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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 added
Roadblock to Recovery: Examining the disparate impact of vacant lender-owned properties in Chicago
09/29/2009
Geoff Smith and Sarah Duda This report analyzed Chicago region foreclosure auction and property transfer data and found that vacant, lender-owned properties are heavily concentrated in African American communities, go unsold longer, and incur greater losses to the lender than similar properties in predominantly white communities. This report found that much of South Suburban Cook County, McHenry County, and parts of Northwest Will County have gaps in foreclosure counseling services. Even in areas where several agencies actively provide foreclosure prevention counseling, four out of every five new foreclosure cases in 2008 did not access counseling services. Geoff Smith, Sarah Duda, and Malcolm Bush This report analyzes 2007 Home Mortgage Disclosure Act data and finds that, in low- and moderate-income communities, depositories with CRA obligations originate a far smaller share of higher-cost loans than lenders not subject to CRA. It also finds that lenders covered by CRA are much less likely to make higher-cost loans in communities of color than lenders not covered by CRA. 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
This report summarizes key
foreclosure trends in the Chicago region for 2008
and updates Woodstock Institute reports and fact sheets
released previously that illustrated key aspects of the foreclosure
crisis such as the spread of the crisis to
suburban communities, the potential impact of the foreclosures
on Chicago’s
affordable rental housing market, and the growing number of foreclosures that
were becoming bank-owned properties and likely
sitting vacant. The report includes detailed appendices with data
for City of Chicago community areas
and municipalities in the Chicago Six County Area.
Geoff Smith and Sarah Duda
Woodstock Institute previously reported that the number of foreclosed properties reverting to bank ownership, or becoming Real Estate Owned (REO), in the Chicago region increased dramatically between 2005 and 2007.i These types of properties are of particular concern because they are likely to sit vacant until banks are able to transfer them to an owner who is able to put them back into productive use.
Geoff Smith and Sarah Duda
This report examines the results of foreclosure auctions in the Chicago region held between 2005 and first half 2008 for regional municipalities, Chicago community areas and Chicago wards. The analysis provides the total number of properties going to auction, changes in the share of properties going to auction that become lender-owned, the auction values of these properties, and the property types of lender-owned properties in the City of Chicago.
Marva Williams, Principal Investigator
Sarah Duda and Tom Feltner, Co-Authors This report details the partnership process and lessons learned from a two-year technical assistance program designed to help community organizations partner with mainstream credit unions with the goal of enrolling new lower-income members or expanding an existing partnership. The case studies describing these partnerships identify four strategic areas through which partnerships can be strengthened and the common barriers to developing a successful partnership can be overcome. Geoff Smith An analysis of 2007 foreclosure filings shows that 35 percent, or over 4,800 foreclosure filings, were on 2- to 6-units multifamily properties. Communities with the highest concentrations of foreclosures on 2- to 6-unit properties include West Garfield Park, East Garfield Park, Austin, Humboldt Park on the West Side and New City, Englewood, and West Englewood on the South Side. |
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