Difference between revisions of "Statistical Analysis of PARC Near West Side"

Revision as of 17:34, 23 June 2016

Promoting Assets, Reducing Crime
Non-profit organization
Funded by Aurora Health Care, Harley-Davidson, Marquette University, MillerCoors and Potawatomi Business Development Corporation.
Engagement with neighborhood including residents, employers, employees, students, and visitors

Goal: Set up a regression model to identify zombie properties in Near West Side.

When lender proceeds foreclosure with a notice of it to the homeowner, so the homeowner moves out from the property
Unexpected dismiss of foreclosure -> lender is not required to notice the homeowner that foreclosure hasn’t been finished
The owner thinks that he/she does not own the property since foreclosure has begun, but actually the property still belongs to the owner with unfinished foreclosure
Most of the time, this is more common in low-income areas where the lender does not care about responsibility of the property and just wants to save costs that are related on keeping the property

Still has legal obligations to pay debts and expenses of properties
The tax collector may come looking to collect back property taxes
An HOA may file a lawsuit to recover unpaid assessments
Could be threatened with fines for not complying with housing codes and ordinances (could lead to jail time in some instances if he/she doesn’t meet repair deadlines)
The local government may send he/she a bill for yard maintenance, repairs, trash removal, and/or graffiti scrubbing
Credit score will get lower from unpaid bills along with foreclosure procedure

Drags down the value of the entire neighborhood when there are properties are vacant and show obvious signs of neglect
- No maintenance Taken care of
- No Lawns are mowed
- Not shoveled sidewalks when it is snowing
- Not fixed broken window
- Thieves stealing the piping, wiring, sometimes even appliances in the property
- Squatters may occupy the dwelling
These unattended zombie properties are also susceptible to vandalism, squatters, and crime

Stay at your home as long as possible even when there is foreclosure notice
Confirm whether the title has been transferred or not
- Go to the county recorder's office in which the property is located to make sure a new deed has been recorded
- Check your local county recorder’s website

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 ==Identifying Zombie Properties==
+Goal: Set up a regression model to identify zombie properties in Near West Side.
 ===Definition of Zombie Properties===