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."