Some good news for the Greater Cleveland area: the rate of foreclosures is seeing a slow, steady decline.
Real estate tracker CoreLogic has new data out showing the latest foreclosure rate for the Cleveland-Elyria-Mentor area is 3.5 percent, down dramatically from 4.3 percent last year at this time.
Wade Steen, Fiscal Officer for Cuyahoga County, says he’s got a “gut feeling” about what’s behind the drop in foreclosures….
“Lending requirements are getting a little bit tighter, and you’re starting to see foreclosure rates come more in line with what was historically the norm," explains Steen. "We did spike there at one point and that can be attributed to predatory lending, which we know occurred in Cuyahoga County. And lending requirements were a little bit more lax. Now as lending requirements tighten up a little bit more, you’re starting to see the number or percentage of foreclosures come more in line.”
Steen adds that the improving economy and job numbers are also helping boost the Cleveland area’s real estate fortunes. And while the area’s unlikely to see gains in home values up in the double digits anytime soon, he figures it’s safe to assume that 2013 will end with many increasing by 2 to 3 percent.