Analysis of Economic Impact of Foreclosures on NYS Economy

County
Albany
Allegany
Bronx
Brooklyn County
Broome
Cattaraugus
Cayuga
Chautauqua
Chemung County
Chenango
Clinton
Columbia
Cortland
Delaware
Dutchess County
Erie County
Essex
Franklin
Fulton
Genesee
Greene
Hamilton
Herkimer
Jefferson County
Lewis
Livingston County
Madison
Manhattan County
Monroe
Montgomery
Nassau
Niagara
Oneida
Onondaga
Ontario
Orange
Orleans
Oswego
Otsego
Putnam
Queens
Rensselaer
Rockland
Saint Lawrence

Median Value
of Owner-Occupied
Housing
192,500
65,100
369,600
547,200
95,600
76,000
95,000
77,800
84,000
84,900
112,400
212,200
91,200
126,300
324,400
112,800
146,300
85,200
91,300
98,200
179,100
170,700
86,200
108,900
95,400
110,400
105,400

# of Estimated
Foreclosures
3,969
737
8,698
22,727
2,280
1,124
1,182
1,693
1,113
791
938
920
686
660
5,860
8,964
560
471
1,025
791
989
34
1,005
885
256
794
1,152

126,700
91,900
490,300
800,400
94,900
97,000
119,600
125,700
315,000
84,600
84,900
123,900
421,200
470,500
162,700
481,300
76,800

2,416
8,833
901
26,341
2,570
2,872
5,827
1,216
9,116
608
2,018
820
1,996
27,777
2,759
4,947
1,051

Empire Justice Center September 2011

DIRECT IMPACT (Decrease

in Value of Foreclosed
Homes)
$168,086,389

INDIRECT IMPACT
(Value Loss of Impacted
Homes*)
$343,813,068

$10,549,468
$707,268,200
$2,736,002,651

$1,446,684,954
$5,596,369,058

$47,956,788
$18,789,996
$24,700,120
$28,977,738
$20,570,743
$14,770,703
$23,197,990
$42,937,169
$13,756,626
$18,346,436
$418,210,771
$222,454,656

$855,431,123
$455,020,887

$18,017,798
$8,830,459
$20,578,565
$17,099,460
$38,956,443
$1,268,432
$19,059,020
$21,203,806
$5,373,650
$19,289,388
$26,701,980
$67,341,776
$178,580,194

$137,744,542
$365,277,669

$97,147,842
$4,638,267,373
$53,647,858
$61,293,726
$153,324,114

$9,487,365,080
$109,734,255
$125,373,531
$313,617,506

$33,641,032
$631,760,651

$1,292,237,696

$11,313,486
$37,697,607
$22,347,954
$184,945,269
$2,875,219,782

$5,881,131,371

$98,757,281
$523,821,518
$17,760,878

$1,071,453,105

Total Property
Value Loss
$511,899,456
$10,549,468
$2,153,953,154
$8,332,371,709
$47,956,788
$18,789,996
$24,700,120
$28,977,738
$20,570,743
$14,770,703
$23,197,990
$42,937,169
$13,756,626
$18,346,436
$1,273,641,894
$677,475,543
$18,017,798
$8,830,459
$20,578,565
$17,099,460
$38,956,443
$1,268,432
$19,059,020
$21,203,806
$5,373,650
$19,289,388
$26,701,980

Tax Loss
$3,122,587
$64,352
$13,139,114
$50,827,467
$292,536
$114,619
$150,671
$176,764
$125,482
$90,101
$141,508
$261,917
$83,915
$111,913
$7,769,216
$4,132,601
$109,909
$53,866
$125,529
$104,307
$237,634
$7,737
$116,260
$129,343
$32,779
$117,665
$162,882

Additional Costs to Local

Governments
$76,319,555
$14,163,924
$167,257,726
$437,023,151
$43,845,620
$21,609,619
$22,725,292
$32,555,090
$21,404,482
$15,206,438
$18,039,233
$17,685,691
$13,184,119
$12,696,452
$112,680,402
$172,371,880
$10,764,439
$9,058,947
$19,700,549
$15,219,659
$19,011,559
$649,483
$19,325,348
$17,018,448
$4,923,286
$15,271,560
$22,143,021

$205,086,318
$543,857,863
$97,147,842
$14,125,632,453
$163,382,113
$186,667,258
$466,941,621
$33,641,032
$1,923,998,347
$11,313,486
$37,697,607
$22,347,954
$184,945,269
$8,756,351,153
$98,757,281
$1,595,274,623
$17,760,878

$1,251,027
$3,317,533
$592,602
$86,166,358
$996,631
$1,138,670
$2,848,344
$205,210
$11,736,390
$69,012
$229,955
$136,323
$1,128,166
$53,413,742
$602,419
$9,731,175
$108,341

$46,456,017
$169,844,621
$17,318,301
$506,503,812
$49,410,607
$55,230,415
$112,050,372
$23,392,038
$175,297,627
$11,688,536
$38,809,684
$15,765,236
$38,378,578
$534,128,115
$53,053,689
$95,126,494
$20,213,300
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County
Saratoga
Schenectady
Schoharie
Schuyler
Seneca
Staten Island
Steuben
Suffolk
Sullivan
Tioga
Tompkins County
Ulster
Warren
Washington
Wayne
Westchester
Wyoming
Yates

