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  1. The Great Unwinding: A View Framed By the Front Porch Presented by: Paul Bellamy, JD, Ph.D.Director of Development and Research

  2. S.S. REO Source: CoreLogic Mortgage Trends ,July 2011

  3. Ohio Slice $50,000 to $200,000 Loan Balances “Sweet Spot” for Shadow Inventory “Shadow Inventory” is a Huge Drag on Local Markets

  4. Source: CoreLogic Mortgage Trends July 2011

  5. An Explosion of Speculation

  6. Coring Down

  7. A Neighborhood “Micro-Market” in 1403.01

  8. A “Snapshot” of Market Activity December 2011 to May 2012

  9. Micro-Market Trends Q1 2008 to Q1 2012

  10. 15 Property Transfers

  11. One of 15 Houses with Transfer Activity Between 12/11 and 5/12

  12. Tracking Chain of Ownership 15 Properties, 49 TransfersQuarter Mile Radius PersonsCorporations Sheriff

  13. Corporations Are the Preferred Vehicle for Engaging in Speculation

  14. It Is the Corporate “Legal Fiction” That Creates the Very Real Destruction of Value • These Corporations • don’t mow lawns • repair windows • pick up trash and debris • answer for code violations • or even pay taxes

  15. Is it possible to capture these renegade “fictions”? Must we accept that corporations are beyond the control of fundamental community standards and laws? Will we continue to entitle them to be lawless?

  16. For Copies of this Presentation Contact: Paul Bellamy JD, Ph.D.Director of Development and Research ESOP pbellamy@esop-cleveland.org 216 296-0361