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United States Government Accountability Office. "Mortgage Foreclosures: Additional Mortgage Servicer Actions Could Help Reduce the Frequency and Impact of Abandoned Foreclosures." 1-86. Washington, D.C.: U.S. GAO, 2010. Summary: "Entities responsible for managing home mortgage loans--called servicers--may initiate foreclosure proceedings on certain delinquent loans but then decide to not complete the process. Many of these properties are vacant. These abandoned foreclosure--or "bank walkaway"--properties can exacerbate neighborhood decline and complicate federal stabilization efforts. GAO was asked to assess (1) the nature and prevalence of abandoned foreclosures, (2) their impact on communities, (3) practices that may lead servicers to initiate but not complete foreclosures and regulatory oversight of foreclosure practices, and (4) actions some communities have taken to reduce abandoned foreclosures and their impacts. GAO analyzed servicer loan data from January 2008 through March 2010 and conducted case studies in 12 cities. GAO also interviewed representatives of federal agencies, state and local officials, nonprofit organizations, and six servicers, among others, and reviewed federal banking regulations and exam guidance. Among other things, GAO recommends that the Federal Reserve and Office of the Comptroller of the Currency (OCC) require servicers they oversee to notify borrowers and communities when foreclosures are halted and to obtain updated valuations for selected properties before initiating foreclosure. The Federal Reserve neither agreed nor disagreed with these recommendations. OCC did not comment on the recommendations. Using data from large and subprime servicers and government-sponsored mortgage entities representing nearly 80 percent of mortgages, GAO estimated that abandoned foreclosures are rare--representing less than 1 percent of vacant homes between January 2008 and March 2010. GAO also found that, while abandoned foreclosures have occurred

Been , Vicki and Voicu, Ioan, "The Effect of Community Gardens on Neighboring Property Values" (2006). New York University Law and Economics Working Papers. Paper 46. http://lsr.nellco.org/nyu_lewp/46 DRAFT PAPER - PLEASE DO NOT CITE WITHOUT PERMISSION Abstract: "Cities across the United States increasingly are debating the best way to use vacant "infill" lots. The community garden movement is one of the major contenders for the space, as are advocates for small public "pocket" parks and other green spaces. To allocate the land most efficiently and fairly, local governments need sound research about the value of such gardens and parks to their host communities. At the same time, cities are looking for new ways of financing the development and maintenance of public garden and park space. Some have turned to tax increment financing to generate resources, other are introducing impact fees or special assessments to cover the costs of urban parks. In order to employ such financing mechanisms, both policy concerns and legal constraints require local governments to base their charges on sound data about the impacts green spaces have on the value of the neighboring properties that would be forced to bear the incidence of the tax or fee. Despite the clear public policy need for such data, our knowledge about the impacts community gardens and other such spaces have on surrounding neighborhoods is quite limited. No studies have focused specifically on community gardens, and those that have examined the property value impacts of parks and other open space are cross-sectional studies inattentive to when the park opened, so that it is impossible to determine the direction of the causality of any property value differences found. The existing literature also has paid insufficient attention to qualitative differences among the parks studied and to differences in characteristics of the surrounding neighborhoods that might affect the parks' impacts

Nassaure, J.I., VanWieren, R., Wang, Z., and Kahn, D. 2008. "Vacant Land as a Natural Asset: Enduring Land Values Created by Care and Ownership." Genesee Institute, Flint, MI. "Vacant land can be managed to create enduring environmental values. This project analyzed vacant properties managed by the Genesee County Land Bank Authority (GCLBA) to show how they can be managed to achieve inviting neighborhoods and to protect and build long-term ecosystem services. The project marries the intrinsic strengths of Genesee County - especially its water resources - with its immediate strengths: citizens' engagement and sense of ownership in their own neighborhoods. It takes these strengths one step further by showing how to create enduring value on vacant land by encouraging community engagement in the care and environmental stewardship of vacant property. To achieve these goals, this report suggests that the GCLBA manage its properties across three times frames: NOW - FOR MAINTENANCE. With primary concern for maintaining property in cost-efficient ways that enhance neighborhood appeal while protecting ecosystem services. TRANSFORMATION - AS A RIPENING AMENITY FOR THE FUTURE. Using the locations of the more than 4000 GCLBA properties across the county as an opportunity to create more attractive neighborhoods and environmentally beneficial landscape patterns for the future. FUTURE - AS LAND USE TYPES. Identifying future land uses and landscape characteristics of GCLBA properties to enhance the value of surrounding properties as well as enhance ecosystem services for the entire community."

