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1
Tracking the Housing Crisis in DC: Five Years Later
Presented by:
Leah HendeyUrban Institute
NeighborhoodInfo DC
November 16, 2012
Community Indicators Consortium Annual Conference
College Park, Maryland
NNIP Mission: Information for Change• Democratizing Information
Facilitate the direct use of data by stakeholders
• Work for many clients Helping Boys and Girls Club choose a new site Working in a cross-sector collaboration to reduce
infant deaths
• A central focus on strengthening, empowering low-income neighborhoods
• Information as a bridge for collaboration among public agencies, nonprofits, businesses
• Design indicators for action—not just to passively monitor trends.
• Develop indicators at the neighborhood level as well as the city or county as a whole.
• Use available indicators but recognize their inadequacies – don’t discount local wisdom.
• Place the numbers in the context of images and stories about the issues you care about.
Lessons from NNIP
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Local Foreclosure Data Sources in the Washington, D.C. Area
• DC: Office of Tax and Revenue (real
property characteristics & sales) Recorder of Deeds (notices of
foreclosure & completed foreclosures)
• Maryland Dept. of Labor, Licensing &
Regulation (notice of intent to foreclose)
Maryland PropertyView (sales data)
Data motivate action on foreclosure prevention & mitigation
www.neighborhoodinfodc.org/foreclosure/
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Tracking longer foreclosure trends
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
0
200
400
600
800
1,000
1,200
Foreclosure InventoryForeclosure StartsForeclosure SalesDistressed SalesForeclosure Avoided
Residential Foreclosure Trends, 1999 Q1 - 2012 Q1 (Quarterly), Washington, D.C.Number of Single-Family Homes and Condominium Units
Source: D.C. Recorder of Deeds and Office of Tax and Revenue data tabulated by NeighborhoodInfo DC.
Rising share of students affected by foreclosure
7
1.8
2.7
2.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Baltimore DC NYC
Shar
e of
stu
dent
s liv
ing
in b
uild
ings
in fo
recl
osur
e
2003-04
2006-07
2008-09
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Home Prices Stabilize in DC
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
Ward 1Ward 2Ward 3Ward 4Ward 5Ward 6Ward 7Ward 8
Four-quarter moving average of median price (2012 $ thousands)
Single-Family Home Price Trends by Ward, 2003 Q1 - 2012 Q1 (Quarterly)Washington, D.C.
Source: D.C. real property sales data tabulated by NeighborhoodInfo DC.
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City-wide Non-Market Sales Trend
0
5
10
15
20
25
30
35
40
45
Percent of Single-Family Home and Condominium Sales by Type for Non-Market Sales in the District of Columbia, by Quarter
REO Entry Foreclosure (Non REO) Distressed (Non REO) REO Exit Other Non-Market
Source: D.C. Recorder of Deeds and Office of Tax and Revenue data tabulated by NeighborhoodInfo DC.
Non-market home sales are a large share of transactions in poorer areas of city
Ward 1 Ward 2 Ward 3 Ward 4 Ward 5 Ward 6 Ward 7 Ward 80
10
20
30
40
50
60
70
3 3 410 13
4
18 18
1 1 0
45
0
1 3
2 2 1
45
2
33
5 4 3
12
16
4
2626
6 1010
11
10
6
1011
Percent of Single-Family Home and Condominium Sales by Type for Non-Market Sales in the District of Columbia by Ward, First Quarter
2011
REO Entry Foreclosure (Non REO) Distressed (Non REO)REO Exit Other Non-Market
Source: D.C. Recorder of Deeds and Office of Tax and Revenue data tabulated by NeighborhoodInfo DC.
Weekly lists of new foreclosure notices used for outreach
Filing date Document no. Property type Square/suffix/lot Property address11/03/2010 2010094401 Residential: Single-family home 5084 0042 0342 50TH ST NE11/03/2010 2010094502 Residential: Single-family home 5090 0023 1938 SHANNON PL SE11/03/2010 2010094603
Residential: Rental apartment building 0073 0065 8304 13TH ST NW
11/03/2010 2010094704 Residential: Single-family home 4088 0004 4010 25TH ST NE11/03/2010 2010094806 Residential: Single-family home 2022 0856 3920 14TH ST NW11/03/2010 2010094907 Residential: Single-family home 3044 0029 2540 7TH ST NE11/03/2010 2010095033 Residential: Single-family home 0057 0079 1762 10TH ST NW11/05/2010 2010095126 Residential: Condominium unit 0040 2220 0934 G ST SW Unit: 12911/05/2010 2010095228 Residential: Condominium unit 5072 2278
1030 FORT DAVIS ST 00202
11/05/2010 2010095329 Residential: Condominium unit 2044 2034
3001 20TH ST NW Unit: 501
Public notice data are enhanced by adding additional information, such as property type and address.
Prince George’s County:Notice of Intent to Foreclose Rate
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Mapping NOI Data
NOIs by Servicer• Top 6 servicers issued
78% of all NOIs (07/2011 - 06/ 2012 ): Bank of America* (35.5%) Wells Fargo* (14.8%) JPMorgan Chase* (14.0%) Citi* (6.9%) IndyMac Bank (2.9%) GMAC* (2.9%) *part of the mortgage servicing settlement
Visit NNIP website for more examples...
www.neighborhoodindicators.org/issue-area/53
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No Local Data? Visit Foreclosure-Response.org
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Contact information:
Leah Hendey Research Associate Urban Institute 2100 M Street NW Washington, DC 20037
Email: [email protected]: @NborhoodInfoDCWeb:www.NeighborhoodInfoDC.org
www.NeighborhoodIndicators.org