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Avondale, AZHousing Crisis: Impacts and Strategies
Avondale, AZ
2000: 35,883
(approximately 126% increase in population from 2000-2008)
1990: 16,169
2008: 81,299
Boom Times
• Residential Construction off the charts• Fast appreciation of residential values• New Retail • Revenue Growth healthy• Investors: Rentals and Flipping
Houston, we have a problem…
Foreclosures by SubdivisionFall 2008
High: 21%
Median: 7.2%
Low: 0.1%
City Sales TaxFY Monthly
Building Permits
Foreclosures -- Impacts
• Values plummet• Abandoned homes
– weeds– green pools– vandalism
• Partially-built/occupied subdivisions• Tons of “for sale” signs• Spirits plummet
In Depth Look: AvondaleResidential Foreclosures Since 2007
Current Total: 5110 of 20236 (25.25%)
Median Re-Sale Home Prices
2006: $255,000
Current: $105,000 (59% Drop)
New Home Sales Volume
2006: 1,139
2010: 82 (93% Drop)
Strategies• Public Relations/communication• HOA Coordination• Code Enforcement
– Clean and Lien– Definition of “responsible party”– Rental registration
Foreclosures Mitigation
• Purchase updated foreclosure data• Track all foreclosures through database• Regularly map• Update database monthly
Knowing where they are and the status
Foreclosures Mitigation
• Inspect every foreclosed home– Secure properties as needed– Treat pools for mosquitoes– Enforce property maintenance compliance
• Monitor and document condition until occupied
• Keep neighborhoods looking good
Proactive monitoring of ALL foreclosures
Foreclosures Mitigation
• Awarded $2,466,000 for foreclosure mitigation
• Consumer-driven homebuyer program• Acquisition – rehab: Energy Star Home• Demolished 4 blighted, multi-family
properties• Created a buzz on purchasing Avondale home
Use of federal Neighborhood Stabilization Funds
Foreclosures by Subdivision
Fall 2010
High: 10.7%
Median: 2.5%
Low: 0%
The Future and the Recovery• Inching our way out of the recession• Making things happen: City Center, American
Sports Center
Percentages of Foreclosures --
Subdivisions
2008 2010
High 21% 10.7%
Median 7.2% 2.5%
Low 0.1 0
City Center
City Center
American Sports Center