Cleveland Still Experiencing Fallout From Great Recession
In a Marketplace segment, David Brancaccio, Adrian Ma, and Katie Long look at the Great Recession's lasting effects in Cleveland. One neighborhood, Slavic Village, was hit particularly hard.
"Slavic Village became known as the epicenter of the foreclosure crisis, hit hard by subprime loans and fraudulent lenders. But the subprime crisis radiated beyond this small section of Cleveland, encompassing the greater area and state."
While the area has since recovered from the initial shock, Cuyahoga County still counts 4,000 foreclosures per year. Residents of Slavic Village, several of whom are quoted in the segment, have reacted in a mixture of ways. Some are pessimistic, but others praised the neighborhood's resilience.