April 24th, 2010
Foreclosures: When Every Second House Sits Vacant, Home Values Plummet And Neighborhoods Deteriorate
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CLEVELAND (CNNMoney.com) — All over Slavic Village, Cleveland, a neighborhood with the one of the highest foreclosure rates in the nation, empty houses have invaded once vibrant streets.
Many of the owners left behind live near abandoned houses that shelter squatters and worse. Crime has soared and owners would leave, if they could, but their homes have plunged in value. Leaving would mean starting from scratch.
“[The remaining residents] are hard working citizens who have seen the value of their most valuable assets, their homes, plummet,” said Jim Rokakis, treasurer of Cuyahoga County.
Some of them soldier on, fighting back to reclaim their neighborhood and restore some of the value to their homes.
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