Cleveland Suburb Foreclosures Double Since 1998
One Cleveland suburb has seen a big jump in foreclosures. "The annual number of foreclosure cases filed in Cuyahoga County has almost doubled since 1998. At the end of April, the court had nearly 12,000 foreclosure cases pending, the highest volume in the state."
The writer attempts to lay off the problem to the county court, but one can't blame the judge for twice the number of filings.
"No firm figures exist, but the suburbs say that they have dozens, even hundreds, of empty homes. They worry that the homes will attract arson and other crime, reducing property values. 'The neighbors are just beside themselves,' South Euclid Mayor Georgine Welo said. 'Who wants to live in a neighborhood where you have these popping up all over?'"
"County Commissioner Tim Hagan wonders whether speeding foreclosures and putting a flood of homes up for sale would simply overload a weak housing market. 'We've got a serious crisis in that regard in Cuyahoga County,' Hagan said."
4 Comments:
yeteday at a party i overheard a few conversations. there was realtor, and a few other home owners. in no paticular order
owner1: " did you see greenspan is saying ther is a bubble"
myself " looks like he woke up a bit late"
realtor " there is bubble , with what every home/condo in diamond bar(suburb of la) more tha 500K"
owner2 " lot of people are still buying"
owner1 " they cannot buy with 30 year mortgage"
owner3 " who will buy less than 30 year fixed. whe i bought 20 years ago, i was afraid to buy even that"
owner2 " there are people who are buying and selling within 6-12 months. they dont need 30 year mortgage"
owner3 "what if they cannot sell"
realtor " they will go into foreclosure. already we are seeing big forecclosure numbers"
......
Please Please flood the market with foreclosed houses! Doing so might even make the cost of living so low for workers that non real estate related industry might be possible in the United States again.
Sounds like Cleveland is following the Detroit model for urban decay.
Cleveland is suffering from massive out migration... people are moving farther and farther away from the city-center. Note that the foreclosure numbers are for Cuyahoga County. Many people are moving out of Cuyahoga County to surrounding counties... counties in Ohio are small enough that it is easy to live in one and work in another. Thrre are actually healthy regions (some very healthy) in the surrounding counties, but there is no question that there are many neighborhoods suffering within Cuyahoga County. It is sad. I grew up in one of the surrounding counties (Lake County). People are leaving Cleveland and ruining the countryside in the outer counties by building McMansions, and they are also ruining the places they left by leaving them.
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