The Center on Urban Poverty and Community Development has released a report in its continuing Behind the Numbers series titled “HOUSES IN TRANSITION: A REPORT ON PROPERTIES OWNED BY FINANCIAL INSTITUTIONS AND REAL ESTATE ORGANIZATIONS IN CUYAHOGA COUNTY, 2007”

Cuyahoga County is home to Cleveland, Ohio.
At the end of February 2007, a total of 9,175 of sheriff’s deeds on single, two, three family homes and condominiums were owned by financial and real estate institutions.

Sheriff's deeds are mortgage foreclosures completed with a deed issued to a financial institution, usually the mortgage company, by the sheriff under court order. Presumably these properties are vacant and for sale, or the financial institution is in the process of evicting occupants to prepare for sale. Obviously, this weakens an already weak market, drives down prices and sucks equity out of all housing in the region, which then creates more defaults as ARM loans re-set.
Due to popular demand, the numbers have been updated. As of September 1, 2007, 10,745 residential properties are classified as being owned by financial or real estate organizations.
Click the below link to access the original report:
http://blog.case.edu/msass/2007/08/07/behind_the_numbers_brief_no_6_released_properties_owned_by_financial_institutions.html#more
Click the below link to access the updated numbers:
http://blog.case.edu/msass/2007/09/01/update_behind_the_numbers_brief_no_6_properties_owned_by_financial_institutions.html#more

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