Thursday, September 16, 2010

Cleveland Study Provides Roadmap for Other Cities Struggling with Foreclosure

New report from the Center on Urban Poverty and Community Development
Nationally, foreclosures are up 8.3 percent compared to last year, and the country is on a pace to exceed 3 million foreclosed homes by the end of the year.  With unemployment projected to remain high for some time, the foreclosure problem isn’t likely to subside anytime soon, which means cities all across the country must decide what they’re going to do with a glut of vacant homes that often lower neighborhood property values and invite crime.
One city—Cleveland, Ohio—has been dealing with this problem for some time now.  Because the foreclosure crisis struck early and hard in Cleveland, the city already has a track record of dealing with the problem that other cities may find helpful.
Cleveland’s response is detailed in this report conducted by Case Western Reserve University, Cleveland State University, and the Federal Reserve Bank of Cleveland.  What’s working in Cleveland is a combination of local governments, non-profit organizations, and community groups who mobilized to educate prospective home buyers, prevent foreclosures, and rehabilitate vacant properties.
Please share this report with others working to alleviate the effects of the foreclosure crisis. 
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