Posted on 01/27/2008 5:03:23 PM PST by traumer
Why? They're Ghostbusters? LOL
First I heard of this.
I think a couple of dozen stories have already been done on this neighborhood.
“Let’s not turn this into a civil rights issue when it isn’t”?
But maybe it is! Do you remember the “redlining” hearings and legislation that were in the news 6-7 years ago? It seems banks were doing background and credit checks on borrowers before making loans. Since that resulted in turning down a higher percentage of loans in minority area, the banks were accused of “redlining.”
Here’s a paper from 2001 on the subject: http://repository.upenn.edu/dissertations/AAI3003637/
I don’t remember if any special legislation was passed, but I believe it was, threatening lenders with the full power of the trial lawyers of the US, etc, etc. At any rate, they got the message that they were not allowed to deny loans to the poor and oppressed, just because they were poor credit risks.
What the ..ll did we think was going to happen if we penalized lending institutions for using good business judgment?
Another illustration of the Law of Unintended Consequences of a liberal feel good program.
You sell where there are sales. In stable neighborhoods there are not many sales, thus less sub-primes. I’d bet that map meshes up very well with RE turnover.
She probably has HEAP....the utility assistance.
Thanks for the Ping....
Just one more example of what we have been talking about.
State | County | City | Prop. Type | Bed / Bath | Price | Listing Details |
---|---|---|---|---|---|---|
OH | Cuyahoga | Brooklyn | Commercial | - / - | $750,000 | Property Details |
OH | Cuyahoga | Westlake | Commercial | - / - | $550,000 | Property Details |
OH | Cuyahoga | Strongsville | House | 4 / 2 | $339,900 | Property Details |
OH | Cuyahoga | Richmond Heights | Resid. Unit | - / - | $329,900 | Property Details |
OH | Cuyahoga | Rocky River | Resid. Unit | - / - | $309,900 | Property Details |
OH | Cuyahoga | North Olmst | Resid. Unit | - / - | $269,900 | Property Details |
OH | Cuyahoga | Rocky River | Resid. Unit | - / - | $252,900 | Property Details |
OH | Cuyahoga | Cleveland | Resid. Unit | - / - | $244,900 | Property Details |
OH | Cuyahoga | Bay Village | Resid. Unit | - / - | $196,900 | Property Details |
OH | Cuyahoga | Fairview Park | Resid. Unit | - / - | $189,900 | Property Details |
OH | Cuyahoga | Mayfield Heights | House | - / - | $185,000 | Property Details |
OH | Cuyahoga | Strongsville | Resid. Unit | - / - | $182,900 | Property Details |
OH | Cuyahoga | Euclid | Resid. Unit | 8 / 4 | $180,900 | Property Details |
OH | Cuyahoga | Cleveland | Resid. Unit | - / - | $176,122 | Property Details |
OH | Cuyahoga | Olmsted Falls | Resid. Unit | - / - | $174,000 | Property Details |
OH | Cuyahoga | Seven Hills | House | - / - | $173,000 | Property Details |
OH | Cuyahoga | Westlake | Resid. Unit | - / - | $169,900 | Property Details |
OH | Cuyahoga | Shaker Heights | Resid. Unit | - / - | $169,900 | Property Details |
OH | Cuyahoga | Chagrin Falls | Resid. Unit | 3 / 2 | $164,000 | Property Details |
OH | Cuyahoga | Parma | Resid. Unit | - / - | $163,900 | Property Details |
OH | Cuyahoga | Cleveland Heights | House | - / - | $163,900 | Property Details |
OH | Cuyahoga | Parma | Resid. Unit | - / - | $159,900 | Property Details |
OH | Cuyahoga | Euclid | Resid. Unit | - / - | $159,900 | Property Details |
OH | Cuyahoga | Parma | Resid. Unit | - / - | $156,900 | Property Details |
OH | Cuyahoga | Shaker Heig | Townhome | - / - | $155,000 | Property Details |
Population (year 2000): 29,405. Estimated population in July 2006: 27,245 (-7.3% change)
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Males: 13,389 | ![]() |
Females: 16,016 | ![]() |
Median resident age: | ![]() |
Ohio median age: | ![]() |
Zip codes: 44120.
Estimated median household income in 2005: $64,900 (it was $63,983 in 2000)
Shaker Heights | ![]() |
Ohio: | ![]() |
Shaker Heights | ![]() |
Ohio: | ![]() |
Races in Shaker Heights:
Weird, Shaker Heights is at very upper middle class suburb in that state.
It doesn’t match the article I found at http://www.shakeronline.com/Media/PDFs/Uploader/1252008105546febhomestory.pdf
That’s kinda what I was thinking.
http://www.city-data.com/forum/ohio/115494-shaker-heights.html#post1246528
Read these 3 little comments must have been a boom in the day lots of old arc and supposedly safe now too! but declining in jobs unless maybe your the neighborhood crack salesman
I’ve bought a lot of property, I have been informed at every closing, verbally, about my loan situation they go through it and you have to sign it. My complaint has been how they treat you like little children but maybe my exerience is different, I dunno, or maybe some people need to be treated like children.
Wonder who is paying the police if all the tax paying citizens have left? This story has a scent that I can’t identify but don’t like.
Let’s do a thought experiment...
Now if you were a person, paying 50% of your income in rent and somebody came to you and said “I can get you the money to buy a house.” Would you take it? At worst you might lose the house and be back paying rent again if it goes wrong, but if you get a little luck a job promotion, an inheritance or something it’s a worthwhile risk. It’s smart move by somebody who has nothing.
If you were in the business of loaning money out to people - would you seriously loan money to people who couldn’t prove they would pay it back?
Of course not, you’d be out of business in no time.
So who in the hell would give these people hundreds of thousands of dollars to buy a house? Somebody who doesn’t carry the risk.
Intrigue pays for it it seems.
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