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Research Reports Indepth analysis of persistent problems in the field of community development. Woodstock's research reports contribute to the body of knowledge used by policymakers and community development practitioners.
DocumentsDate addedGeoff Smith, Sean Zielenbach, Jennifer Newon, and Sarah Duda 
There Goes the Neighborhood: The Effect of Single-Family Mortgage Foreclosures on Property Values
06/14/2005
Daniel Immergluck and Geoff Smith
This report shows that foreclosures have a significant negative effect on neighborhood property values. Although foreclosures have long been considered a problem associated with FHA loan programs, recent research has shown that the explosion in foreclosures that began in the 1990s was primarily driven by the growth of high-risk, conventional subprime lending. Geoff Smith, Sarah Duda, and Katie Buitrago This report found that high-cost refund anticipation loans (RALs), which allow borrowers to receive their expected tax refund in one to three days, cost Illinoisans more than $114 million in 2006, with tax filers in African-American communities 3.5 times more likely to use RALs than the state average. The report is based on an analysis of 2006 tax data and recommends policy changes, such as a RAL fee cap and better funding of free tax preparation, to reduce the negative impact of RALs on low-wealth communities. Tom Feltner and Sarah Duda
This report analyzes detailed, loan level data and describes the terms and conditions, borrower demographics, and default characteristics of loans made by consumer installment lenders in Illinois. Geoff Smith and Sarah Duda The following report illustrates the relationship between foreclosures and vacant properties in the City of Chicago. It combines data from the City of Chicago on vacant and potentially vacant buildings with data on foreclosure filings, completed foreclosure auctions, and property transfers to better understand the number of vacant properties that have at some point been part of the foreclosure process. It identifies a group of “red flag” properties which are troubled vacant properties where a foreclosure has been filed, but no outcome has been reached. The report also identifies a group of lender-owned, foreclosed properties that are most likely vacant and not in compliance with the City of Chicago’s vacant building regulations. The report ends with policy recommendations to address problems associated with troubled, vacant foreclosures. Included are appendices of troubled, foreclosed vacant properties by Chicago community area and ward. Press release | Fact sheet | Briefing (mp3)
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