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Cleveland inner-ring suburbs still in housing distress, according to new study

Posted: 10:45 PM, Jan 29, 2018
Updated: 2018-01-30 10:33:17-05
CLE inner-ring suburbs still in housing distress
CLE inner-ring suburbs still in housing distress
CLE inner-ring suburbs still in housing distress

A new study indicates Cleveland's inner-ring suburbs are still dealing with a good deal of housing distress, despite a significant drop in foreclosures and highly rated housing stock.

The interactive report , assembled by the Western Reserve Land Conservancy and Dynamo Metrics includes;  South Euclid, Euclid, Maple Heights, Garfield Heights and Warrensville Heights.

The report rated 98% of the housing stock in these communities as being either excellent or good, but shows growing tax delinquencies and dropping homeownership.

Property values are recovering in these communities, but still aren't at the levels that were seen in 2000 and in 2005.

South Euclid commissioned the study through a grant from the Cleveland Foundation.

Jim Rokakis, with the Western  Reserve Land Conservancy, told News 5 leading northeast Ohio banks need to play a role in the recovery.

"Part of the reason tax delinquencies have begun to move up is because you can't get traditional bank financing in some of these communities, because they don't want to bother with loans under $50,000," said Rokakis.

"You keep thinking that it's somebody else's problem, you're wrong. If that community is weak, it effects the tax base, it effects the adjoining community and ultimately it effects you."

South Euclid Mayor Georgine Welo told News 5, Mayors from all 5 cities will be organizing a meeting with local banks, hoping to get them to commit to a greater number of mortgages in their communities.

"They don't understand that they're not going to lose on these loans, that the people in our community, the median household income is $70,000," said Welo.