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Study Shows Ohio Cities Hit Hard by Housing Crisis

May 10th, 2011

HousingWire reports the three largest cities in Ohio – Cleveland, Cincinnati, and Columbus – accounted for 45,000 foreclosures since 2009.  A national network of community organizations, National People’s Action (NPA), in a survey of foreclosed properties over a 27 month period, determined that each foreclosure in the Buckeye state brought down the value of homes within a 500 feet radius by .74 percent, creating a loss of $1.6 billion in home values.  NPA estimates the costs to local governments to maintain foreclosed homes, especially vacant ones, will add up to $5.5 billion from 2009 to 2012, and at a cost of $30 million in lost tax revenue.  The report says almost one in every ten homes received a foreclosure notice since 2007.


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