MANDEL SCHOOL
NEWS AND EVENTS
November 03, 2009
Reserachers team up with Federal Reserve to help nation respond to foreclosure crisis.
The economic epoch that has shaken the foundation of the American Dream and swallowed housing markets into a nationwide financial sinkhole has had several epicenters. One is the City of Cleveland.
Foreclosures and vacant properties in many neighborhoods have stock piled, values have plummeted, and numerous properties are being bought at below-market values of $10 thousand or less by real-estate speculators, most of whom are corporations that have no vested interest in planned and coordinated community development.
Now, Coulton and her colleagues are teaming up with the Federal Reserve Bank of Cleveland and The College of Urban Affairs at Cleveland State University in a multidisciplinary, multi-institutional partnership to provide a report to the nation, titled “Facing the Foreclosure Crisis in Greater Cleveland: What Happened and How Communities are Responding.” The new report is being funded in part by the Federal Reserve and Neighborhood Progress Incorporated. Coulton’s four previous reports were funded mainly by the The Cleveland Foundation and The George Gund Foundation, with additional support from Enterprise Foundation and Neighborhood Progress, Inc.
To see the full article from the Mandel School of Applied Social Sciences's Insight and Action please to here.
To see Foreclosure related research papers from the Poverty Center please go here.
Beyond REO: Property Transfers at Extremely Distressed Prices in Cuyahoga County, 2005-2008.