Louisville’s Foreclosure Recovery: Understanding & Responding to the Impact of Foreclosure Sales
MHC released our newest issue paper at a public forum hosted by the Louisville Urban League on March 21. Produced in partnership with the Network Center for Community Change (NC3), Louisville’s Foreclosure Recovery: Understanding & Responding to the Impacts of Foreclosure Sales updates MHC’s January 2008 report Louisville’s Foreclosure Crisis.
The 2008 report examined and analyzed all 1,699 foreclosures filed in Jefferson County, KY from January 1 through June 30, 2007. This new paper examines the status of those properties, using data from local government supplemented by site examination. The report assesses current trends in foreclosure in Louisville, the impact of foreclosure on vacancy rates, the tremendous loss in home value resulting from these 2007 foreclosures, and the subsequent increase in costs and loss in property tax revenue to Metro Louisville Government. The issue paper concludes with recommend actions that will guide a recovery from the tremendous losses of foreclosure in our city.
The forum opened with a welcome by MHC’s Cathy Hinko and a statement from NC3’s Dana Jackson observing the power that research and data can give residents to advocate for change. Jane Walsh and Micah Herrmann of NC3 then presented the report’s findings, followed by a discussion of the reports recommendations by Cathy Hinko and Jane Walsh.
After the report’s presentation, a panel discussed their reactions to the report’s findings and recommendations. Our panelists were:
- Christie McCravy, Director of the Louisville Urban League Center for Housing and Financial Empowerment
- Adam Hall, President of the Mortgage Bankers Association of Kentucky
- Chuck Kavanaugh, Executive Vice President of the Homebuilders Association of Louisville
- Mary McGuire, leader of the Louisville Metro Vacant Abandoned Properties Initiative
MHC wishes to thank the sponsors of the report, Louisville Metro Council and NC3 for their generous support.