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RISMEDIA, March 27, 2008- Did you know that in America’s inner cities the foreclosure rates are two times higher than in the rest of the city and three times higher than elsewhere in the United States? This week, as part of the annual New York Inner City Economic Leadership Event, ICIC will release never before seen foreclosure data on inner cities and the possible effect these foreclosures will have on the economic stability of America’s most vulnerable urban areas. The Initiative for a Competitive Inner City (ICIC) is a national non-profit founded by Harvard Business School professor Michael E. Porter.

Although the foreclosure problem is fairly widespread across US inner cities – 70% have Real Estate-owned (REO) rates that are higher than in the rest of their central city – the problem is particularly acute in some areas.

 Inner City 2007 REO Rate 
 Detroit  3.7%
 Cleveland  3.0%
 Atlanta  2.6%
 Indianapolis  1.9%
 Akron  1.8%
 Stockton  1.7%
 St. Louis  1.6%
 Toledo  1.6%
 Sacramento  1.6%
 Kansas City  1.6%

In a roundtable discussion, moderated by Henry Cisneros, CEO of CityView and former U.S. Secretary of Housing and Urban Development and hosted by Porter and ICIC president and CEO David G. Latimore, national experts will discuss “Housing, Construction and Inner City Economic Development: Short-term Issues and Long-term Prospects.” The goal of the roundtable is to discuss research and recommend policy that can serve two critical goals. The first goal is to identify production and organizational models that will maximize employment, income, and entrepreneurial opportunities for inner city firms and workers over the long-term. The second is to consider private and public sector responses that could minimize the impact of the current housing crisis on inner city economic development.

Also at the event, ICIC will recognize Real Estate Developer Drew Greenwald and Abyssinian Development Corporation CEO Sheena Wright with the prestigious New York Inner City Economic Leadership Award.

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