FORECLOSURE RESOURCES

With the attention of the country turned towards the foreclosure crisis and the effect on urban and suburban neighborhoods nationwide, lessons learned from the Campaign’s technical assistance work in the field can provide a framework for addressing property abandonment caused by foreclosures around the country. It’s encouraging that pending federal legislation acknowledges the burden placed on neighborhoods in areas of high foreclosures and that localities need assistance to pursue activities that achieve true neighborhood stabilization. Dedicated leaders have been making significant strides in rebuilding communities, but left unchecked, the ongoing crises will undo years of investment and revitalization efforts. The ability to develop both short- and long-term strategies to allow for recovery in cities facing different market realities will be critical to preserving neighborhoods throughout the country. To start learning about important tools, visit our Strategies page.

Online Resources

There is a lot of available information detailing the multiple waves of the foreclosure crises and how cities and organizations are responding. To make it easier to for you, we’ve started to compile resources that are available online. Click here to find links to organizations, research, and news articles. If you have a good resource you think we should add, please contact us at vpdirector[at]smartgrowthamerica.org.

Property Acquisition/Disposition Activity
As communities across the country struggle to halt the spread of vacancy and blight exacerbated by the wave of mortgage foreclosures, the National Vacant Properties Campaign has heard about a handful of promising examples where local governments and/or community development corporations have acquired foreclosed properties directly from lenders through Real Estate Owned disposition efforts. Compared to the scale of the crises however, the number of these transactions is small and isolated. We believe there may be more examples out there and are asking for your help to uncover them. We hope to use this information to help us devise model acquisition processes.

If your community or CDC has negotiated any bulk disposition deals (or have any underway), please contact us at mdangelo[at]smartgrowthamerica.org. Thank you for your help!

 

Organizations Working on Foreclosure

Issues

Information and Resources

FOCUS ON THE COMMUNITY IMPACTS OF FORECLOSURE

Learn about the organizations that are helping states and localities understand and cope with the impacts of foreclosure on their neighborhoods.

Center for American Progress
CAP provides links to news articles, reports, and policy statements/analysis. CAP, with Enterprise Community Partners, is also the joint developer of a proposal for a Neighborhood Stabilization Fund.

Center for Responsible Lending
CRL tracks major legislation related to foreclosure, posts relevant news headlines, provides resources for consumers, and offers state-by-state analyses of subprime loan and foreclosure trends and impacts.

National League of Cities
The NLC web site provides a variety of resources for localities, including relevant research and surveys conducted by NLC, newspaper articles, and information about how localities are coping with foreclosures.

More...

RESEARCH AND PUBLICATIONS
Read policy statements, research papers, and trend analyses examining the impacts of foreclosure on communities.

Dynamic Maps of Nonprime Mortgage Conditions in the United States
By the Federal Reserve Bank of New York

The External Costs of Foreclosure: The Impact of Single-Family Mortgage Foreclosures on Property Values (281kb PDF)
By Dan Immergluck and Geoff Smith
Published by the Fannie Mae Foundation

U.S. Metro Economies: The Mortgage Crisis (618kb PDF)
By the United States Conference of Mayors and the Council for the New American City

Addressing Foreclosures: A Great American Dream Neighborhood Stabilization Plan
By David M. Abromowitz
Published by the Center for American Progress

More...
FOCUS ON FORECLOSURE PREVENTION
Find out what public agencies, nonprofit organizations, and national coalitions are doing to help consumers avoid foreclosure.

AARP
AARP provides information to consumers to help them avoid lease/buyback scams and predatory loans, and learn about bankruptcy and foreclosure counseling.

ACORN
ACORN runs a housing counseling program focused on foreclosure resolution, Home Equity Loss Prevention Program (HELP). It provides a hotline for consumers and has established relationships with specific lenders around foreclosure resolution. ACORN’s web site also provides some information about predatory lending for consumers.

Federal Trade Commission
The FTC provides information to consumers facing foreclosure, including a list of foreclosure prevention options/terms and how to prepare for a conversation with a loan servicer.

More...

IN THE NEWS

Link to articles detailing local and national conditions, trends, and initiatives related to the foreclosure crisis and vacant properties.

St. Paul looks hard at fallout of foreclosure
startribune.com, 4/9/08

As owners default, lenders move in
chicagotribune.com, 3/31/08

Cities grapple with surge in abandoned homes
news.yahoo.com, 3/24/08

Not on his watch
latimes.com, 2/17/08

Housing proposal: Repair, resell, revive
indystar.com, 2/9/08

Foreclosures prompt cities to make plea for aid
nytimes.com, 1/24/08

Dirty deeds
businessweek.com, 1/3/08

More...