Events > Confronting the Neighborhood Impacts of Foreclosure
This event was by invitation only. Presentation materials and best practices will also be published online as they become available.
Confronting the Neighborhood Impacts of Foreclosure | Oct. 20, 2008
Federal Reserve Board | Washington, DC
Hosted by the Board of Governors of the Federal Reserve System
The seminar explored a range of policy topics discussed throughout the Recovery, Renewal, Rebuilding series. Sessions during the symposium (subject to change) included:
- Effectively Utilizing and Leveraging National Resources to Address Abandonment: This session provided a discussion on how communities can most effectively access and leverage federal and other national resources. The panel discussed how communities can best utilize new community resources under the Housing and Economic Recovery Act of 2008 and the newly created National Communities Stabilization Trust. The session highlighted efforts to quickly develop scalable model implementation and distribution strategies for taking control and disposing of vacant properties.
- Navigating Ownership and Control of Vacant Property: Panelists explored effective methods for contacting and working with loan servicers to transfer ownership of vacant properties to municipalities and non-profit organizations. The role of data in tracking ownership was discussed, as well as current challenges and barriers to adequate vacant property data collection and analysis. This session explored methods that communities can use to increase the volume and speed of property transfer.
- Pricing and Valuation Model of Vacant Properties: A large barrier to selling and reusing vacant property is the inability for market participants to determine an agreed upon value for foreclosed properties. This session discussed issues in pricing vacant property, and valuation methods for such properties that could be used by servicers, municipalities, non-profits and other key market participants.
- Models of Vacant Property Disposition: Panelists examined promising collaborative techniques being employed to take control of and dispose of Real Estate Owned (REO) properties. This session stressed strategies used by both weak and strong market players to create rental housing, sell properties for homeownership, and/or demolish vacant properties.
Summary of Main Findings from Federal Reserve System Foreclosure Series
Effectively Utilizing and Leveraging National Resources to Address Abandonment
Navigating Ownership and Control of Vacant Property
How the Current Economic Crisis will Change the Nature if Community Development (video)
Jeremy Nowak, The Reinvestment Fund
Pricing and Valuation of Vacant Properties
Models of Vacant Property Disposition
Introduction by Moderator (not available)
Ruth Clevenger, Federal Reserve Bank of Cleveland