1 in 13 Houses in Cleveland Vacant

With roughly 10,000 foreclosures in the last two years, Cleveland has been hit hard by the economic crisis.

1 minute read

March 9, 2009, 1:00 PM PDT

"Vacant houses are not a new phenomenon to the city. Ravaged by the closing of American steel mills, Cleveland has long been in decline. With fewer manufacturing jobs to attract workers, it has lost half its population since 1960. Its poverty rate is one of the highest in the nation. But in all those years, nothing has approached the current scale of ruin.

And in December, just when local officials thought things couldn't get worse, Cuyahoga County, which includes Cleveland, posted a record number of foreclosure filings. The number of empty houses is so staggeringly high that no one has an accurate count. The city estimates that 10,000 houses, or 1 in 13, are vacant. The county treasurer says it's more likely 15,000. Most of the vacant houses are owned by lenders who foreclosed on the properties and by the wholesalers who are now sweeping in to pick up houses in bulk, as if they were trading in baseball cards."

FULL STORY: All Boarded Up

Wednesday, March 4, 2009 in The New York Times

Community / Economic Development Ohio Mortgage Crisis Foreclosures Cleveland

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