It is unfortunate that Ohio is at the 6th slot among the states that are severely affected by the foreclosure crisis in the country, according to data for the 2nd Quarter of 2008 from Realtytrac. Cleveland is one of the cities, aside from the Slavic Village, that is at the center of the foreclosure situation. If you can believe it, more than 120 Cleveland foreclosure homes are being sold for as little as $1. These homes have been on the market for more than 6 months and yet there are still no takers. The banks just want to unload them, hence the pricing.
Though it's really unprecedented, many buyers are making the most out of the situation. Where else will you get a 4-family house for that price? Although, it may take a while to get the value of investments back on track, at least you'll have a foothold in the real estate property market once it does pick up. Also, if you think about it, now, Cleveland is suffering but there's really nowhere else to go but up. The more people that invest in Cleveland, especially in buying these foreclosed houses will help keep alive these communities that have drastically been affected.
That is the biggest concern of the city because this kind of Cleveland foreclosure crisis not just affects the borrowers and homeowners that have lost their homes and dreams. It also affects the communities where they used to live, because their neighbors are the ones left to pick up the pieces. Houses that are foreclosed have a tendency to be neglected by the lenders to which they revert to. If the lenders are wallowing in too much inventory and too many losses, they many not even think of maintaining these homes.
Nonetheless, their have been many support programs for at-risk homeowners so they can at least work at saving their homes. Some, like Safeguard Properties, have given donations for foreclosure-related programs.