De Sousa, C., Wu, C. and L. Westphal. 2009. "Assessing the Effect of Publicly Supported Brownfield Redevelopment on Surrounding Property Values." Economic Development Quarterly 23(2): 95-110. Abstract: "This study measures and compares the impact of publicly assisted brownfield redevelopment on nearby residential property values in Milwaukee and Minneapolis. It also examines the influence of land use, neighborhood characteristics, and other redevelopment factors on this impact. The research approach incorporates a hedonic method to quantify nearby property value effects at more than 100 brownfield projects, and stakeholder interviews are used to assess perceived impacts to real estate conditions. The results reveal that the spillover effect in terms of raising surrounding property values is significant in both quantity and geographic scope, as redevelopment led to a net increase of 11.4% in nearby housing prices in Milwaukee and 2.7% in Minneapolis. It also reveals that project size, value, and the amount of public funding have minor impacts on this effect; factors such as proximity to major roads, distance from rail, and higher incomes have greater positive impacts."

Leigh, Nancey Green, and Sarah L. Coffin (2005). "Modeling the Relationship among Brownfields, Property Values, and community Revitalization. Housing Policy Debate." 16(2), 257-280. Abstract: "The main focus in redeveloping brownfields is on the most marketable properties, typically found in the healthiest urban neighborhoods. As evidenced by the rapid redevelopment that many communities are experiencing, this approach is helping to return brownfields to productive use. Yet not all brownfields are being cleaned up, nor are there enough resources to do so soon. Thus, from the perspective of community revitalization and of economic justice, we need to ask whether it matters which properties in which neighborhoods are receiving these scarce funds. That is, does the existence of brownfields in a neighborhood affect residential property values and capacity for revitalization? To answer these questions, we use hedonic modeling to determine the impact of brownfields on property values in Atlanta and Cleveland. Our results suggest that short‐term economic efficiency is neither the most appropriate nor the only criterion on which to base public investment decisions for remediation."

Griswold, Nigel G., and Patricia E. Norris (2007). "Economic Impacts of Residential Property Abandonment and the Genesee County Land Bank in Flint, Michigan." The MSU Land Policy Institute. Available at http://www.smartgrowth.umd.edu/pdf/BestThesisAward2007PDF.pdf Summary: "This study documents work by the Genesee County Land Bank (GCLB) to alleviate the burden of abandoned and tax-foreclosed properties in the City of Flint, Michigan. The costs of property abandonment and direct and indirect effects of GCLB programs are estimated. Results suggest that abandoned housing does indeed have a negative impact on the values of houses in close proximity and that GCLB programs ameliorate these negative impacts."

Nassauer, Joan Iverson and Rebekah VanWieren. 2008. "Vacant Property Now & Tomorrow: Building Enduring Values with Natural Assets." Genesee Institute, Flint MI. This is a special report for Genessee County Land Bank on how to strategically green vacant properties. It provides a strategic framework for short-, medium-, and long-term use following principles of ecological land use design. The report also provides seven reuse typologies spanning open space and habitat to urban parks and neighborhood gateways.

Coulton, Claudia, Kristen Mikelbank, and Michael Schramm. "Foreclosure and Beyond: A Report on Ownership and Housing Value Following Sheriff's Sales, Cleveland and Cuyahoga County, 2000-07." Center on Urban Poverty and Community Development, 2008. "This study focuses on the cumulative effects of increasing foreclosure rates in Cleveland neighborhoods and suburban municipalities of Cuyahoga County and attempts to answer a number of questions: What entities take ownership of these foreclosed properties and for how long do they hold them? Who purchases these homes next, and how do the sales prices compare to the value of the homes prior to the time they entered the foreclosure process? And have these patterns changed as the number of properties being auctioned at sheriff's sale has skyrocketed?"