Very true, and I forgot about those stats. I apologize for and retract the severity of my previous statement. :)

Very true, and I forgot about those stats. I apologize for and retract the severity of my previous statement. :)

 

You have got to get out of the Bronx! :wink:

Very true, and I forgot about those stats. I apologize for and retract the severity of my previous statement. :)

 

No need to apologize- I think that many people in the Cleveland area truly believe that things are worse here than anywhere else, and the (inter)national media coverage sure doesn't help. 

 

In my opinion, the media latched on to the crisis in Slavic Village and proceeded to dub Cleveland the "epicenter" of the foreclosure problem because Cleveland is an easy target.  We do have a foreclosure problem.  We also have a poverty problem, and I'm sure that doesn't help matters.  But worst of all, we have an inferiority complex- and that's what the media eats up.  Cleveland's the playground crybaby, and at the first sign of economic weakness, the media bully comes around and socks us in the gut because he knows that we're going to cry the hardest and the longest.

 

Hopefully, that will change.  Despite our problems, the City is turning around on so many levels, and eventually, even Joe Strongsville will realize it.  It'll take time, but it will happen.  The important thing is that we young, engaged people keep telling ourselves this, the best part of your post:

 

The important thing to remember is that this isn't the end of the world.

Thanks! I just think that people need to have more of an optimistic, hopeful attitude about this situation. I mean .. come on! Bad things happen .. but you rise up and don't let go of the vision for better things to come. Let the naysayers say what they want. Depression and bitterness and negativity is great .. I guess.

I'm not sure if this is the best thread to post this, but I came across a very interesting link from none-other then the Cleveland.com comments section.  According to an analysis by Fortune and Moody's, Cleveland is actually one of only five large cities in the nation that is predicted to experience appreciation in "upscale home" values (houses that sell for double the median home price).  In fact, Cleveland's appreciation will be the largest in the nation.  Minneapolis, Charlotte, Washington D.C., and most all the other markets that many around here have so coveted will all experience loses, according to this study.

 

It's surprising to me that the foreclosure crisis (real or imagined) is not expected to pull down the market as a whole.

 

http://money.cnn.com/magazines/fortune/price_rent_ratios/

Well, that's encouraging.

Shaker Heights a ghost town??

Great to that Cleveland's market is expected to rebound somewhat in the coming years.  Although, Shaker being a ghostown littered with vacant homes is news to me. :?

Yeah that Shaker is a ghosttown statement got my goat as well.  Especially when I know people are buying two million dollar homes.

MTS, as you write this, is your cardboard box climate controlled (I hope?).

I'm blessed.  My house is paid for.  I don't have to worry about any mortgage loans or refinancing.

Just a joke :)

Well, I just drove by Shaker Heights this morning. Yep, the guy is correct. All those multi-million dollar mansions are boarded up. They even boarded up Shaker Lakes. Some mortgage company repossessed the water.

Good one 3231, I had to send that to my Dad & brother!  :-D

the author of the shaker heights article was french and probably wrote it from Paris.  In fact the county has responded with this:

 

Jim R. January 29th, 2008 - 4:03 am

 

"I am the County Treasurer quoted in this story. This story has, or at least is SUPPOSED to be pulled from the wire service as of today–January 29th, 2008. The writer confused Slavic Village and/or Mount Pleasant in Cleveland with Shaker Heights, one of Cleveland’s more attractive and prestigious suburbs. Shaker Heights has a foreclosure problem–almost all of Cleveland’s suburbs are suffering from this scourge, but the scenes of devasatation described by the writer were in different communities altogether. What a mess. To the credit of the writer’s editor–Peter Mackler–the story was corrected and has been resubmitted."

 

The yahoo ap article has even replaced shaker heights with mount pleasant

http://news.yahoo.com/s/afp/20080129/ts_alt_afp/useconomypropertycleveland_080129013850

 

 

 

 

 

Eh, should have spell checked before he posted, devasatation is spelled wrong...

LOL WTF. I can't imagine a journalist confusing Indian Hill with Avondale. Or Bexley with Franklinton. Stupid journalists.

Eh, should have spell checked before he posted, devasatation is spelled wrong...

