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Ohio


New foreclosures hit Cleveland's inner-ring suburbs hard
Subprime problems and more attractive properties may be why
Story by SIMON HUSTED


 

The inner-ring suburbs of Cleveland continue to be hit hard – harder even than the inner city – by foreclosures.

The report on May foreclosures by RealtyTrac shows Cuyahoga County continued to lead the state with nearly 1,500 foreclosures. Two thirds of those were in Cleveland city limits. But four suburbs – Euclid, Bedford, Maple Heights and Solon all had a higher rate of foreclosures.

Former Cuyahoga County Treasurer Jim Rokakis now directs the Thriving Communities Institute, which is trying to fight foreclosures.

He says the reason for the higher rates in the suburbs is two-fold: Sub-prime loans – responsible for much of the housing collapse -- often followed minority populations when they moved from the city to the nearby suburbs. And banks are more likely to go after properties in the suburbs than the inner city.

Rokakis on cause of suburban rates

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“It doesn’t mean there aren’t properties that could be foreclosed in Cleveland, but the state of those neighborhoods is so poor that banks are opting not to foreclose in those communities. They’re foreclosing in the communities you’ve list because they will get value for their foreclosure.” 

Rokakis expects no  significant decline in foreclosures until 2014 or 2015.


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