/14foreclose.html

APRIL 19, 2011

RealtyTrac: Foreclosure Activity at Lowest Level in Three Years

The first quarter of 2011 saw a decrease in foreclosure activity by 27 percent from one year prior. This decrease is believed to be due in part to processing delays. Despite this decrease, the market is still struggling because of weakened demand, decreasing home prices, lack of available credit and the shadow inventory. This article covers specific foreclosure activity in particular states and discusses the difference in states with judicial versus nonjudicial foreclosure processes.

SOURCE: DS News, 4/13/11

URL: http://www.dsnews.com/articles/realtytrac-foreclosure-activity-at-lowest-level-in-three-years-2011-04-13

APRIL 13, 2011

Mapping America: Every City, Every Block: New York City

Follow this link to see data with search options from the Census Bureau’s American Community Survey for New York City. This map shows racial and ethnic demographics. See the map.

SOURCE: The New York Times

APRIL 13, 2011

Remaining Residents Feel “Psychological Effect” of Abandoned Houses

One foreclosure-related issue that is often ignored is the emotional struggle that existing residents experience living in hard-hit neighborhoods. Living in these areas has more than a negative impact on residents’ property values; the empty homes and subsequent increase in criminal activity adds mental stress for them as well. This article tells the story of residents in of the South Shore of Massachusetts, who are living in high-foreclosure neighborhoods and are suffering because the view out their windows includes vacant, unkempt homes with yards littered with trash.

SOURCE: EnterpriseNews.com, 4/3/11

APRIL 13, 2011

Office of Foreclosure Prevention and Response Posts Detroit Housing and Foreclosure Data on the Web

A new, free, web-based tool launched by the Detroit Office of Foreclosure Prevention and Response provides users with demographic, housing and foreclosure data for specific Detroit neighborhoods. Called CityDNA, the tool can be accessed at www.foreclosuredetroit.org. The site includes an interactive map that provides citywide data by zip code, neighborhood and census tract. The data is available in map form or can be assembled as reports.

SOURCE: ForeclosureDetroit.org, 4/6/11

APRIL 13, 2011

Getting First Dibs on HUD Foreclosures: Nonprofits Have Window of Opportunity To Buy Properties

The FHA First Look program, and its alignment with HUD’s Neighborhood Stabilization Program, is the focus of this column. As NSP intends to help local governments and nonprofits purchase and redevelop foreclosed homes, the First Look program provides these entities with an opportunity to purchase bank-owned homes before they go to market. The story quotes NeighborWorks America’s Sarah Greenberg, senior manager for community stabilization, and the role that NeighborWorks and its affiliates are playing in both the First Look and NSP programs.

SOURCE: Inman News, 4/1/11

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