Home / Daily Dose / Uneven Road to Recovery Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Race for HQ2 Tightens Next: Working Towards a Common Goal Share Save Tagged with: Aaron Terrazas Foreclosure Great Recession HOUSING mortgage Zillow Aaron Terrazas Foreclosure Great Recession HOUSING mortgage Zillow 2018-11-07 Donna Joseph Though the median U.S. home is worth 9.8 percent more today than its pre-recession peak, the path to regaining home value has been uneven for the less-financially sound households even today. Median home values have recovered at a much faster pace in the country’s national market as opposed to nearby areas of the same markets, that faced a higher rate of foreclosures, according to an analysis by Zillow. In the aftermath of the housing crisis, numerous homes in several ZIP codes are still burdened. Zillow’s analysis titled, Uneven Recovery: Many High-Foreclosure ZIP Codes Haven’t Bounced Back’, points to ZIP codes with homes that suffered the highest foreclosure rates during the pre-recession period recovered at a much lower rate than homes in nearby ZIP codes with fewer foreclosures. Across the nation’s largest 35 metros, 54.3 percent of homes in areas with the fewest foreclosures have fully recovered, compared to on 39.1 percent of homes in areas with the most foreclosures.Commenting on the crisis, Aaron Terrazas, Senior Economist at Zillow, said, “The Great Recession is far in the rear-view mirror, but economists are beginning to ask how long the current economic expansion can run on. Communities that experienced the sharpest downturns a decade ago could find themselves confronting the next economic downturn–when it does eventually arrive–having not yet fully recovered from the last one.”Recovery overall has been slow in places like Riverside, California, compared to divergent metros in neighboring metros such as San Francisco, San Jose, Los Angeles, and San Diego, leading to wealth disparities. The analysis found that nearly half of the homes foreclosed across the country were in the bottom third in terms of value. In sharp contrast, high-foreclosure areas in Chicago and Miami recovered at a slightly higher rate.Twelve out of 19 cities with a disparity in recovery rates are perceived to have recovered from recession losses. In Atlanta, the median home value has increased by 13.6 percent compared to its largest pre-recession value. However, only 39.4 percent of homes in Atlanta’s high-foreclosure ZIP codes have recovered their pre-recession peak values, compared to 77.6 percent of homes in low foreclosure ZIPs. Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Market Studies, News Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago November 7, 2018 1,623 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Uneven Road to Recovery About Author: Donna Joseph Subscribe
For the 223rd Phi Beta Kappa Literary Exercises the weather was sunny, with a chance of fame.Onetime Supreme Court reporter Linda Greenhouse ’68, who gave the day’s oration, lent that idea some credence. Looking out over the Phi Beta Kappa (PBK) members assembled in Sanders Theatre, she said, “I’m speaking to at least one or two future Supreme Court justices — or at least I hope so.” Poet August Kleinzahler’s praise was oblique, but the idea was there. To the same audience he said, “You look like a clever lot.”The PBK Exercises, a tradition at Harvard since the 18th century, are an intellectual stereopticon, a dual taste of the literary. There is an address by a poet and another by an orator.Harvard President Drew Faust (right) chatted with Linda Greenhouse ’68, who gave the day’s oration.The New Jersey-born Kleinzahler, celebrated for his jazzy, modernist style, won a share of the 2008 National Book Critics Circle Award for his collection “Sleeping It Off in Rapid City.” Allen Ginsberg once described his work — often explorations of masculinity — as “chiseled.” Professor Stephen Burt called Kleinzahler’s poems “sometimes bitter, sometimes astonished.”Greenhouse, a PBK graduate of Radcliffe College, covered the Supreme Court for 30 years for The New York Times. The onetime Crimson writer won a 1998 Pulitzer Prize, was feted by seven of the nine justices at her 2008 retirement, and is now the Knight Distinguished Journalist-in-Residence at a certain law school in New Haven.If the two shared one message, it was: Look at the world the way it is. Greenhouse declared she would defy the historic topic of PBK addresses at Harvard — policy — and talk about personalities instead. Among them: Justice Sonia Sotomayor, who was elected to PBK at Princeton but had no idea what it was; and Justice Harry Blackmun, a 1929 PBK graduate and the subject of a Greenhouse biography. He arrived at Harvard College in 1925, and for four years was too poor to go home on holidays.The New Jersey-born Kleinzahler, celebrated for his jazzy, modernist style, won a share of the 2008 National Book Critics Circle Award for his collection “Sleeping It Off in Rapid City.”Kleinzahler’s featured personality was his own: the reader of three poems shot through with merciless precision about the real world. First was the title poem from “Sleeping It Off in Rapid City,” which occasioned, by the way, what was surely the inaugural imitation of a velociraptor in Sanders Theatre. He delivered the poem’s “Kwok, kwok, kwok” with a raptor’s energy. Then came bitter sensory touches, like this view of the highway outside South Dakota’s Rapid City:Through the buzzing, sodium-lit night Semis grind it out on the Interstate Hauling toothpaste, wheels of Muenster, rapeseed oil Blessed is the abundance, blessed the commerceGreenhouse followed with an oration, “The Sentence and the Parenthesis,” which was blessed with an abundance of hope. Justice Thurgood Marshall died in 1993, removing the last of the court’s true liberals, she said — and the question became: “Would the court hold fast to its ideals?” Would those ideals become a “sentence” (primary) or a “parenthesis” (secondary)?“It is certainly possible to see a reversion to type,” she said of today’s court, which she worries is poised to curtail the spirit of the Voting Rights Act and of affirmative action. But here is the hope, said Greenhouse: “We’re living through one of the greatest civil revolutions” — a time when gays can marry and openly serve in the military; when a black man is president; and when a woman is the president of Harvard. Such notions 20 years ago, she said, “would have seemed highly aspirational but deeply fanciful.”Meanwhile, in this culturally volatile American age, said Greenhouse, “the country has never been more in need of the values of PBK.”The winners of the Alpha Iota Prize for Excellence in Teaching were also announced during today’s exercises. For more on the winners.