Report: Cleveland housing market tells tale of 2 cities
CLEVELAND (AP) — A report says that ten years after the financial crisis a two-tiered housing market still exists in Cleveland, one of the hardest hit cities.
The report from the Western Reserve Land Conservancy says even as regional house prices return to their pre-collapse highs before 2008, longtime homeowners and residents in poor, largely minority communities are being left behind.
The Plain Dealer reports that median sale prices in 11 city neighborhoods in 2017 were less than a third of what they were in 2005.
Frank Ford is a senior policy adviser at the Western Reserve Land Conservancy. He tells the paper that the foreclosure crisis can’t be deemed over in Cuyahoga (ky-uh-HOH’-guh) County when residential problems continue to burden significant portions of the county.
Information from: The Plain Dealer, http://www.cleveland.com