Foreclosures Hit Cleveland Hard

<p>This segment from <em>NPR</em> looks at the city of Cleveland and examines how foreclosures have devastated the city and many of its neighborhoods.</p>
May 27, 2008, 7am PDT | Nate Berg
Share Tweet LinkedIn Email Comments

"Since 2000, Cuyahoga County, which encompasses Cleveland, has recorded 80,000 foreclosures - the most per capita in the country. Nearly 19 percent of those foreclosures occurred last year, according to city statistics."

"The roots of Cleveland's ballooning foreclosure crisis took hold in the 1990s, according to county Treasurer Jim Rokakis. He says he began noticing an alarming increase in the number of home loans that had no visible means of support. Many borrowers were speculators who took advantage of offers touting no money down and cash back at closing."

"Often, a single speculator would buy up multiple homes, hoping to cash in at the close, Rokakis says. He cites one speculator who bought up at least five homes in Cleveland."

"'And until the bubble burst in sometime around October of 2006, it was a wondrous operation,' he says."

Full Story:
Published on Saturday, May 24, 2008 in NPR
Share Tweet LinkedIn Email