Panel Paper:
Local Responses to Foreclosure: An Examination of the Effects of Vacancy Ordinances in the Older Suburbs of Cleveland
*Names in bold indicate Presenter
Using spatial statistics, including spatial linear regression analysis, I find that vacancy ordinances can help stabilize property values and improve property conditions in some older suburbs in Cleveland, particularly in those with particular types of ordinances. The findings from this paper suggest ways local governments responses can help stabilize some of the negative impacts of the foreclosure crisis.
References:
Apgar, W. C, M., Duda, and R. Gorey. (2005). The municipal cost of
foreclosures: A Chicago case study. Minneapolis, MN: Homeownership Preservation Foundation.
Schafran, A. (2013). Origins of an urban crisis: The restructuring of the San Francisco Bay area and the geography of foreclosure. International Journal of Urban and Regional Research, 37(2), 663-688.
Schildt, C., Cytron, N., Kneebone, E., & Reid, C. (2013). The subprime crisis in suburbia: exploring the links between foreclosures and suburban poverty. Federal Reserve Bank of San Francisco Working Paper, 2.
Whitaker, S., and T.J. Fitzpatrick IV. (2011). The impact of vacant, tax-delinquent and foreclosed property on sales prices of neighboring homes. Federal Reserve Bank of Cleveland. Working Paper No. 1123R. Cleveland, OH: Federal Reserve Bank of Cleveland.