using neighborhood data to support foreclosure prevention and intervention mcic (metro chicago...
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Using Neighborhood Data to Support Foreclosure Prevention
and Intervention
MCIC (Metro Chicago Information Center)
17 N. State Street, Suite 1600
Chicago, IL 60602
www.mcic.org
Urban Affairs Association – Annual Meeting
March 7, 2009
MCIC (Metro Chicago Information Center)
Our purpose
Nonprofit, independent research and
consulting firm since 1990
Our philosophy
Better information produces better decisions
Focus on quality of life issues and human needs
Helping those doing good…do better
Research and Prevention in Chicago
Source: Chicago Sun-Times, 3/3/09
Regional Homeownership Preservation Initiative (RHOPI)
• Collaboration between counseling agencies, planning entities, financial institutions, research organizations and other partners
• Four working groups:
(1)Homeowner/Homebuyer Counseling (2)Refinance and Financial Resources(3)Foreclosed Properties(4)Research.
MCIC’s Foreclosure Research
• focus on helping housing counseling providers track their own prevention strategies • explore counseling data in the context of foreclosure filings
• research in ‘real time’
- MacArthur Foreclosure Prevention Initiative
- Fannie Mae cross-site applied research with Urban Institute and other NNIP partners
Tracking Foreclosure Filings
Challenges with foreclosure data and methodological decisions:
- What to do with multiple filings?- How can multiple research and housing organizations work from the same data set for efficiency and accuracy?
Tracking Counseling and OutreachBaseline Sept Oct Nov Dec Jan Annual Total
Intakes Conducted
Number of Intakes 10 19 11 20 17 11 78
Total 10 19 11 20 17 11 78
Total Counseling Sessions
Imminent Danger - Owner (current on payments, but anticipating changes in financial circumstances) 2 4 2 0 1 5 12
Delinquent - Owner 6 12 8 16 20 19 75
In Foreclosure - Owner 2 3 4 5 3 2 17
Renter 0
Total 10 19 14 21 24 26 104
Length of time from intake to case close
Less than 1 month 1 2 2 3 8
1-3 months 3 1 7 6 17
3-6 months 3 9 9
more than 6 months 7 0
Case in Progress 18 9 18 14 11 70
Total 10 19 14 21 24 26 104
Total Client Outcomes - Owners
Foreclosure Prevented, Not displaced
Brought Mortgage Curent (1) 0
Forbearance (2) 1 1
Loan Modification (16) 3 1 1 5 7
NHS bridge loan/refinance 0
Conventional refinance (15) 0
Received second mortgage (17) 0
Partial claim (FHA only) (53) 1 0
Repayment Plan 3Reverse Mortgage 0
Total Preventions, not displaced 4 0 2 1 0 8 11
Foreclosure Prevented, but displaced
Executed a Deed-in-lieu (3) 1 1
Sold property/chose alternative housing (4) 4 4
Pre-foreclosure sale (51) 1 0
Total Preventions, but displaced 1 0 0 0 4 1 5
Foreclosed
Mortgage Foreclosed (5) 2 1 1 3 5
Bankruptcy (54) 1 1
Total Foreclosed 2 1 1 0 3 0 5
Unresolved
Currently Receiving Prevention/Budget Counseling (18) 18 9 18 14 10 69
Referred to another social service or emerg. asst. agency (52) 0
Referred for legal assistance (56) 1 2 1 4
Debt Management Plan (55) 1 1
Withdrew from counseling (57) 3 1 3 5 9
Total Unresolved 3 18 11 20 17 17 83
Total Preventions 5 0 2 1 4 9 16
Total Displaced 3 1 1 0 7 1 10
Total Client Outcomes - Owners 10 19 14 21 24 26 104
Sample monthly report20 reports compiled each month
Data aggregated by community area
Compiled reports provide housing counselors with
an internal tracking system,
and provide MacArthur with a
new method investment evaluation
Tracking Counseling and Outreach, continued
Data Source: Greater Southwest Development Corporation
A deeper look at individual
counseling records of one
MacArthur partner organization
Putting it all together: What have we learned so far, and how can this research
assist housing counseling agencies?
1. Tracking housing counseling and foreclosure filings on a broad basis will always be an estimate due to data availability and standardization issues
2. A meaningful and accurate method of quantifiying community organization techniques as a tool for foreclosure prevention is critical
Putting it all together, continued
3. Even considering data challenges, monthly snapshots of foreclosure prevention, intervention and filings provide a way to start identifying community trends, and inform counselors of potential need gaps and outreach opportunities
Putting it all together, continued
4. Analyzing individual counseling data allows for deeper exploration of these relationships - research that has both programmatic and policy implications for housing counseling agencies
Anne P. Cole
Community Development Consultant
312.580.2592
MCIC (Metro Chicago Information Center)
17 N. State Street, Suite 1600
Chicago, IL 60602
www.mcic.org