REO & Vacant Properties: Strategies for Neighborhood Stabilization

A Joint Publication of the Federal Reserve Banks of Boston and
Cleveland and the Federal Reserve Board
September 2010

Research and commentary from nonprofit and municipal practitioners; Federal Reserve, academic, and policy researchers; and private sector partners

Complete Book (156 pp., 4.7MB)

Features

• REO markets and how they operate
• Keeping properties occupied despite delinquencies
• Stabilizing neighborhoods after foreclosures

Contents

Introduction

• Letter from Presidents Rosengren and Pianalto and Governor Duke
• About the MORE Initiative
• Foreword

Section I: Research and Analysis
The Scope and Nature of the REO Challenge

• REO Properties, Housing Markets, and the Shadow Inventory
  by Alan Mallach, Brookings Institution
• Shuttered Subdivisions: REOs and the Challenges of Neighborhood Stabilization in Suburban Cities
  by Carolina K. Reid, Federal Reserve Bank of San Francisco
• Holding or Folding? Foreclosed Property Durations and Sales during the Mortgage Crisis
  by Dan Immergluck, Georgia Institute of Technology
• REO and Beyond: The Aftermath of the Foreclosure Crisis in Cuyahoga County, Ohio
  by Claudia Coulton, Michael Schramm, and April Hirsh, Case Western Reserve University
• Examining REO Sales and Price Discounts in Massachusetts
  by Kai-yan Lee, Federal Reserve Bank of Boston
• Maximizing the Impact of Federal NSP Investments through the Strategic Use of Local Market Data
  by Ira Goldstein, The Reinvestment Fund
• Servicing REO Properties: The Servicer’s Role and Incentives
  by Stergios Theologides, CoreLogic

Section II: Solutions
Strategies for Dealing with REO and Vacant Properties

• Acquiring Property for Neighborhood Stabilization: Lessons Learned from the Front Lines
  by Craig Nickerson, National Community Stabilization Trust
• REO Disposition and Neighborhood Stabilization: A Servicer’s View
  by Jay N. Ryan Jr., Fannie Mae
• Acquiring Privately Held REO Properties with Public Funds: The Case of the Neighborhood Stabilization Program
  by Harriet Newburger, Federal Reserve Bank of Philadelphia
• Nonprofit Strategies for Returning REO Properties to Effective Use
  by Daniel Fleischman
• Purchasing Properties from REO and Reselling to Existing Occupants: Lessons from the Field on Keeping People in Place
  by Elyse D. Cherry, Boston Community Capital, and Patricia Hanratty, Aura Mortgage Advisors
• The Community Asset Preservation Corporation: A New Approach to Community Revitalization
  by Harold Simon, National Housing Institute
• Embracing Renting to Accelerate Neighborhood Recovery
  by Danilo Pelletiere, National Low Income Housing Coalition
• Cleaning up after the Foreclosure Tsunami: Practices to Address REOs in Northeast Ohio
  by Frank Ford, Neighborhood Progress, Inc.
• How Modern Land Banking Can Be Used to Solve REO Acquisition Problems
  by Thomas J. Fitzpatrick IV, Federal Reserve Bank of Cleveland
• The Community Reinvestment Act and NSP: A Banker’s Perspective
  by Mike Griffin, KeyBank

Complete Book (156 pp., 4.7MB)

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