 

No, that's how you spell devasatation!  :-D

If it's on the internet, it's gotta be true!

the author of the shaker heights article was french and probably wrote it from Paris.  In fact the county has responded with this:

 

Jim R. January 29th, 2008 - 4:03 am

 

"I am the County Treasurer quoted in this story. This story has, or at least is SUPPOSED to be pulled from the wire service as of today–January 29th, 2008. The writer confused Slavic Village and/or Mount Pleasant in Cleveland with Shaker Heights, one of Cleveland’s more attractive and prestigious suburbs. Shaker Heights has a foreclosure problem–almost all of Cleveland’s suburbs are suffering from this scourge, but the scenes of devasatation described by the writer were in different communities altogether. What a mess. To the credit of the writer’s editor–Peter Mackler–the story was corrected and has been resubmitted."

 

The yahoo ap article has even replaced shaker heights with mount pleasant

http://news.yahoo.com/s/afp/20080129/ts_alt_afp/useconomypropertycleveland_080129013850

 

 

 

Thanks kal-el.  I was sort of waiting for the other shoe to drop on this given the Rokakis quotes.

 

"Thanks kal-el.  I was sort of waiting for the other shoe to drop on this given the Rokakis quotes."

 

 

No problem.  I am in the process of writing an article about French neighborhoods that I am not familiar with. 8-)

French reporter's faux pas confuses Cleveland and Shaker Heights in report

By Karl Turner, The Plain Dealer

January 29, 2008, 3:05PM

 

A reporter from Agence France-Presse, the world's oldest established news agency, visited Northeast Ohio recently to report on the devastation wrought by the subprime lending crisis.

 

The story was rich in detail: "The streets are empty. Trash rustles down the road past rusted barbecues, abandoned furniture, sagging homes and gardens turned to weed.

 

This is Shaker Heights."

 

Uh, no, it isn't. He was talking about Cleveland....

 

 

 

more at:

http://blog.cleveland.com/metro/2008/01/french_reporter_makes_whopping.html

Well you know how those snooty Shaker folks are.  People are upset.  My brother said people at work were asking him what is he going to do about the declining value of his home.  Another woman said, well if shaker goes down, they'll take Cleveland Hts. with them.

 

I'm just glad that I live in Cleveland  :-D

Well you know how those snooty Shaker folks are.  People are upset.  My brother said people at work were asking him what is he going to do about the declining value of his home.  Another woman said, well if shaker goes down, they'll take Cleveland Hts. with them.

 

I'm just glad that I live in Cleveland  :-D

 

Snooty?  Offense taken.  Just kidding.  I only snoot when absolutely appropriate. :laugh:

 

You're right though, it appears that many people were upset about the article.  What would you say if there was a similar article saying how shaker square had gone completely down hill in that last few years and he/she happened to be talking about a completely different neighborhood?  I would take offense to that and I don't even live in shaker square (although I sometimes feel like I am personally responsible for 50% of Yours Truly's income). 

Here's a new article about "America's Hardest Hit Foreclosure Spots" from Forbes that — GASP! — doesn't make one mention of Cleveland or Cuyahoga Country.  Cuyahoga isn't even among the 50 hardest-hit counties in the nation, according to the slideshow linked to the article.  However, Cook (Chicago), Fulton (Atlanta), Orange (Calif.), Hennepin (Minneapolis), Prince William (Washington D.C.), and Allegheny (Pittsburgh)all make the list.  Which makes me begin to think...why is it that Cleveland has been picked on so?  While I can't believe that there is a national conspiracy (well, now I guess I should say international conspiracy) to make Cleveland out to be some unlivable war zone, it seems that some mighty lazy reporting has led to it being grossly misrepresented.

 

http://www.forbes.com/2008/01/27/homes-underwater-foreclosure-forbeslife-cx_mw_0128realestate.html?feed=rss_popstories

Who is most feeling the crunch? Using data from RealtyTrac, which tracks foreclosures using data from multiple listing services, bank-owned property records, bankruptcy records, loan histories, tax liens and lender information, we evaluated which of the nation's counties had the most negative equity loans, by examining all loans currently in foreclosure.

 

This list is not counting foreclosures with positive equity.

