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The impact of recovery efforts on residential vacancies

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  • O. Emre Ergungor
  • Lisa Nelson

Abstract

Legislation aimed at stabilizing housing markets since the recession has focused on providing funding to acquire and remediate foreclosed and abandoned homes or providing financial assistance and incentives to purchase homes. Cuyahoga County has received over $100 million in such funds since 2008. We investigate the impact of these funds on vacancy rates. We examine neighborhoods in Cuyahoga County where National Stabilization Program dollars were spent and find that the program helped reduce vacancies in neighborhoods where properties were primarily purchased for consumption purposes.

Suggested Citation

  • O. Emre Ergungor & Lisa Nelson, 2012. "The impact of recovery efforts on residential vacancies," Working Papers (Old Series) 1203, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcwp:1203
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    File URL: https://www.clevelandfed.org/newsroom-and-events/publications/working-papers/2012-working-papers/wp-1203-the-impact-of-recovery-efforts-on-residential-vacancies.aspx
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    Cited by:

    1. Tammy Leonard & Nikhil Jha & Lei Zhang, 2017. "Neighborhood price externalities of foreclosure rehabilitation: an examination of the Neighborhood Stabilization Program," Empirical Economics, Springer, vol. 52(3), pages 955-975, May.
    2. Jin Man Lee & Maude Toussaint-Comeau, 2018. "Determinants of Housing Values and Variations in Home Prices Across Neighborhoods in Cook County," Profitwise, Federal Reserve Bank of Chicago, issue 1, pages 1-23.
    3. Schuetz, Jenny & Spader, Jonathan & Cortes, Alvaro, 2016. "Have distressed neighborhoods recovered? Evidence from the neighborhood stabilization program," Journal of Housing Economics, Elsevier, vol. 34(C), pages 30-48.
    4. Spader, Jonathan & Schuetz, Jenny & Cortes, Alvaro, 2016. "Fewer vacants, fewer crimes? Impacts of neighborhood revitalization policies on crime," Regional Science and Urban Economics, Elsevier, vol. 60(C), pages 73-84.
    5. Jennifer Lewis Buell & Kimberly Burnett & Larry Buron & Alvaro Cortes & Michael DiDomenico & Anna Jefferson & Christian Redfearn & Jenny Schuetz & Jonathan Spader & Stephen Whitlow, 2015. "Which Way to Recovery? Housing Market Outcomes and the Neighborhood Stabilization Program," Finance and Economics Discussion Series 2015-4, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    Keywords

    Housing policy; Community development; American Recovery and Reinvestment Act of 2009;
    All these keywords.

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