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George Nemeth · It’s Better to be a Homeowner in PA than Ohio?
June 16th, 2009
Taking this with a grain of salt since I don’t know if Greater Pittsburgh’s Braddock has an ArtsBraddock or a Beachland Ballroom type venue like I do in my neighborhood:
If you own a home in Ohio, you’re almost four times more likely to undergo foreclosure than if you live in Pennsylvania.That is the finding of a report by the Federal Reserve Bank of Cleveland, based on an analysis of foreclosure rates in Cuyahoga County verses Pittsburgh’s Allegheny County.
The report examined foreclosure rates in Greater Pittsburgh’s Braddock and Cleveland’s North Collinwood neighborhood, two areas with similar demographics as well as socioeconomic statistics…
via Rust Wire » Blog Archive » Why it’s Better to be a Homeowner in Pennsylvania than Ohio.
Last 5 posts by George Nemeth
- My letter to the Brad and Joe show - June 10th, 2011
- Creating Conversation - June 7th, 2011
- Justin Bibb on CLE and DET - August 23rd, 2010
- Cleveland International Film Fest Year 34 - March 18th, 2010
- A tale of town city workers - February 8th, 2010
June 16th, 2009 at 3:08 pm
One thing we found out from the Federal Reserve is that banks foreclose where they’re least upside-down, or where they still have some equity over and above the mortgage balance and the foreclosure fees. Cleveland still has intrinsic values for lenders; hence, one reason for there focus here–there’s still something left of value relative to the debt.
This may be one factor, something they’d rather not talk about or write about, but it’s there nonetheless.
Remember, too, we have an intrinsic wealth in our natural heritage–the fresh water, for instance.
June 16th, 2009 at 3:09 pm
“their focus”
sheesh!
June 18th, 2009 at 2:14 am
no way do they have a beachland ballroom or arts collinwood…
i agree g – our neighborhood is still better – hipper – nicer – more vibrant – and as tim pointed out – we live right on the great lake.
June 19th, 2009 at 9:37 pm
PA did not leave the subprime lenders run roughshod over their communities. more PA banks kept sortgages and did not securitise them. in essence, the bankers in PA did what conservative bankers do they realized that their futures depended on the viability of communities. In the now immortal words of Dave Daberko” who knew we would be left holding securitized loans we could not unload–the beginning of the end for NatCity picked up by a PA bank headed by no other than one of the Goldman Sachs boys who devised the beautiful scheme of securitization or mortgages. I love this–when he took over PNC he cautioned the board and his bank that they should stay out of securitization.