CLEVELAND, Ohio – A recent study highlights that Cuyahoga County’s recovery from the 2007 foreclosure crisis is not countywide, especially with out-of-state and international investors taking notice.The report authored by local housing expert Frank Ford covers data through 2022 and is the sixth update of a report first issued in 2015.
In addition to saying that lenders were not doing to enough to meet the mortgage credit need that disproportionately impacts majority Black communities, outside investors were cited as a concern, saying they crowd out potential home buyers. Number of owner-occupied homes has been on the decline in the county over a 20-year period between 2000-2021, the report said.
In addition to the continued impact of outside investors flipping homes into rental properties, the report found that the low prices in these areas represent low equity and wealth, particularly for Black homeowners that have had their homes before the foreclosure crisis.