The foreclosure crisis has hit the nation hard, but each city has suffered quite differently. From plagues of foreclosures in already rundown neighborhoods to million dollar foreclosures on high end streets, the flood of bank owned properties have caused trouble everywhere they lurk. One city is fighting to rebuild their community in the wake of foreclosures by using mortgage settlement funds to clean up the city.
The Foreclosure Fight
Usually left as-is, many foreclosed homes bring increased crime, pests and damage when the sit empty for long periods of time. The city of Cleveland has spent over $60 million dealing with thousands of vacant and dilapidated homes left over from the foreclosure crisis. City officials are frustrated that they have been left to foot the bill for taking care of these bank owned properties.
The city of Cleveland is frustrated by lenders who have essentially stolen city money by diverting funds away from helping the poor and those struggling to obtain affordable housing. Cleveland now plans to use part of the mortgage settlement funds to demolish vacant foreclosures and clean up neighborhoods. the removal of these homes is hoped to improve property values and free up city funds for the less fortunate by taking away shelter for squatters, criminals, pests and toxic waste that is often found in such homes.