Group items tagged

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

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."

A slow process of out-migration, loss of jobs, loss of population and the recent housing crisis has left cleveland with a host vacant homes, approximately 13,000. Due to rehabilation costs exceeding potential sales prices and a mis-match in productive (land/economic) uses, nearly 80% of these vacant homes make fiscal sense to demolitish. This has left the city and remaining neighborhoods to explore untraditional ways of redeveloping. It has also lead to a growing trend of foreign investment in it's neighborhoods, from Israel to the United Kingdom, all hoping the real estate market will stabilize.