Ever wonder just how much the foreclosure crisis is impacting your neighborhood? Well now, you’ll be able to say “Meh, not so much” or “Holy crap—-That explains the $60,000 property value drop!” with definitive authority.
The Department of Housing and Urban Development has created a map, which examines census tracts and provides two “scores” regarding the volume of vacancy properties and foreclosures problems in the area.*
Let’s take, for example, census tract 88.02, otherwise known as “most of Trinidad.” It has a foreclosure score of 17 and a vacancy score of 18. Another example: Census tract 67.00, an area south of Lincoln Park on Capitol Hill, which has a foreclosure score of 7 and a vacancy score of 7.
This map is tied to the Neighborhood Stabilization Program, which will provide stimulus funds for rehabbing abandoned and foreclosure properties in intensely affected neighborhoods. The Department of Housing and Community Development intends to apply for grant money.
*The “foreclosure” risk score is based on rank census tracts by two measures: (i) percent of foreclosure problems and (ii) number of foreclosure problems. Each tract receives the higher rank (from 1 to 20) from those two rankings. The “vacancy” risk score is based on an algorithm that combines 90-day vacancy rates with foreclosure problem rates and then ranks census tracts from 1 to 20 on this estimate. For more information on how these estimates were developed, see the methodology.