Friday, November 19, 2010

The real story is the HAZINGS of homes in Cleveland

BofA adjusted 25,000 home loans in October: "'You really have to bury the dead right now. You have to remove blight. It's unfortunately on a grand scale.'

Gus Frangos, president of the Cuyahoga County Land Reutilization Corp. in Cleveland, on why the agency is demolishing hundreds of deserted, derelict homes. The city's population has been shrinking for 60 years as it loses manufacturing jobs. Now, after more than 33,000 foreclosures since 2005, the agency plans to use federal grant money to buy as many as 1,000 homes and tear down most of them."

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