Research Report Resilience In The Face Of Foreclosures Lessons From Local And Regional Practice

Download or read book RESEARCH REPORT - RESILIENCE IN THE FACE OF FORECLOSURES Lessons from Local and Regional Practice written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: One scholarly study1 on the direct costs to the city of Chicago from each foreclosure identified 26 different cost factors that drew precious resources - from the administrative costs of the foreclosure process to additional police calls to the cost of cutting the grass and increased fire suppression. [...] One of the first things local actors must do is assess the nature of the problem - what is the cause of foreclosures, who is impacted the most and where can interventions be most effective? The strength of the regional housing market shapes the nature of the fore- closure challenge. [...] The collapse of housing prices is a major factor in foreclosures, because when the value of a home falls below what is owed on the mortgage (being "underwater"), then the owner can no longer sell the home or refinance it to pay off the mortgage and may be forced into foreclosure. [...] Interventions need to recognize and address the class and demographic aspects of the situation, such as the fact that predatory lending was disproportionately a factor in poorer households in central cities and suburbs. [...] Foreclosure Hot Spots in Metropolitan Atlanta, 2003 and 2009 ATLANTA, GEORGIA METROPOLITAN AREA The Atlanta Regional Commission (ARC) collaborated with the Georgia Department of Community Affairs and a number of nonprofits to convene workshops on the Neighborhood Stabilization Program for five counties and the City of Atlanta.