STATE TOTALS

Median Value
of Owner-Occupied
Housing
211,700
153,300
133,400
86,600
87,500
461,000
79,500
430,000
181,000
94,800
155,000
239,500
169,900
128,400
105,400
559,800
93,200
110,900

11,592,400

# of Estimated
Foreclosures
2,751
2,581
641
217
429
7,934
1,365
40,260
1,794
800
794
4,072
1,125
1,335
1,208
10,421
484
292

250,873

DIRECT IMPACT (Decrease

in Value of Foreclosed
Homes)

INDIRECT IMPACT
(Value Loss of Impacted
Homes*)

$128,133,616
$87,039,453
$18,819,701
$4,127,699
$8,267,281
$804,640,285

$1,645,855,128

$23,865,397
$3,808,631,967

$7,790,383,568

$71,427,285
$16,684,053
$27,063,620
$214,566,230

$438,885,470

$42,048,802
$37,720,955
$28,004,319
$1,283,379,222

$2,625,093,864

$9,932,752
$7,114,339

$21,021,290,759

$39,981,471,877

Total Property
Value Loss
$128,133,616
$87,039,453
$18,819,701
$4,127,699
$8,267,281
$2,450,495,413
$23,865,397
$11,599,015,535
$71,427,285
$16,684,053
$27,063,620
$653,451,700
$42,048,802
$37,720,955
$28,004,319
$3,908,473,086
$9,932,752
$7,114,339

$61,002,762,636

Tax Loss
$781,615
$530,941
$114,800
$25,179
$50,430
$14,948,022
$145,579
$70,753,995
$435,706
$101,773
$165,088
$3,986,055
$256,498
$230,098
$170,826
$23,841,686
$60,590
$43,397

$372,116,852

Additional Costs to Local

Governments
$52,902,506
$49,625,857
$12,330,790
$4,166,047
$8,258,262
$152,557,957
$26,238,291
$774,166,851
$34,492,096
$15,382,512
$15,261,183
$78,305,068
$21,631,880
$25,677,437
$23,223,006
$200,380,810
$9,315,104
$5,607,083

$4,824,045,155

Source: U.S. Census Bureau, Dataset: 2005-2009 American Community Survey, Five Year Estimates, Table B25007, Median Value Owner-Occupied Housing Units.

1) Direct impact to foreclosed homes was calculated using methodology adopted by the Alliance of California for Economic Empowerment and the California and a decline estimate of 22%. The estimate number of
foreclosures is based upon Empire Justice Center's county by county projections, extrapolated from the Federal Reserve Bank of New York's foreclosure rates which were calulated from its March 1, 2011 dataset of 1
to 4 unit residential properties, and applying those rates to 2010 Census Bureau Summary File 1 counts of owner-occupied properties with morthgages. The 22% decline estimate is stated in the California reports to
be a conservative decline estimate within a range of 22% to 28% based on The Value of Foreclosed Property, Anthony Pennington-Cross, Marquette University and a RealtyTrac 2010 sales report.Reinvestment
Coalition in their September 2011 "Wall Street Wrecking Ball" reports with adopted methodology from the U.S. Joint Economic Committee and which we have applied to the 2005-2009 American Community Survey
median home values for owner-occupied units and a decline estimate of 22%. The estimate number of foreclosures is based upon Empire Justice Center's county by county projections, extrapolated from the Federal
Reserve Bank of New York's foreclosure rates which were calulated from its March 1, 2011 dataset of 1 to 4 unit residential properties, and applying those rates to 2010 Census Bureau Summary File 1 counts of
owner-occupied properties with morthgages. The 22% decline estimate is stated in the California reports to be a conservative decline estimate within a range of 22% to 28% based on The Value of Foreclosed
Property, Anthony Pennington-Cross, Marquette University and a RealtyTrac 2010 sales report.
2) Following the California reports model, neighboring home value decline was calculated using methodology from the U.S. Joint Economic Committee using Values," Dan Immergluck, Georgia Institute of Technology
and Geoff Smith, Woodstock Institute. median county home value from U.S. Census, decline in value of 0.9%, and applied to the Empire Justice Center's foreclosure estimates. For counties considered to be nonrural counties we have adopted the assumption that approximately 50 nearby homes will be impacted, approximating the number of homes to be encompased in a 1/8 to 1/4 mile radius in a typically concentrated
neighborhood. We not attempte to estimate, and have not included, any projections for impact costs in the 44 counties in NYS recognized as rural counties. The decline estimate follows the methodology of the
California reports and is based on what theyt state is considered to be a conservative decline estimate of 0.9% nd as described in: "The External Costs of Foreclosure: The Impact of Single-Family Mortgage
Foreclosures on Property . 3) Property tax losses were estimated using lost home values (foreclosed and impacted homes as described above) and using an effective tax reduction rate of 0.61% taken from the U.S.
Census and Tax Foundation.

Empire Justice Center September 2011

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