Foreclosures Up In Rust Belt Euclid Ohio

Wikipedia reports that Euclid Ohio is part of the Lake Erie Snowbelt region, prone to heavy wind-whipped snowsqualls blowing off Lake Erie, particularly before the lake freezes over in winter. Euclid is home to the National Cleveland-Style Polka Hall of Fame. Euclid is situated near the junction of Interstate 90, Interstate 271 and Ohio Route 2.

Euclid is home to a variety of ethnic groups, most notably Slovenian. There are a number of streets in Euclid that bear witness to the Slovenian influence on Euclid, including Recher, Mavec, Drenik, Grdina, Trebec, Mozina, Kapel, and Ljubljana. Euclid also contains sizeable African-American and Croatian communities. Euclid city schools are about 70.6% African-American. (2007).

The Plain Dealer in Ohio. “New foreclosure filings in Cuyahoga County rose more than 12 percent during the first six months of this year, with the suburbs continuing to feel the brunt of the increases. ‘We’re seeing increasingly more folks coming from the Westlakes and the Beachwoods,’ said Mark Seifert, Empowering and Strengthening Ohio’s People’s executive director. ‘By and large we don’t see bad loans anymore. These are good traditional loans. . . it’s unemployment that’s killing people.’”

“Euclid had the highest number of suburban filings during the first six months of the year — 420, a nearly 18 percent increase from the same time last year. But the city said a good number of filings have not been taken to judgement and sheriff’s sales.”

“‘The banks are sitting on them,’ said Marty Castelletti, the city’s manager of neighborhood development and chairman of its foreclosure prevention committee. ‘Banks seem to be trying to control their inventory by not letting too many foreclosures happen too fast so they track them better and dispose of them better.’”

The zip code of Euclid, Ohio is 44117, 44123, 44132, 44143.


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