Dr. Jim Shilling Comes Full Circle

Studying the impact of the economic crisis on housing policy for The Preservation Compact, Dr. Jim Shilling has come full circle.

“I started as a housing economist in 1981, trying to understand the shift in housing finance and economics in light of the savings and loan crisis.” 28 years later, Dr. Shilling finds himself researching housing finance and economics in the context of the current recession and foreclosure epidemic. “It’s amazing that we’re back to this point.”

Over the course of his career, Dr. Shilling has examined real estate investment trusts, mortgage securitization, commercial mortgage defaults, real estate asset pricing, housing finance and urban economics. Shilling is an Urban Land Institute Fellow, has served on The Federal Home Loan Bank Board, and has held leadership positions in various professional organizations and teaching positions at Cambridge University, the University of Wisconsin, the University of Pennsylvania's Wharton School and Louisiana State University.

Recently named Director of the Institute for Housing Studies (IHS) at DePaul University’s Real Estate Studies Department, Shilling hopes to use the depth and breadth of his perspective to shape the research arm of The Preservation Compact. “The economic climate has changed dramatically since the inception of The Preservation Compact. We need to assess the foreclosure problem, and its potential impact in dislocating multifamily properties from the affordable stock.”

In its most recent research, IHS has found nearly 35,000 units of multifamily housing in Cook County are currently in foreclosure.“Policy makers have done significant thinking about the single-family housing market, and developed resources for loan modification and enhanced liquidity,” Dr. Shilling explains. “Yet, foreclosed units in multi-family properties are ineligible for those resources.”

Applying his comprehensive experience to his position at IHS, Shilling hopes to develop recognition of the importance of the multi-family market, and influence policy to support multifamily stock.