This is a text-only page produced by the demo version of Usablenet Assistive: the actual content starts below this notice. For more details go to Lift Assistive Help Center.
Foreclosure-tainted houses have caused home prices in Cleveland and many East Side suburbs to plummet in 2008 as banks and lenders unload their damaged goods at rock-bottom prices.
The median home sale price in the city of Cleveland has dropped an astonishing 75 percent compared with the first six months of last year - from $62,000 to $15,500.Maple Heights, Garfield Heights, Euclid, Bedford Heights, Warrensville Heights, East Cleveland, Cleveland Heights and South Euclid - communities that have had large numbers of foreclosures - have seen precipitous declines in home prices this year as well.
Countywide, the glut of foreclosed homes has sent the median sales price tumbling from $120,600 to $84,000 for the first six months of the year. That is a decline of 30 percent. Excluding Cleveland, the countywide drop is 14 percent.
"I've been in this market for 20 years, and I've never seen it at this level," said Cleveland City Councilman Tony Brancatelli, whose ward includes foreclosure-ravaged Slavic Village. "This is where we have to sound the alarm for what we need to do in the city."
Click here to read the rest of this story.
Interactive Map: See how home prices have fared in your community.
Related: The little banks that could . . . avoid the mortgage mess
California couple buying dozens of Cleveland homes
In-depth: Get the latest news on the foreclosure crisis.
Why not show the housing market in Cleveland with a perspective on neighborhoods? Downtown Cleveland is doing much better than some suburbs but that positivity gets lost because of what's happening in southeast Cleveland.
The sad thing is that downtown Cleveland is only small part of Cleveland
Open the original version of this page.
Usablenet Assistive is a UsableNet product. Usablenet Assistive Main Page.