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September 26, 2013

Plain Dealer: Cuyahoga Foreclosures 10 Year Low

Stalling the Foreclosure Process: The Complexity Behind Bank Walkaways

The recent Thriving Communities Institute report that uses data from NEO CANDO has also been featured in "Cuyahoga County foreclosures headed for 10-year low" by the Cleveland Plain Dealer on September 26, 2013. While the number of foreclosures are down 30% from the high in 2007, the story and the report highlight continuing concerns.

Download the Thriving Communities report.

Frank Ford, the writer of the report, cautioned that the data says foreclosures are still double than the 1995 rate, are still climbing in the outer suburbs, and there are around 26,000 vacant homes that remain a burden on the community and recovery efforts.

Citing a 2011 Poverty Center report, "Stalling the Foreclosure Process: The Complexity Behind Bank Walkaways," Ford wonders if some of the foreclosure decrease is from banks giving up on properties and not filing foreclosure on them. The above image is from this report.

However, this downturn in foreclosures can hopefully offer a chance to continue efforts toward stabilizing the housing market in Cuyahoga.

Also read the Newsnet 5 story on this report from earlier in the week and a later story again from the Plain Dealer discussing the report. The Federal Reserve Bank of Cleveland also published similar findings in early October.

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.