Foreclosure Resource Center
Moving Beyond the Foreclosure Crisis
The current high rate of foreclosure is both a chief policy concern and a key priority at the Federal Reserve Bank of Cleveland. Recent years have seen record numbers of foreclosures, with Fourth District states among those experiencing the highest foreclosure rates in the nation. Data show that foreclosure is a localized problem, concentrated both regionally and in certain neighborhoods. For example, subprime lending has occurred at a higher rate in low- and moderate-income communities, a fact that merits attention because subprime mortgages are more likely to end in foreclosure. In addition, vacant and abandoned properties can be a costly spillover effect from foreclosure, exacerbating a problem that many Fourth District communities experienced well before the most recent escalation of foreclosures. (Read more)
Features
Impact on the Fourth District
- December 14, 2009
- Mortgage Lending Patterns in 4th District Communities as of October 2009
- This edition focuses on trends in real estate owned properties (REO) and foreclosures rates. Read more
- December 02, 2009
- FHA Lending in Ohio
- This report analyzes Federal Housing Administration (FHA) loans in Ohio between 2005 and 2008. It provides an answer to the concern that FHA-insured loans have become "the next subprime." Read more
- September 18, 2009
- Mortgage Lending Patterns in 4th District Communities
- The third installment in the series examines recent trends in delinquency rates for both prime and subprime loans in 4th District states. Please direct any comments or questions to communitydevelopment@clev.frb.org Read more
- August 03, 2009
- Subprime Loan Report for Youngstown
- Read about seven findings that characterize Youngstown's subprime market. Foreclosure filings, delinquency rates, subprime loan originations, and more in the latest issue of A Look Behind the Numbers. Read more
- June 22, 2009
- Mortgage Lending Patterns in 4th District Communities
- The second installment in the series takes a look at how loans were performing in March 2009. After you check out this data brief, please let us know what you think. Direct questions and feedback to Matthew.Klesta@clev.frb.org (PDF)
- April 08, 2009
- Subprime Loan Report for Pittsburgh
- This report compares data on the performance of subprime home mortgage loans in the Pittsburgh Core Based Statistical Area, Pennsylvania, and the Fourth Federal Reserve District through 2008. Overall, the performance of subprime loans in Pittsburgh has been mixed in comparison with other parts of the Fourth District. Read more
- March 27, 2009
- CRA Lending in the 4th District
- Our examination of CRA lending in the Fourth District found that, similar to findings at the national level, CRA-regulated institutions provided a relatively small share of all loans within the district and an even smaller percentage of the riskier high-cost loans. But we also found some intriguing differences. When we narrowed our focus to particular counties in our district, we saw that the extent of high-cost lending by independent mortgage companies was much greater in the two Ohio counties we examined than in Pennsylvania's Allegheny County. Read more
- March 10, 2009
- Mortgage Lending Patterns in 4th District Communities
- In response to constituents' requests for data, the Community Development team has developed a new format to provide periodic snapshots of mortgage lending and foreclosure patterns in the 4th District at the county level. These data briefs will be updated periodically and posted online. This first data brief, Mortgage Lending Patterns in 4th District Communities, shows the counties with the highest and lowest rates of delinquency, as of December 2008. It also includes a map of delinquency and foreclosure intensity by county, which illuminates areas of particular concern across the district. After you check out this data brief, please let us know what you think. Direct questions and feedback to Matthew.Klesta@clev.frb.org Read more
- November 07, 2008
- Foreclosure Patterns in Allegheny County, PA
- This is the second report in a series that looks at the geographic distribution of foreclosures in counties located within the Federal Reserve's Fourth District. In this report we focus on Allegheny County, home to the city of Pittsburgh. While it appears that foreclosures have not cut as devastating a path through this county as through some others in the District, such as Cuyahoga County, Ohio, the subject of our initial report, they are nevertheless a problem. Read more
- November 01, 2008
- Subprime Loan Report for Cleveland and the Fourth District
- This report compares data on the performance of subprime loans in the Cleveland metropolitan area and the Fourth Federal Reserve District. Overall, the performance of subprime loans in Cleveland has been weaker than in other parts of the Fourth District. Read more
- August 25, 2008
- A Look at Foreclosure Filings in Cuyahoga County
- Northeast Ohio’s Cuyahoga County, home to the city of Cleveland, has been called the epicenter of the nation’s foreclosure crisis. While effects of the crisis are being felt in regions across the country, Cuyahoga County has consistently been listed at or near the top of areas hit hardest by foreclosure. Why? (PDF)
- June 05, 2008
- Federal Reserve Bank of New York - Dynamic Mortgage Maps
- Read more
- April 02, 2008
- Foreclosure Data and Maps
- The Community Affairs research team is starting to look at and map foreclosure-related data within the MSAs and counties of our district. These data and maps can be useful to a range of organizations, including community groups, policy makers, and local government, for use in identifying trouble spots and deciding where to direct resources. Read more
Tools for the Fourth District
Foreclosure Mitigation Toolkit for Communities
Ohio
- Ohio’s Save the Dream
- Provides a full range of foreclosure-related resources on homeownership counseling, servicer contacts, and the foreclosure process.
