Foreclosure crisis in your neighborhood

Foreclosure crisis in your neighborhood

(WOIO) - It only takes minutes from downtown Cleveland to run into boarded up eyesores. Our Investigative Reporter Scott Taylor crunched some numbers and discovered the foreclosure rate in Cleveland could be flatting out.  The reason? A ton of foreclosures have already been processed.

Gus Frangos of the Cuyahoga Land Bank says, "It's good to have less foreclosure however with a community like ours it's not because the market has become so robust.  Part of it is because a lot of the distressed properties have already gone thru the system."

The current rate of foreclosures? 4.25 % in our area.  A slight increase over last year.  The national average is 3.35 %.

The non-profit government purposed Cuyahoga Land Bank is taking over eyesores and changing neighborhoods.

Scott Taylor points out the Cuyahoga Land Bank is taking vacant properties that are all boarded up and turning them into brand new renovated homes.

In two and half years the Land Bank has renovated more than 400 homes and demolished roughly 1200 properties in Cuyahoga County.

Gus Frangos says, "That's what I call the root canal that must occur. You have to remove certain blight and conditions in neighborhoods to stabilize them.  You can't stabilized something unless you stop the hemorrhaging."

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