The Impact of Recovery Efforts on Residential Vacancies

26 Pages Posted: 9 Apr 2012

See all articles by O. Emre Ergungor

O. Emre Ergungor

affiliation not provided to SSRN

Lisa Nelson

Federal Reserve Banks - Federal Reserve Bank of Cleveland

Date Written: January 2, 2012

Abstract

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

Ergungor, Ozgur Emre and Nelson, Lisa, The Impact of Recovery Efforts on Residential Vacancies (January 2, 2012). FRB of Cleveland Working Paper No. 12-03 . Available at SSRN: https://ssrn.com/abstract=2037472

Ozgur Emre Ergungor (Contact Author)

affiliation not provided to SSRN

Lisa Nelson

Federal Reserve Banks - Federal Reserve Bank of Cleveland ( email )

East 6th & Superior
Cleveland, OH 44101-1387
United States

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