- Don't Borrow Trouble
- Cuyahoga County’s foreclosure prevention program
- See all tools for Ohio
Pennsylvania
- NeighborWorks Western Pennsylvania
- NeighborWorks Western Pennsylvania offers an array of counseling services on topics ranging from homeownership and credit restoration to foreclosure mitigation.
- Pennsylvania Housing Finance Agency
- This organization aims to educate consumers about their options when faced with foreclosure; the site also contains contact information for foreclosure mitigation counseling agencies throughout Pennsylvania.
- See all tools for Pennsylvania
Kentucky
West Virgina
- West Virginia Division of Banking
- The West Virginia Division of Banking’s website offers information and other resources on mortgages and credit, as well as specifics on how to file a complaint against an institution they supervise.
- See all tools for West Virginia
In-Depth Research and Analysis
- May 01, 2009
- An Indicator Analysis to Identify Potential Vacant Residential Properties
- We present here the construction of a vacant and abandoned property indicator system. The goal was to use data that would likely be readily available, and methods that would be easily replicable to produce an indicator that would be useful in understanding the state of a city's housing. (PDF)
- November 01, 2008
- Spatial Analysis of the Impact of Vacant, Abandoned and Foreclosed Properties
- Healthy housing markets lay the foundation for community vitality. A strong local housing market is evidence that households are invested in their neighborhoods, both financially and figuratively. A city of strong neighborhoods breeds a confidence among households, businesses, developers, and community leaders that spills over into the city's economy in general. A housing market in crisis, on the other hand, could be foretelling of a city in despair. (PDF)
- October 01, 2008
- The Mortgage Debacle and Loan Modifications
- In today’s increasingly sophisticated financial markets, loan modifications are often complex processes that involve multiple players with competing legal and financial interests. To better understand loan modifications, the Federal Reserve Bank of Cleveland hosted a one-day workshop in November 2007 featuring four financial and legal experts who shared their knowledge and recommendations for possible solutions to the mortgage lending debacle. (PDF)
- September 01, 2008
- Synopses of Selected Research on Housing, Mortgages, and Foreclosures
- The contributions in this document are synopses of key findings from research and Federal Reserve System policy analysis on selected topics relating to housing, mortgage loan performance, and foreclosures. A goal of the project is to leverage the knowledge, expertise, and national reach of the Federal Reserve System to develop responses to the sharp rise of mortgage delinquencies and foreclosures. (PDF)
- August 27, 2008
- A Snapshot of Mortgage Conditions with an Emphasis on Subprime Mortgage Performance
- This document provides facts and figures that pertain to the recent increase in mortgage foreclosures. The data are provided to help readers understand the source, scope, and scale of this increase. (PDF)
- December 03, 2006
- Foreclosures: Relationship Lending in the Consumer Market and its Aftermath
- Relationship lending theory suggests that lenders in close proximity to their borrowers might be the most efficient providers of screening and monitoring services, because the cost of collecting information declines with distance. The author presents evidence that ties bank branch presence to borrower performance in the low-income housing market, which provides support for this theory. (PDF)
Events Sponsored by the Fed
- October 13-15, 2010
- Reclaiming Vacant Properties
- The National Vacant Properties Campaign brings their annual conference to Cleveland this Fall. Join hundreds from across the country to learn about policies, tools, and strategies to catalyze long-term sustainable revitalization. The Cleveland Fed is a co-sponsor and member of the host committee.
- June 9-10, 2010
- 2010 Community Development Policy Summit
- Please join us for the 8th annual community development policy summit as we focus on the role of housing policy in rebuilding communities.
- October 8, 2009
- Reconsidering the American Dream
- Part of the "Building Our Future Beyond Foreclosure" series held at Cleveland State University's Maxine Goodman Levin College of Urban Affairs. Ruth Clevenger, Vice President & Community Affairs Officer at the Cleveland Fed, will be a member of the panel.
- August 13, 2009
- Facing the Mortgage Crisis: The Big Picture
- Attend a free discussion to look at the impact of the mortgage crisis on central Ohio and to see what you can do to help. Will be held in Columbus, OH.
- June 10, 2009
- The 2009 Community Development Policy Summit
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- The 7th annual policy summit sparked lively debates on the topics of homeownership, GSEs, and the Community Reinvestment Act. Check out the video interviews, presentations, and more.
- May 15, 2009
- Neighborhood Indicators for Recovery
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- Limited resources and the ongoing foreclosure crisis make strategic planning for recovery crucial. At this stage of the game, data and tools aimed at helping community leaders make informed decisions are enormously valuable. In this seminar, experts in the field presented several composite indicators based on public and private data, and discussed the methodological issues to consider in their application.
- April 23, 2009
- Building our Future Beyond Foreclosure
- This Cleveland State University sponsored event is part of a series that examines new strategies, tactics, and projects that are, creative, environmentally sustainable, and invigorating to the marketplace.