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September 01, 2007

Update: Behind the Numbers, Brief No. 6. Properties owned by financial institutions

behind the numbers

January 1, 2000 through September 1, 2007

It is now 6 months later and the Center on Urban Poverty and Community Development, using its NEO CANDO database, has updated the results of the Behind the Numbers Brief Number 6, Houses in transition: a report on properties owned by financial institutions and real estate organizations in Cuyahoga County, 2007.

Using the same methodology with 6 more months of data, it was found that between March 1, 2007 and September 1, 2007, the number bank owned residential properties has increased from 9,175 to 10,745, an increase of 17.1% (1,570). The rate of increase was 4% greater in the Cuyahoga Suburbs than it was in the City of Cleveland.

The neighborhoods that saw the greatest increase in bank/real estate owned properties were Mount Pleasant and South Broadway. In the suburbs, East Cleveland, Cleveland Heights, and Maple Heights gained the most properties of this type.

It was also found that of the 9,175 properties classified as bank/real estate owned on March 1, 2007, 2,949 had been transferred to other owners by July 31, 2007 (the most recent available transfer data in NEO CANDO from the County Auditor). The areas with higher concentrations of financial institution and real estate organization owned parcels saw the lowest percentage in properties being transferred to other owners.

Download September 1, 2007 Results

Download original report

View all Research & Publication Updates

Foreclosure Research from the Poverty Center

Facing the Foreclosure Crisis in Greater Cleveland: What happened and How Communities Are Responding
Trends in Home Purchase Loans
Beyond REO
Pathways to Foreclosure
Foreclosure and Beyond
Properties Owned by Financial Institutions

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