Group items tagged

Coulton, Claudia, Michael Schramm, and April Hirsh. "Beyond Reo: Property Transfers at Extremely Distressed Prices in Cuyahoga County, 2005-2008." Center on Urban Poverty and Community Development, 2008. This report examines the trends of extremely distressed properties in Cuyahoga County between 2005- 2008 after being sold out of REO.

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?"

Rosenthal, Stuart S. 2008. "Old homes, externalities, and poor neighborhoods. A model of urban decline and renewal". Journal of Urban Economics. 63 (3): 816. Abstract: "This paper investigates urban decline and renewal in the United States using three panels that follow neighborhoods on a geographically consistent basis over extended periods of time. Findings indicate that change in neighborhood economic status is common, averaging roughly 13 percent per decade; roughly two-thirds of neighborhoods studied in 1950 were of quite different economic status fifty years later. Panel unit root tests for 35 MSAs indicate that neighborhood economic status is a stationary process, consistent with long-running cycles of decline and renewal. In Philadelphia County, a complete cycle appears to last up to 100 years. Aging housing stocks and redevelopment contribute to these patterns, as do local externalities associated with social interactions. Lower-income neighborhoods appear to be especially sensitive to the presence of individuals that provide social capital. Many of the factors that drive change at the local level have large and policy relevant effects."

Dewar, Margaret. "Selling Tax-Reverted Land: Lessons from Cleveland and Detroit." Journal of the American Planning Association 72, no. 2 (2006): 167-80. "Property abandonment is widespread in many northeastern and Midwestern cities. Some cities succeed better than others at moving abandoned properties to new uses. Comparing Detroit and Cleveland, where indicators of demand for land look similar, reveals that Cleveland's land bank has been an effective approach to selling tax-reverted land for reuse, while Detroit's method of land disposition has been less successful. Cleveland integrates its approach into the mayor's agenda for housing development and supports redevelopment with many complementary efforts. Cleveland's land bank conveys land with clear title, has an accurate property inventory, "banks" property, and sells for predictable, low prices." (from article)