Successfully reported this slideshow.

Foreclosure Response quarterly update oct 2010

664 views

Published on

  • Be the first to comment

  • Be the first to like this

Foreclosure Response quarterly update oct 2010

  1. 1. Residential Foreclosure Quarter Update Presented to Kent County Foreclosure Response 10.07.2010
  2. 2. State of Residential Foreclosures in Kent County
  3. 3. • Provider: Kent County Bureau of Equalization • Description: Sheriff’s Sales • Geographic Extent: Kent County, MI • Data Period: January 1st, 2004 – July 30th, 2010 • Level of Detail: Property Address Foreclosure Data Technical Sheet:
  4. 4. 0 200 400 600 800 1,000 1,200 2004-Q1 2004-Q2 2004-Q3 2004-Q4 2005-Q1 2005-Q2 2005-Q3 2005-Q4 2006-Q1 2006-Q2 2006-Q3 2006-Q4 2007-Q1 2007-Q2 2007-Q3 2007-Q4 2008-Q1 2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 Numberof Residential Foreclosures,2004 - 2010-Q2 Kent County and Selected Cities KentCounty GrandRapids Wyoming Kentwood Lowell
  5. 5. 0.00 0.20 0.40 0.60 0.80 1.00 1.20 2004-Q1 2004-Q2 2004-Q3 2004-Q4 2005-Q1 2005-Q2 2005-Q3 2005-Q4 2006-Q1 2006-Q2 2006-Q3 2006-Q4 2007-Q1 2007-Q2 2007-Q3 2007-Q4 2008-Q1 2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 ResidentialForeclosureRates, 2004 - 2010-Q2 Kent County vs. Grand Rapids and Selected Suburbs KentCounty GrandRapids Wyoming Kentwood Lowell
  6. 6. 1.1 1.8 1.5 1.1 1.3 1.0 1.5 1.4 1.0 1.0 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Kent County Grand Rapids Wyoming Kentwood Lowell ForeclosureRate(per100) KentCounty & Selected Cities Residential Foreclosures:first6 months (2004 - 2010) 2004 2005 2006 2007 2008 2009 2010 2nd Highest 2nd Highest 2nd Highest 2nd Highest 3rd Highest
  7. 7. Residential Foreclosure Trends in Kent County and selected cities: Key Performance Indicators Kent County Grand Rapids Wyoming Kentwood Lowell Number of Residential Units 180,737 55,332 21,539 12,106 1,119 Res. Foreclosures: July 2008 – June 2009 3,136 1,468 554 243 21 Res. Foreclosures: July 2009 – June 2010 3,301 1,474 583 225 20 Annual Percent Change 5.3 0.4 5.2 -7.4 -4.8 First 6 months: January – June 2009 1,553 707 292 128 10 First 6 months: January – June 2010 1,795 846 304 127 11 Percent Change 15.6 19.7 4.1 -0.8 10.0 Total 2004-2010YTD* (cumulative) 16,674 8,020 2,745 1,104 124 % 2004-2010YTD* (cumulative) 9.2 14.5 12.7 9.1 11.1
  8. 8. Data Period: JAN 1st, 2009-MAY 07th, 2010 Wyoming Kentwood Lowell Grand Rapids
  9. 9. Data Period: JAN 1st, 2009-JULY 30th, 2010 Wyoming Kentwood Lowell Grand Rapids
  10. 10. 1.8 2.4 3.6 1.0 3.2 1.5 2.2 2.3 2.3 2.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Grand Rapids West Grand Oakdale Alger Heights Garfield Park ForeclosureRate(per100hu) Grand Rapids & Selected Neighborhoods Grand Rapids Residential Foreclosures:first6 months (2004 - 2010) 2004 2005 2006 2007 2008 2009 2010 2nd Highest 2nd Highest Highest 2nd Highest
