Even though I have never been to Cleveland I feel like I have some kind of strange connection to it through a few friends. One of my super geeky friends likes to say three things to indicate that something is cool. Those three words are “orange, ninja, and Cleveland”. I guess he got it from the opening song of Drew Carey where they yell “CLEVELAND ROCKS! CLEVELAND ROCKS!”. So sometimes he says “I’m in Cleveland” to mean that he’s awesome. Anyway, two of my other friends from high school are also connected to Cleveland. One of them is actually attending Case Western’s medical school, and the other one grew up in Cleveland. The three of us had a sort of “big head club”, because we all have quite large heads. So imagine my surprise when I read that most of the foreclosures in the Cleveland we love is now owned by Deutsche Bank. The BBC has also provided a lovely graphic to pinpoint all the German-owned properties:
I am at a loss for words. Though one thing that is clear is that the foreclosure situation in America affects financial institutions all around the world. It makes you wonder, how many other cities are getting owned by foreign banks?
P.S. Cleveland still rocks, because Ohio is going to start teaching mandatory personal finance classes in high school. Californian public schools are in desperate need of such courses too.
Related Posts
Memories of Being a Science NerdSan Mateo Home Sellers in Trouble #6 — 11/05/07 to 11/18/07 — Nearly 20% of New Listings In Trouble
San Mateo Home Sellers in Trouble #1
San Mateo Home Sellers in Trouble #4 — 10/8/2007 to 10/21/2007
Does it make sense to buy rental properties now?
5 comments ↓
Cleveland city proper’s population has dropped by 50% in the last many decades….and some parts of town are very obviously run down. But as a whole Greater Cleveland isn’t that bad (the population of greater cleveland hasn’t changed at all, according to this PBS special I was watching last week).
Cleveland proper has tons of incentives for house purchasing. The city has a 15 year property tax abatement plan and a plan to sell lots for 100 dollars to developers who meet certain requirements, to build houses that can be sold cheaply to attract people back to the city from the suburbs.
Blah, must get back to work =)
wow, developers can make tons of money then. I did see a lot of houses that you can purchase with just a few thousand dollars, but I have no clue how the area is like. How much is rent around Case Western?
That’s a fascinating map. I’ve only visited Cleveland once, and that was on my way to Akron. I wasn’t too fond of the gray skies and rain. I prefer a little more sunshine.
[...] Now we are all rested, our minds fresh and bodies invigorated why not pack our bags, get a ticket, and start tackling a controversial topic or two. First lets move straight to Cleavland, Ohio where the Bag Lady is going to teach us what happens to a community when its citizenry try to buy more than we can afford in her eyeopening article, “Cleavland is Getting Owned by Germans.” [...]
bah, humbug …
actually we wanted to buy Idaho, but those stupid bankster ruined that job :/
many greetings from Germany
Leave a Comment