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Foreclosure trends and distribution for Wisconsin 2000-2010
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Between 2007 and 2011, 10.9 million homes went into foreclosure. These foreclosures not only have harmed the families that experienced them, they also have had negative effects that extend to the neighborhood, community and wider economy. There are myriad indirect costs of foreclosures, but in this report we focus on one: the economic impact on neighboring homeowners who lose property value as a result of being in close proximity to foreclosures.
This brief is the fourth in a series, updating our last report that was issued in 2009. In this report we estimate not only the total “spillover” cost, but that portion of the cost borne by neighborhoods of color. Our key findings, based on loans that entered foreclosure between 2007 and 2011:
• $1.95 trillion in property value has been lost or will be lost by residents who live in close proximity to foreclosures.2 These losses include both the spillover impact of homes that have completed the foreclosure process and future losses that will result from homes that have started but not yet completed the foreclosure process.
• Over one-half of the spillover loss is associated with communities of color.3 Minority neighborhoods have lost or will lose $1 trillion in home equity as a result of spillover from homes that have started the foreclosure process, reflecting the high concentrations of foreclosures in neighborhoods of color.
• On average, families affected by nearby foreclosures have already lost or will lose $21,077 in household wealth, representing 7.2 percent of their home value, by virtue of being in close proximity to foreclosures. Families impacted in minority neighborhoods have lost or will lose, on average, $37,084 or 13.1 percent of their home value.
Importantly, these losses represent only the wealth that has been lost or will be lost as a direct result of being in close proximity to homes that have begun the foreclosure process. We do not include in our estimate the total loss in home equity that has resulted from the crisis (estimated at $7 trillion),
the negative impact on local governments (from lost tax revenue and increased costs of managing vacant properties) or the non-financial spillover costs, such as increased crime, reduced school performance and neighborhood blight.Collateral damage. The Spillover Costs of Foreclosures By Debbie Gruenstein B...
Collateral damage. The Spillover Costs of Foreclosures By Debbie Gruenstein B...SOA Watch Labor Caucas: SE MI
Fair Credit and Fair Housing in the Wake of the Subprime and Foreclosure Crisis
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Between 2007 and 2011, 10.9 million homes went into foreclosure. These foreclosures not only have harmed the families that experienced them, they also have had negative effects that extend to the neighborhood, community and wider economy. There are myriad indirect costs of foreclosures, but in this report we focus on one: the economic impact on neighboring homeowners who lose property value as a result of being in close proximity to foreclosures.
This brief is the fourth in a series, updating our last report that was issued in 2009. In this report we estimate not only the total “spillover” cost, but that portion of the cost borne by neighborhoods of color. Our key findings, based on loans that entered foreclosure between 2007 and 2011:
• $1.95 trillion in property value has been lost or will be lost by residents who live in close proximity to foreclosures.2 These losses include both the spillover impact of homes that have completed the foreclosure process and future losses that will result from homes that have started but not yet completed the foreclosure process.
• Over one-half of the spillover loss is associated with communities of color.3 Minority neighborhoods have lost or will lose $1 trillion in home equity as a result of spillover from homes that have started the foreclosure process, reflecting the high concentrations of foreclosures in neighborhoods of color.
• On average, families affected by nearby foreclosures have already lost or will lose $21,077 in household wealth, representing 7.2 percent of their home value, by virtue of being in close proximity to foreclosures. Families impacted in minority neighborhoods have lost or will lose, on average, $37,084 or 13.1 percent of their home value.
Importantly, these losses represent only the wealth that has been lost or will be lost as a direct result of being in close proximity to homes that have begun the foreclosure process. We do not include in our estimate the total loss in home equity that has resulted from the crisis (estimated at $7 trillion),
the negative impact on local governments (from lost tax revenue and increased costs of managing vacant properties) or the non-financial spillover costs, such as increased crime, reduced school performance and neighborhood blight.Collateral damage. The Spillover Costs of Foreclosures By Debbie Gruenstein B...
Collateral damage. The Spillover Costs of Foreclosures By Debbie Gruenstein B...SOA Watch Labor Caucas: SE MI
Fair Credit and Fair Housing in the Wake of the Subprime and Foreclosure Crisis
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Kures dane county_foreclosure_web
- 1. Foreclosure Filing Trends and Distributions:State and Local Perspectives 2000 through 2010 Dr. Russ Kashian Department of Economics University of Wisconsin-Whitewater Matt Kures Center for Community & Economic Development University of Wisconsin-Extension Dane County Foreclosure Prevention Taskforce Meeting December 8, 2010
- 2. Source: Dane County Foreclosure Task Force
- 3. How do foreclosures impact neighborhoods and housing markets? Property owners facing foreclosure may have less incentive to maintain or upgrade their property (Schuetz et al, 2008); After the completion of the foreclosure process, properties may sit vacant and have the propensity to attract vandalism and crime signaling that the neighborhood is in a state of decline (Schuetz et al, 2008); High rates of foreclosures may increase the number of properties on the market at a given time ( Schuetz et al, 2008); Properties may sell at a discount, both at auctions or pre-foreclosure sales, affecting the price of comparables used to estimate neighboring property values (Lin et al, 2009).
- 4. Based on filings reported in the Wisconsin Circuit Court Consolidated Court Automation Programs case management system.
- 6. Based on filings reported in the Wisconsin Circuit Court Consolidated Court Automation Programs case management system. Housing unit s are based on annual estimates from the Wisconsin Department of Administration Demographic Services Center.
- 7. Based on filings reported in the Wisconsin Circuit Court Consolidated Court Automation Programs case management system.
- 14. Source: Bureau of Labor Statistics Local Area Unemployment Statistics (LAUS)
- 15. For More Information Matt Kures Center for Community & Economic Development University of Wisconsin-Extension 610 Langdon St. #336 Madison, WI 53703 608 265-8258 matthew.kures@uwex.edu www.uwex.edu/ces/cced http://twitter/uwexcced