Between 2007 and 2011, there were over 10,500 completed foreclosures in the City of Oakland.  While foreclosure activity peaked in 2008, the housing crisis has eased only in relative terms.  In 2011, there were still over 1,300 new completed foreclosures in Oakland, and after a brief period of decline between May and October, foreclosure activity was on a steep increase at the end of 2011. 

 

As the nation’s largest banks are paying multi-billion dollar settlements and being investigated by Attorneys General and other regulators, many of their servicing problems and abuses continue to hurt homeowners. A new report by the California Reinvestment Coalition (CRC) with data analysis by Urban Strategies Council, “Race to the Bottom: An Analysis of HAMP Loan Modification Outcomes by Race and Ethnicity for California”, reveals that California homeowners are having trouble accessing sustainable home loan modifications, and that borrowers of color are disproportionately facing specific problems that are making it more difficult for them to access modifications. The report analyzes recently released data from the Treasury Department about the HAMP program, in conjunction with CRC’s April/May 2011 survey of nonprofit housing counselors.

The findings of the report suggest that modifications are still hard to come by, and that servicers have not corrected many of the problems that have led to investigations of foreclosure abuses.
• Of 568,630 borrowers requesting loan modifications in California, 46% were denied immediately. A mere 23% of those who applied received a permanent modification. The other third of the applicants were either stuck in aged trial modifications or had their modifications cancelled.
• Principal reductions are nearly impossible to receive. In Los Angeles and Fresno, for example, only 5% of loan modifications included some degree of principal forgiveness.
• An astonishing 94% of housing counselors reported that homeowners are losing their homes while negotiating for a loan modification with their servicer (the “dual track” problem).
• Much of the data released from Treasury was incomplete or inadequate for true transparency.

 

Agency: FARES (http://www.corelogic.com)

Dataset	Foreclosure: Notices of Trustee Sales
Precision	Address level data has been aggregated to Block Groups, Census Tracts, city and county level.
Currency	Data represent foreclosure activity reported from 2006 through  2010.
Limitations	Data were compared with other commercial sources and are believed to be very accurate, although all sources differ on most indicators.
Contact	Contact the FARES directly.
Updates	These data will be updated on a quarterly basis.

 

 

 

 

 

 

 

 

 

 

 

Agency: Foreclosure Radar (www.foreclosureradar.com)

Dataset	Foreclosure: Notices of Default, REOs (Bank Owned Properties)
Precision	Address level data has been aggregated to Block Groups, Census Tracts, city and county level.
Currency	Data represent foreclosure activity reported from 2006 through  2010.
Limitations	Data were compared with other commercial sources and are believed to be very accurate, although all sources differ on most indicators.
Contact	Contact the ForeclosureRadar.com directly.
Updates	These data will be updated on a yearly basis.

 

 

 

 

 

 

 

 

 

 

 

This document is intended as a guide to help quantify the size of the foreclosure problem in Oakland as it relates to students enrolled in the Oakland Unified School District. It contains data linked with a proprietary method to combine three distinct datasets.
These tables were generated from three datasets:

• OUSD public school student database
• First American Real Estate Services (FARES) notices of default for Alameda County database
• FARES Adjustable Rate Mortgage (ARM) Loan database

The OUSD data used were those from the 2007-2008 academic year, the most current complete year currently available to us. These student level address records were matched to the Notice of Default addresses and the ARM addresses in the two housing datasets. This method does not capture all students as many had poor address information and many have moved since 2007-2008. Differences in address entry will also result in lower numbers than calculated. Some tables show 2008-2009 enrollment numbers for context as many schools size change significantly from year to year.
These data were calculated using all Notices of Default (NOD) that were filed between April 1,2009 and June 30, 2009- a fraction of the NODs to occur in Oakland this year. The adjustable rate mortgages linked were those adjusting between July 2009 and December 2010.

Full report available here.

 

REO Hotspots: Click on the map image for a full-screen map.