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September 25, 2013

Newsnet 5: Cuyahoga Foreclosures Dropping

Stalling the Foreclosure Process: The Complexity Behind Bank Walkaways

Citing a new report from the Thriving Communities Institute, Newsnet 5 reported on September 23, 2013 that "Cuyahoga County foreclosure rates have dropped back to 2003 levels." Released a day prior, the Thriving Communities report "Foreclosure and Vacant Property Trends in Cuyahoga County" uses data from the Center on Urban Poverty and Community Development obtained via NEO CANDO (Northeast Ohio Community and Neighborhood Data for Organizing).

According to the report, 7,268 foreclosures have been filed in Cuyahoga County so far this year, significantly below their highest number of 12,643 in 2007. The last time the rate was this low was in 2003. Jim Rokakis, the director of Thriving Communities, believes that this is a good indicator that property values are beginning to recovery and that will help reduce future foreclosures.

Much of the data used in this report, including specific numbers of foreclosures in every community in the county by year, were retrieved from NEO CANDO, the freely accessible datasource maintained by the Poverty Center. Discussing questions for further consideration, his report also cited "Stalling the Foreclosure Process: The Complexity Behind Bank Walkaways," a report released by the Poverty Center in 2011. The above image is from this report.

The Center on Urban Poverty and Community Development is a research center at Jack, Joseph and Morton Mandel School of Applied Social Sciences, a graduate school of social work at Case Western Reserve University.