Thursday, September 26, 2013 at 8:08 PM
Foreclosures in Cuyahoga County have taken a dramatic dip in 2013, according to a group that tracks the data. ideastream's Bill Rice reports.
Foreclosures in the county have been trending downward since their peak in 2007, but 2013 is on track to seeing the lowest number in a decade.
According to a report by the Western Reserve Land Conservancy’s Thriving Communities Institute, foreclosures peaked at 12,634 in 2007, and in 2012 were still over 10,000. But the latest numbers show a marked decline for 2013, and if the trend continues this year’s number should be well under 7500.
Frank Ford, Senior Policy Advisor at the instutute, says while the drop in foreclosures is good news, “They’re still double the rate they were in, I guess we could say, a normal year, back in 1995 before predatory lending and subprime lending began to emerge. So we’re not out of the woods yet, but the dramatic drop is of course a good sign.”
Even the outer suburbs, which have been the exception to the downward trend, are seeing a significant drop this year.
But Ford says the county still faces the huge challenge posed by nearly 27 thousand vacant and blighted properties the mortgage meltdown left in its wake. He says not only does that translate to more than 50 million dollars in uncollected property tax, it also slows recovery of the real estate market.
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