2005/06/15 Council Agenda Packet

This finding is borne out by an examination of actual mortgages executed within the affected census tracts of the Control and Study Areas, as well as real estate listings at the 1000 -foot level Using mortgage and real estate listing data we find that, while consistent with the Census data findings, the disparities were more acute. Average mortgages at the tract level were 527,872 vs. $21,605 in the Control and Study Mea tract clusters respectively: At the 1000 -foot level, real estate listing values in the Control Areas dropped to 516,038 while Study Area listings increased by approximately 10 percant over the average mortgage value in the tract clusters of the Study Area. It would appear that, while property values at the tract cluster level are appreciably higher surrounding the Control Areas, housing within the Study Areas themselves is, on the average, of distinctly higher value than housing stock in the Control Areas. TIME SERIES ANALYSIS RESULTS During the period 1979 through 1982, mortgages procassed in the Control Areas of the study showed an average annual appreciation rate of +24,7 percent. Ouring the same time frame, mortgages appreciated at an average annual rate of only +8.7 percent in the Study Area. In comparison, residential mortgages in Center Town- ship appreciated at a +16.7 percent average annual rate for the period. AVERAGE MORTGAGE VALUES 1979 - 1382 1979-1982 1979 1980 1981 1982 $ Chancre Control Areal $16,038 $21,687 S22,650 $28,420 + 77; Study Areal 23,823 25,432 30,364 30,090 + 26: Center Township2 16,100 17,178 18,903 25,099 + S6; l.Sourcn:lndianapolls Multiple Listings for Residential Prop. 2.Sourct:Home Mortgage Disclosure Act Statements. E VER00040 29