Banks Now Walking Away From Homes; Cleveland Ohio Economist

By November 30, 1999News

An economist from The Federal Reserve Bank of Cleveland Ohio is quoted regarding why lenders choose to walk away from foreclosures.  It is reported that some 14,500 to 34,600 foreclosures nationwide are abandoned by lenders.  The report indicates that one consideration is the value of the property and the cost of foreclosure.

The full report can be read at the Appraisal Institute Appraiser News Online at:

http://www.appraisalinstitute.org/ano/newsletter/DisplayNwsLtrArticle.aspx?volume=14&numbr=9/10&id=19864

 

Our appraisal services in Cleveland Ohio and Akron Ohio help lenders make informed decisions on collateral and make business decisions, mitigating risk.

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