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

4

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/

6

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

8

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.

9

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

12

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

16

No Local Data? Visit Foreclosure-Response.org

17

Contact information:

Leah Hendey Research Associate Urban Institute 2100 M Street NW Washington, DC 20037

Email: lhendey@urban.orgTwitter: @NborhoodInfoDCWeb:www.NeighborhoodInfoDC.org

www.NeighborhoodIndicators.org