Cuyahoga County, OH Foreclosure Data
Foreclosure Market Data Instantly
Cuyahoga County, Ohio has a population of 1,235,072 as of 2019. Within its county lines, Cuyahoga is home to 49 cities including Cleveland, Bay Village, Euclid, Lakewood, Beachwood, and many more. Located in the northeastern part of Ohio, on the southern shore of Lake Erie.
In terms of real estate, it has the second-highest zombie foreclosure rate among counties with over 500 properties in foreclosure. However, property values in the county are on the rise something like 15% or more. Real estate data reveals that the estimated median household income is around $52,423. In comparison with the average home price of $143,100, there is room for wage growth in the county.
ATTOM’s foreclosure data reveals plenty of insights into the foreclosure trends of Cuyahoga County however, there are additional factors influencing foreclosures in the area which we will look at next.
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Important Insights About The State of Foreclosures in Cuyahoga County, OH
Cuyahoga County, Ohio on average, has a vacancy rate of about 13 times higher than the national average. About one out of every 610 residential properties in Cleveland is vacant during the foreclosure process. That’s in comparison with about one in 11,400 properties nationwide.
Interestingly, however, lenders can now resume taking back properties from homeowners who fell behind on their loan payments during the pandemic. This puts the foreclosure market in Cuyahoga County in a new position. As the foreclosure moratorium changes the market, it is difficult to know how homeowners and property data will change. An estimated 1.5 million homeowners were under some sort of forbearance during the pandemic, so this is likely to change the market on the whole.
Clearly, the coronavirus has had unknown effects on the housing market within the county, but as the effects are revealed, more vacancies and foreclosures are undoubtedly going to come to the forefront.
Following nationwide trends, home prices in Cleveland and Cuyahoga County have risen over the past few years. The housing supply is in high demand, particularly on the lower end of the county, and as more home buyers enter the market, prices will only continue to rise.
For investors considering properties in the area, there is much to consider. Real estate data from ATTOM paints a clearer picture of what to expect when you enter the market. For example, even before the pandemic, foreclosures were on the rise in the county, making it an excellent area to consider for investment. Considering the median household income, HOA fees, taxes, and insurance, and it’s easier to understand why the rise in foreclosures is happening in the county.
Access The Latest Foreclosure Data for Cuyahoga County, OH
For the latest information about foreclosures in Cuyahoga County, Ohio, turn to ATTOM’s trusted real estate data. Access a complete report of the county’s current foreclosures upon request.