DS News - Digital Archives

FROM OUR DESK The Public Mission Some say the catalyst for the housing market's recovery is to focus on doing right by America's local communities, and it's this ideal that has led us here at DS News to take a closer look at what we're calling "the Public Mission." the large volume of vacant and distressed properties throughout the country," Federal Reserve Governor Elizabeth Duke said in a speech she gave on October 5th at a conference sponsored by the Nelson A. Rockefeller Institute of Government and the Federal Reserve Bank of New York. Duke's words ring true for those buying in to the Public Mission. The foreclosure crisis "In order to see the robust economic recovery we all want, we need to deal effectively with default servicing | in print and online vol. 10 no. 11 formerly publisher magazine editorial director dsnews.com editor staff writer contributing writers copy editors editorial advisory board Mark Hulme Carrie Bay Esther Cho Tory Barringer Jimmy Alvarez, Keith Button, Kellie Chambers, Stephen Faulkner, Jose Garcia, Bill Ireland Heather Hill, Alison Rich, Dianne Sargent, Cassie Smith, Emily White Youree Gerald B. Alt, LOGS Network Amy Crews Cutts, PhD, Experian Ed Delgado, Wingspan Portfolio Advisors Jeffrey Jaffee, CitiMortgage Rick Sharga, Carrington Mortgage Holdings David A. Trott, Esq.,Trott & Trott P.C. and housing downturn have cut a wide swath of damage and blight through America's neighborhoods. The devastation that's been left behind is burdening our communities, depressing once-thriving housing markets, and impeding the nation's economic recovery. It's time to rebuild our neighborhoods. The Federal Reserve Bank of Cleveland conducted a study to examine the impact vacant and foreclosed homes have on neighboring properties. They concluded a home that is simply foreclosed, but not vacant, lowers neighboring property values by up to 3.9 percent. But if a home is foreclosed, tax delinquent, and sitting vacant, neighboring property values plummet by nearly two and a half times that amount, Duke told conference-goers. "Moreover, properties that have been vacant for a substantial period of time can impose even design director of sales advertising art director: Jonathon Won creative director: Jason Stone Pete Stanton: 214.525.6751 national account sales Andi Zimmerman: 214.525.6700 Jason Myers: 214.525.6760 senior account executive Donna Lott: 214.525.6792 account executives Thomas Griffin: 214.525.6754 Ryan McLemore: 214.525.6723 Robyn Clayton: 214.525.6716 larger costs on the community, and all too often, the private market is not likely to solve the problem on its own. In such cases, government authorities and public resources may be required," Duke said. Writer Bill Ireland explores this concept in this month's cover story. Flip to page 52 to see how nonprofit housing organizations are partnering up with industry professionals, lenders, investors, and city officials to minimize neighborhood blight caused by vacant foreclosed properties and, when possible, put those homes back into the hands of responsible borrowers. Working in harmony with local municipalities and community governing bodies takes center circulation and legal league 100 social media ds news black book corporate office Chasity Clary Kelli Snowgren: 214.525.6786 Melissa Martin 1909 Woodall Rodgers, Suite 300 Dallas, Texas 75201 Phone: 214.525.6700 stage in this issue. Jimmy Alvarez of Financial Asset Services writes on navigating the nuances of vacant property registration ordinances, and Safeguard Properties' Kellie Chambers discusses the issues REO owners and their property preservation partners face from homeowner associations and how to overcome them. Resuscitating our housing markets and returning stability to our local communities is going to take collaboration between a host of different parties, but the one thing these different parties have in common is a shared goal of furthering the Public Mission. Have you witnessed a successful team-up between a nonprofit group and a bank or field services company in your local market? Maybe another odd-couple pairing that's made a difference in your community, cleaning up the wreckage of the foreclosure crisis? Share their story and drop us a line at editor@dsnews.com. Perhaps others will read about their efforts and follow their lead. It could be the start of a newfound, collective sense of social responsibility to mend one of the deepest wounds of this downturn, and that's the impact it's had on America's neighborhoods. From the DS News Editorial Team chief creative officer chairman and chief financial officer chief operating officer director of accounting marketing design production social media economist corporate office Mark Hulme John Harrison Rick Creel Ernest Gillespie Travis Bogdon Matt Hulme Sheila Raper Sean Walker Jason Stone Jonathon Won Chris McKee Christian McCrossan Daniel Meeks Melissa Martin Mark Lieberman 1909 Woodall Rodgers, Suite 300 Dallas, Texas 75201 Phone: 214.525.6700 Follow DSNewsDaily on No part of this publication may be reproduced without written permission from the publisher. ©2012 REO Publishing LLC All Rights Reserved CORRECTION: The cover story of our October issue, "Short Sales Gaining Traction," incorrectly referred to RES.NET's Angela Hurst as the company's SVP of settlement services. She is RES.NET's SVP of business development. 4 This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials.

• Cover