Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, stood in the beating sun amid the scrapyards and vacant lots of Cleveland’s East Side and noted that rising home prices have begun to reduce the number of families whose mortgages exceed the value of their homes.
The ranks of underwater borrowers nationwide dropped by 700,000 in the first quarter of the year, Donovan told a crowd gathered for a news conference last week in a parking lot outside a housing-counseling center. Still, he acknowledged, the problem remains severe in regions like greater Cleveland, where a third of homeowners have negative equity, according to data provider CoreLogic Inc.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