That's a good point, Florida Guy.  These Forbes rankings always seem to have misleading titles.

 

Here's a national foreclosure map (wish it was bigger)

 

http://www.theatlantic.com/images/issues/200801/win-map-large.jpg

 

http://www.theatlantic.com/doc/200801/home-foreclosure

Another reason I think Cleveland gets a lot of the headlines is due to the State of Ohio's foreclosure timeline.  To keep it simple, Ohio is a long foreclosure state, meaning there is more time (2 years on average) from the time of "foreclosure" to "real estate owned".

 

In contrast, look at Texas.  It is generally considered a growing state with expanding cities.  Yet by volume, it leads the nation in number of foreclosures (or has in recent years).  However, the timeline there is short, meaning once you go into foreclosure, the bank is going to own your property pretty quickly (6 months).  So there is more churn, less empty/abandoned houses, and less time for a disgruntled homeowner to neglect thier soon to be former property.

 

I guess my point is foreclosure laws vary state to state and Ohio's foreclosure laws extend the process.  While it's supposed to be favorable to the consumer, it actually makes things look worse than they are.

^Those are good points.  In general, I think the media do a poor job describing the nuances of the foreclosure phenomenon (although not all are as bad as AFP in the Shaker Heights debacle).

 

For one thing, there are multiple foreclosure trends occurring all at once, which is why such unalike areas as exurban Denver and inner city Cleveland show up as hot spots.

I'm blessed.  My house is paid for.  I don't have to worry about any mortgage loans or refinancing.

 

MTS,  Now's the time to finance it at these low interest rates, and invest the money into something safe!!  You should easily be able to make money vs a 5-6% home loan.

For one thing, there are multiple foreclosure trends occurring all at once

 

Another point people tend to forget is a lot of sub prime loans were 80/20 loans to get around deposits and PMI...So in many cases a single house had two foreclosures on it at the same time...Not saying it isn't bad, but it can make the numbers look a lot worse...

 

I agree the long foreclosure time definitely plays a role to...2 years till bank owned is a long time to let a house sit...It just begs for trouble...Good points shs96...

National news....but very applicable to Cleveland:

 

http://www.usatoday.com/money/economy/housing/2008-02-11-countrywide-foreclosure-subprime_N.htm

 

Countrywide plans to help more avoid foreclosure By Alex Veiga, AP Business Writer

 

LOS ANGELES — Countrywide Financial (CFC), under pressure to help stem growing home loan defaults, says it will expand programs to help borrowers stay in their homes regardless of the type of subprime loan they have or whether they have already fallen behind on payments.

 

Details of the initiative, the result of a pact with a national community advocacy group, were to be disclosed Monday. The announcement was postponed last month after Countrywide agreed to be acquired by Bank of America (BAC) for $4.1 billion in stock...

 

http://www.usatoday.com/money/economy/housing/2008-02-11-countrywide-foreclosure-subprime_N.htm

 

 

Activists bare teeth over foreclosures

By ADAM GELLER, AP National Writer

Sat Mar 1, 12:42 PM ET

 

CLEVELAND – Folks on Humphrey Hill Drive were still waking up on the icy Saturday morning the shark hunters came to town. They rounded the suburban traffic circle in a pair of rented school buses after a half-hour ride from far more modest neighborhoods, rumbling to a stop at the Garmone family's driveway. Forty-two caffeinated Clevelanders piled out, their leaders carrying bullhorns.

 

http://news.yahoo.com/s/ap/20080301/ap_on_bi_ge/the_shark_hunters_4;_ylt=Aiuhnh2PKbRmynMaLgKuwLUE1vAI

$15 bus tour gives buyers look at foreclosed properties

Posted by Associated Press

March 20, 2008 11:54AM

 

A real estate agent is offering a tour of foreclosed homes in suburban Cleveland for $15 and will take bids right on the bus.

 

RE/MAX agent Al Stasek says his goal is to get people into the houses and raise the value of neighborhoods hit hard by the subprime mortgage meltdown ...

 

... For more information, please visit http://blog.cleveland.com/metro/2008/03/15_bus_tour_gives_buyers_look.html

Why not tours IN THE CITY proper?

