Behind the Numbers report shows much lower home purchase lending levels in 2008
The Center on Urban Poverty and Community Development's November 2009 Behind the Numbers takes a closer look at trends in ‘home purchase loan’ originations in Cuyahoga County and the City of Cleveland through the period 1995-2008.
Using data from the Home Mortgage Disclosure Act (HMDA) database, it was found that that conventional mortgage lending has fallen precipitously in Cuyahoga County, as in the nation as a whole. In 2008, Cleveland saw only 1,863 mortgage loan originations; a 74% decrease from its 2005 high. The trend in Cuyahoga County is similar, with only 10,156 mortgage loan originations in 2008; a 60% decrease from its 2005 high.
The near elimination of high-cost loans is responsible for a disproportionate share of loss, especially in Cleveland. Government-backed loans have picked up to a modest degree, and with their solid underwriting standards they are welcome after the glut of subprime lending that drove the recent foreclosure crisis.
Visit NEO CANDO, the Poverty Center's Neighborhood Information System
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
Pathways to Foreclosure
Foreclosure and Beyond
Properties Owned by Financial Institutions