2  BIS central bankers’ speeches  areas as appropriate for CRA consideration.2 In addition, the Federal Reserve has identified and shared a number of promising practices for dealing with foreclosed and vacant homes.3 While some cities are pioneering with land banks, others, such as Cleveland, Detroit, and Baltimore, are using data to plan for the future in ways that city governments wouldn’t have imagined just a few years ago.
Partnering with local foundations, universities, and community organizations, these cities are collecting extensive property data to identify neighborhood assets and build on those strengths.4 In Phoenix, local officials and non-profits are partnering with local realtors to match families with affordable homes for sale. Unemployment The foreclosure crisis that resulted from unsustainable subprime lending has persisted largely because of high unemployment rates.