  11. 11. Residential Foreclosure Trends in selected Grand Rapids Neighborhoods Key Performance Indicators Grand Rapids West Grand Oakdale Alger Heights Garfield Park Number of Residential Units 55,332 5,195 704 1,622 4,654 Res. Foreclosures: July 2008 – June 2009 1,468 199 43 38 245 Res. Foreclosures: July 2009 – June 2010 1,474 187 26 55 217 Annual Percent Change 0.4 -6.0 -39.5 44.7 -11.4 First 6 months: January – June 2009 707 106 21 25 92 First 6 months: January – June 2010 846 116 16 38 118 Percent Change 19.7 9.4 -23.8 52.0 28.3 Total 2004-2010YTD* (cumulative) 8,020 1,009 214 233 1,065 % 2004-2010YTD* (cumulative) 14.5 19.4 30.4 14.4 22.9
  12. 12. Data Period: JAN 1st, 2009-MAY 07th, 2010 West Grand Oakdale Garfield Park Alger Heights
  13. 13. Data Period: JAN 1st, 2009-JULY 30th, 2010 West Grand Oakdale Garfield Park Alger Heights
  14. 14. Measuring Residential Vacant Properties Using USPS Administrative Data on Address Vacancies
  15. 15. • Provider: United States Postal Service & U.S. Department of Housing and Urban Development (HUD) • Description: USPS address database • Geographic Extent: United States • Data Period: 2008 Q2 – 2010 Q2 • Level of Detail: Census Tract USPS Vacant Address Data Technical Sheet:
  16. 16. 6.4 7.3 8.1 8.4 8.0 7.3 7.8 7.4 9.4 1.6 1.6 1.8 1.9 1.9 1.8 1.9 1.8 2.6 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 PercentVacant-KentCounty PercentVacant-GrandRapids Percent USPS Vacant Addresses Grand Rapids Kent County (excludes Grand Rapids) (4,390) (5,007) (5,557) (5,746) (5,537) (5,085) (5,459) (5,134) (6,609) (2,379) (2,500) (2,716) (2,918) (3,039) (2,736) (2,889) (2,915) (4,396)
  17. 17. Residential USPS Vacant Addresses Trends Key Performance Indicators Grand Rapids (previous qtr.) Kent County excludes Grand Rapids (previous qtr.) 1. Total Number of Residential Vacant Properties 2010-Q2 (2010-Q1) 6,609 (5,134) 4,396 (2,915) Percent Change: 2010-Q1 to 2010-Q2 (2009-Q4 – 2010-Q1) 28.7 (-6.0) 50.8 (0.9) 2. Average Res. Vacant Days: 2010-Q2 (2010-Q1) 413 (558) 273 (375) Percent Change: 2010-Q1 to 2010-Q2 (2009-Q4 – 2010-Q1) -26.0 (11.7) -27.2 (0.6) 3. In-Service - Previously Vacant: 2010-Q2 (2010-Q1) 542 (383) 267 (223) Percent Change: 2010-Q1 to 2010-Q2 (2009-Q4 – 2010-Q1) 41.5 (37.9) 19.7 (0)
  18. 18. 738 904 1,163 1,309 1,112 1,104 617 383 542 386 593 909 695 605 680 223 223 267 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 NumberofUSPSAddresses NumberofUSPSAddresses Number of In-Service USPS Addresses (Previously Vacant) Grand Rapids Kent County (excludes Grand Rapids)
  19. 19. 422 390 367 403 450 534 500 558 413 286 284 278 287 321 354 373 375 273 0 100 200 300 400 500 600 0 100 200 300 400 500 600 2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 InServiceAddresses-PreviouslyVacant PercentofResidentialVacantAddresses Average Number of Days a USPS Address Remains Vacant Grand Rapids Kent County (excludes Grand Rapids)
  20. 20. Data Period: Quarter 2 ending June 30, 2008 Wyoming Kentwood Lowell Grand Rapids
  21. 21. Data Period: Quarter 2 ending June 30, 2010 Wyoming Kentwood Lowell Grand Rapids
  22. 22. Thank you! Contact: Gustavo Rotondaro, Associate Director T. 616.331.7591 E. rotondag@gvsu.edu Presented to Kent County Foreclosure Response 10.07.2010

×