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Foreclosure-related vacancy rates

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Author Info

  • Stephan Whitaker

Abstract

The national foreclosure crisis has caused there to be millions more vacancies in our housing stock than before. Vacant homes lower their community’s property values and quality of life. Neighbors and public officials know foreclosed homes sit empty for months, but precise measures of foreclosure-related vacancy are rare. Using data from Cuyahoga County, Ohio, I trace the rise and fall in the vacancy rates of homes during the 18 months following their foreclosure. Ominously, the data suggest that foreclosure may permanently scar some homes. Foreclosed homes still have higher vacancy rates than neighboring houses two to five years after a sheriff’s sale.

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File URL: http://www.clevelandfed.org/research/commentary/2011/2011-12.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (2011)
Issue (Month): July ()
Pages:

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Handle: RePEc:fip:fedcec:y:2011:i:july26:n:2011-12

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Keywords: Foreclosure - Ohio;

References

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  1. John Y. Campbell & Stefano Giglio & Parag Pathak, 2009. "Forced Sales and House Prices," NBER Working Papers 14866, National Bureau of Economic Research, Inc.
  2. Harding, John P. & Rosenblatt, Eric & Yao, Vincent W., 2009. "The contagion effect of foreclosed properties," Journal of Urban Economics, Elsevier, vol. 66(3), pages 164-178, November.
  3. Daniel Hartley, 2011. "The effect of foreclosures on nearby housing prices: supply or disamenity?," Working Paper 1011, Federal Reserve Bank of Cleveland.
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Citations

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Cited by:
  1. Stephan Whitaker & Thomas J. Fitzpatrick IV, 2012. "The impact of vacant, tax-delinquent, and foreclosed property on sales prices of neighboring homes," Working Paper 1123, Federal Reserve Bank of Cleveland.
  2. Whitaker, Stephan & Fitzpatrick IV, Thomas J., 2013. "Deconstructing distressed-property spillovers: The effects of vacant, tax-delinquent, and foreclosed properties in housing submarkets," Journal of Housing Economics, Elsevier, vol. 22(2), pages 79-91.
  3. Thomas J Fitzpatrick IV & Lisa A. Nelson & Francisca G-C Richter & Stephan Whitaker, 2012. "The effect of local housing ordinances," Working Paper 1240, Federal Reserve Bank of Cleveland.

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