Monday, July 19, 2010

New stats show East side shouldering housing pain

Posted By on Mon, Jul 19, 2010 at 12:25 PM

Foreclosure_Next_Exit.jpg

No one really expected otherwise, but Northeast Ohio hasn’t cleared the foreclosure crisis yet, as new data indicates. The Plain Dealer has a story this morning on a round-up of mid-year stats complied by the data-mongers over at Case’s Center on Urban Poverty and Development, and the news ain’t pretty: there’s been a 12 percent increase in reported foreclosures in the first half of 2010. Like I said, this isn’t exactly news; experts have long predicted that the region’s crawl out of the aftermath of predatory mortgage lending would be an extended process. But what the new stats really highlight is how the disease isn’t quarantined within Cleveland’s city limits, but leaking like a BP rig out into the surrounding suburbs.

The county posted 7,440 foreclosures through June, a jump up from the 6,604 recorded in the same period of 2009. The city of Cleveland accounted for 3,202 of those foreclosures, which means the majority of listings are in the suburbs. But once you break down those numbers, it shows the East side is hefting more of the hurt, with 1,908 to the West side’s 698.

The PD article narrows the lens in on Solon, once a leafy gem on the very eastern edge of the county. Good schools, a high tax base, beautiful people, bowling — the city is generally regarded as one of the top towns in the outer rim. But even Solon is now seeing a dramatic increase in foreclosures: the city racked up 72 foreclosures in the first half of the year, an 18 percent increase compared to 2009.

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