Foreclosure Crisis Impacts Chicago's Rental Housing Market

An analysis of 2007 foreclosure filings shows that 35 percent, or over 4,800 foreclosure filings, were on 2- to 6-units multifamily properties. Communities with the highest concentrations of foreclosures on 2- to 6-unit properties include West Garfield Park, East Garfield Park, Austin, Humboldt Park on the West Side and New City, Englewood, and West Englewood on the South Side

Key Trends in Chicago Area Mortgage Lending: Analysis of Data From the 2004 Chicago Area Community

This analysis of Chicago area mortgage lending is intended as a companion piece to Woodstock Institute's 2004 Chicago Area Community Lending Fact Book. It is meant to help put the mortgage lending data found in the Fact Book in a broader regional context. The first section analyzes regional trends in home purchase lending with a focus on changes in home buying patterns between 1999 and 2004. The second section focuses on patterns of high cost lending and foreclosures in the region

Benchmarking Branch Outcomes: Using Available Data to Analyze and Improve the Delivery of Retail Bank Services to Low-Wealth Communities

This report demonstrates that measuring how well a bank provides basic banking services to low-wealth consumers could be done using existing data. Using proprietary data collected from two bank branches located in low-wealth communities, it shows that the type of transaction level data, previously thought to be unavailable to regulators and costly to collect for financialinstitutions, is routinely collected by at least one large bank for marketing purposes

Foreclosure Fallout: An Analysis of Foreclosure Auctions in the Chicago Region

This report examines the results of foreclosure auctions in the Chicago region held between 2005 and first half 2008 for regional municipalities, Chicago community areas and Chicago wards. The analysis provides the total number of properties going to auction, changes in the share of properties going to auction that become lender-owned, the auction values of these properties, and the property types of lender-owned properties in the City of Chicago

There Goes the Neighborhood: The Effect of Single-Family Mortgage Foreclosures on Property Values

This report shows that foreclosures have a significant negative effect on neighborhood property values. Although foreclosures have long been considered a problem associated with FHA loan programs, recent research has shown that the explosion in foreclosures that began in the 1990s was primarily driven by the growth of high-risk, conventional subprime lending

The Impact of Single Family Mortgage Foreclosures on Neighborhood Crime

Examines the impact of foreclosures of single-family mortgages -- both conventional and government guaranteed -- on levels of violent and property crime at the neighborhood level

Bridging the Gap: Credit Scores and Economic Opportunity in Illinois Communities of Color

This report analyzed credit score data from a major national credit bureau in large Illinois zip codes and found significant disparities in credit characteristics between communities of color and predominantly white communities, as well as between major metropolitan areas and non-metropolitan areas. The report explains the importance of credit scores and how they are used, and recommends several policies to improve economic opportunity for people and communities impacted by low credit scores. Included is an appendix with demographics and credit score averages and distributions for large Illinois zip codes

The Chicago Region's Foreclosure Problem Continued to Grow in 2008

This report summarizes key foreclosure trends in the Chicago region for 2008 and updates Woodstock Institute reports and fact sheets released previously that illustrated key aspects of the foreclosure crisis such as the spread of the crisis to suburban communities, the potential impact of the foreclosures on Chicago's affordable rental housing market, and the growing number of foreclosures that were becoming bank-owned properties and likely sitting vacant. The report includes detailed appendices with data for City of Chicago community areas and municipalities in the Chicago Six County Area

Risky Business: An Econometric Analysis of the Relationship Between Subprime Lending and Neighborhood Foreclosures

Illustrates the quantitative relationship between the level of subprime lending in a neighborhood and foreclosure levels in a subsequent period, while controlling for changes in economic and demographic characteristics that might also effect foreclosure rates

Enhancements in reservoir flood risk mapping: example application for Ulley

In July 2007, at Ulley Reservoir, South Yorkshire, a catastrophic dam failure was narrowly avoided due to emergency preventative actions. During the event, a number of homes were evacuated and roads were closed for precautionary measures. Within very close proximity of the reservoir lies the town of Rotherham, the busy M1 motorway and a trunk freight railway line. The incident highlights the need for detailed flood risk and hazard modelling to improve management of the risk and better incident planning.Hazards and population vary in both time and space, but when traditionally modelling flood risk, the population are invariably located within the residential housing stock. This paper innovatively combines flood inundation and spatio-temporal population modelling for better estimates of the population potentially at risk. This is demonstrated though application to Ulley for the most probable worst case failure scenario should the preventative measures not have been undertaken and the dam have failed.This paper proposes an enhanced flood risk assessment in three stages: (i) probabilistic modelling of a failure scenario using embankment breach models; (ii) hydrodynamic inundation modelling for assessment of flood water spreading, depths and velocities; (iii) spatio-temporal population modelling to assess the risk to the population likely to be present. The combination with spatio-temporal population outputs aims to demonstrate the enhancements achievable in reservoir flood risk mapping when vulnerable populations are concerned