Vacant, foreclosed properties cost creditors tends of millions of dollars, draw crime to neighborhoods, and drain municipalities. Can a fast-track process earn approval-and can it help?   

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Ways to expedite the foreclosure process for abandoned properties and to preserve homeowners? defenses in foreclosure actions are urgently needed.


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With the thousands of vacant homes left by the financial crisis, the debate between demolition and rehabilitation has been active.   


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Highlights from new Cleveland Fed research on the "lock-in effect" myth.


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Five policy considerations for improving Ohio’s housing markets.   


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A low-profile but enormously important group of appointed lawyers and judges is working behind the scenes   


What academic experts see in the housing market's near future Read More...

Plus: A Plausible Culprit: Research by Bordo and Haubrich Read more...

  


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The housing market - a primary cause and a continuing source of the economy's struggles


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When a lender takes ownership of foreclosed property, it gets a new name—real estate owned—and goes back into the hands of the lender. And for scores of lenders and neighborhoods, that's a problem.   


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Fallout in the housing market has made renting a more sensible choice for many families.   


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Responses to a recent article on a Cleveland Fed proposal to lessen undesirable housing transactions.   


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In the City of Cleveland, 8.2 percent of the housing stock sits vacant or abandoned, according to the U.S. Postal Service.   


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Responses to recent articles on the CRA and small business lending.   


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A new volume published by the Federal Reserve sheds light on the escalating problem with real-estate-owned, or REO, properties.   


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Highlights from the Federal Reserve Bank of Cleveland's 2010 Policy Summit.   


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In 2009, banks became the reluctant holders of more than 1,500 foreclosed properties in Cuyahoga County, Ohio. Most of these houses are in Cleveland, worth little to nothing, and in danger of remaining vacant for the foreseeable future- destined to define neighborhood decay.   


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In its first year, the Land Bank of Cuyahoga County, Ohio, took strides toward becoming the model approach to the vacancy and abandonment problem that state lawmakers hoped it would be.   


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Many neighborhoods bear visible scars of the housing crisis in the form of vacant and abandoned homes. These properties attract crime, drag down the values of neighboring properties, and erode a neighborhood’s sense of community.   


Cleveland Fed researchers discuss the Bank’s proposal for recasting the CRA to address the vacancy and abandonment problem.


The Community Reinvestment Act helped end the practice of redlining. But 33 years after its introduction, it may be time to consider whether the CRA needs a twenty-first century overhaul.   


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Remarks presented at the Ohio Housing Conference, Columbus, Ohio, November 17, 2009.   


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The foreclosure process—from the initial filing to the sheriff’s sale of the home—is expected to take about seven months in Ohio. But for a time in the Cleveland metropolitan area, it wasn’t unusual for foreclosure proceedings to drag on for more than a year…or even two. Cleveland is well known for its high foreclosure rate, but less so for its lengthy foreclosure process. Economists Tim Dunne and Guhan Venkatu thought that not enough attention was being paid to the latter, and to its importance in determining the foreclosure rate. The average time for a foreclosure episode also has implications for borrowers trying to resume payment on delinquent loans, as well as for individuals considering acquiring a new mortgage.   


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Rampant foreclosures present a dichotomy for communities. On the one hand, foreclosure can deal a crushing blow to the American Dream of homeownership, and it certainly can accelerate the decline of neighborhoods. But often overlooked is the other hand: Foreclosure can sometimes serve as a useful tool to stave off community blight.   


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Mary Helen Petrus of the Cleveland Fed says the focus should be on making the process less cumbersome.