 

People going on those tours are probably looking for a bargain and wont be able to pay any associated fees that come with some foreclosed properties in the 'burbs.

 

Now.... if only my neighbor's unit would go into foreclosure!

Ok, I mean I get it that Cleveland has a foreclosure problem and other problems, but why is the city consistently chosen as the poster child for this?  Arguably the problems in general in cities like Detroit are far worse.  Yet it always seems that publications have to choose Cleveland to talk about.  Just again today the Journal had a front page article talking about local homebuilders going out of business - in Cleveland or course.  I think enough is enough.  Cleveland has been covered to death, why not look at other places for a change?

 

I am sure the PD is like a little greedy kid "ooooh, ooooh, pick me!" when they are handing out these honors

Another interesting article from an outsiders perspective.  Although some of the details are a little off, still interesting from the UK view of America/Cleveland:

 

 

Welcome to Cleveland, the sub-prime capital of America

http://www.dailymail.co.uk/pages/live/articles/news/worldnews.html?in_article_id=541833&in_page_id=1811

Another hatchet job on Cleveland.  Well, I supposed what they say is true.  But if there were a real "ground zero" for foreclosures it would be California, which has a higher percentage than Ohio and worse home price declines to boot, but that doesn't fit with the preferred narrative of Midwest decline.

 

Cleveland is 7th with Stockton, CA. at #1. I think they tend to focus on Cleveland, more specifically, Slavic Village because of the way it has negatively affected that particular neighborhood. I believe when broken down by zip code that area has the highest rate of foreclosures in the US.

Yet it is still inaccurate and irresponsible journalism.

There was an interesting table in the following WSJ article:  http://online.wsj.com/article/SB120640573882561087.html?mod=todays_us_page_one

 

I for one didn't expect Chicago to be #1. 

 

Read the whole article for the color commentary...

 

 

I thought Boston, DC or Philly would be number 1.  Glad we're not.

Good news!!

 

FOR IMMEDIATE RELEASE

April 16, 2008

Media Contact: Erin Biehl, [email protected]

(614) 387-2863 (office) or (614) 307-3772 (cell)

 

EFFORTS TO REDEVELOP CLEVELAND AREA VACANT PROPERTIES APPROVED FOR FUNDING BY OHIO HOUSING FINANCE AGENCY BOARD

More than $19 million in funding for affordable housing also approved at meeting

 

COLUMBUS — Six Cleveland area neighborhoods are looking forward to revitalization efforts that will encourage new homebuyers to invest in their communities. Today, the Ohio Housing Finance Agency (OHFA) Board approved an award of $1.5 million in Ohio Housing Trust Funds and a $1 million Housing Development Loan to assist the vacant properties redevelopment initiative in Cleveland.

 

Through this initiative, Neighborhood Progress Inc., the Cleveland Housing Network, the City of Cleveland, and six local community development corporations plan to revitalize six model blocks in the Buckeye, Detroit Shoreway, Fairfax, Glenville-Wade Park, Slavic Village and Tremont West neighborhoods. OHFA’s funding will help the development team reclaim and rehabilitate 50 homes for both homeownership and short-term lease purchase...

 

http://www.ohiohome.org/newsreleases/rlsboard_apr08.htm

 

 

# # #

Foreclosure fight may need local touch-Cleveland Fed

Wed Apr 15, 2009 10:09pm BST 

By Kristina Cooke

 

NEW YORK (Reuters) - While the U.S. foreclosure crisis is a national phenomenon, tackling it may require a more local approach, according to a study by the Federal Reserve Bank of Cleveland.

 

The study found that two neighborhoods that look similar on paper -- North Collinwood in Cleveland and Braddock, a Pittsburgh borough -- had significantly different foreclosure rates....

 

(Reporting by Kristina Cooke; Editing by James Dalgleish)

 

http://uk.reuters.com/article/globalClimate/idUKTRE53E6YK20090415?pageNumber=2&virtualBrandChannel=0&sp=true

 

 

 

 

 

Thank the Ohio Supreme Court for this, which is 7-0 Republican.  I'm just saying.  Cleveland was sued for having a strict predatory lending law, and was told it's a state matter because that's how the financial industry wants it.