Journal Article

Foreclosure-related vacancy rates

Abstract: The national foreclosure crisis has caused there to be millions more vacancies in our housing stock than before. Vacant homes lower their community?s property values and quality of life. Neighbors and public officials know foreclosed homes sit empty for months, but precise measures of foreclosure-related vacancy are rare. Using data from Cuyahoga County, Ohio, I trace the rise and fall in the vacancy rates of homes during the 18 months following their foreclosure. Ominously, the data suggest that foreclosure may permanently scar some homes. Foreclosed homes still have higher vacancy rates than neighboring houses two to five years after a sheriff?s sale.

Keywords: Foreclosure - Ohio;

Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Economic Commentary

Publication Date: 2011

Issue: July

Order Number: 12