The Impact of Recovery Efforts on Residential Vacancies
26 Pages Posted: 9 Apr 2012
Date Written: January 2, 2012
Legislation aimed at stabilizing housing markets since the recession has focused on providing funding to acquire and remediate foreclosed and abandoned homes or providing financial assistance and incentives to purchase homes. Cuyahoga County has received over $100 million in such funds since 2008. We investigate the impact of these funds on vacancy rates. We examine neighborhoods in Cuyahoga County where National Stabilization Program dollars were spent and find that the program helped reduce vacancies in neighborhoods where properties were primarily purchased for consumption purposes.
Keywords: Vacancy, REO, depressed housing markets, neighborhood stabilization program (NSP), Housing and Economic Recovery Act of 2008, American Recovery and Reinvestment Act of 2009
JEL Classification: H59, O18, R58
Suggested Citation: Suggested Citation