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Neighborhoods and Housing Markets Regional Discussion

Neighborhoods and Housing Markets Regional Discussion. January 23, 2012 Robin Newberger Community Development and Policy Studies Department Federal Reserve Bank of Chicago. Issues/Challenges. Potential Solutions. High rates of foreclosure Rising starts and falling transitions

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Neighborhoods and Housing Markets Regional Discussion

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  1. Neighborhoods and Housing Markets Regional Discussion January 23, 2012 Robin Newberger Community Development and Policy Studies Department Federal Reserve Bank of Chicago

  2. Issues/Challenges Potential Solutions • High rates of foreclosure • Rising starts and falling transitions • Falling home values • Negative equity/drop in home financing • Affordability • Rising REO and vacancy rates • High unemployment • Loan modifications • Temporary financial support to homeowners • Expansion of affordable rentals • Including from REO inventory • Land Banks • Improvement of labor market Housing Market Issues

  3. Illinois Foreclosures County Foreclosure Inventory High Rates of Foreclosure Source: MBA and LPS

  4. Estimated Foreclosure Start and Transition Rates

  5. 2006 2011 Foreclosure Inventory Rates

  6. Falling Home Values Source: OFHEO

  7. Negative Equity Source: Zillow

  8. Home Mortgage Lending Home Purchase Refinancing Percent Change in Mortgage Lending (2006-2010) Source: HMDA

  9. Limited Numbers of Modifications

  10. Real Estate Owned (REOs)(percent of all current and non-current loans) Source: LPS

  11. Neighborhood Vacancy Rates Source: Census 2010

  12. Unemployment and Foreclosures Source: IDES LAUS

  13. Rising foreclosure rates across all counties • Falling transition rates • Falling home values • Limited number of modifications • Some communities more economically frail than others • Extent of “underwater” varies with drop in values • Home financing more available in some places • Impact of unemployment on housing market Regional and Local Comparison

  14. Issues/Challenges Potential Solutions • High rates of foreclosure • Rising starts and falling transitions • Falling home values • Negative equity/drop in home financing • Rising REO and vacancy rates • High unemployment • Loan modifications • Temporary financial support to homeowners • Expansion of affordable rentals • Including from REO inventory • Land Banks • Improvement of labor market Housing Market Issues

  15. Thank you

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