Prime Time – Sub prime – BRIT TAKE-

March 26, 2008 at 2:07 am 10 comments

not  a lot  I  can do  but  chill
by Loraine Ritchey Contact info :

Robbie Burns said

Oh wad some power the giftie gie us To see oursel’s as others see us! It wad frae monie a blunder free us, And foolish notion”

Cleveland has had the opportunity lately to have the gift to see how the world is seeing Cleveland and the “muddled and befuddled midwest”

There has been a lot of talk about the “state of Lorain” and how this community is effected by poor decision making. My friends and family in England are continually berating me as to how this area is now effecting their “world” . I believe they think I can launch myself at “The Powers That Be” in Cleveland and show them some sense, after all to those in Britain, it is by comparison to European cities a rather a small town, surely- ( they think) I can rouse the sleep walkers of commerce. ( ah if they only knew -I can’t even get the basement cleaned!)

CLEVELAND The Daily  Mail photo source


LORAINphoto Henery  Hawk photo Henery Hawk

This past weekend two newspapers covered the situation that has rocked the banks and the world of finance in the financial capitals of the world. Saturday the Daily Mail – Britain -although they weren’t the first to cover the “Cleveland Connection”

Welcome to Cleveland
by David Jones

As Britain teeters on the brink of full-blown recession, it is Cleveland, an unloved city on the shores of Lake Erie, that will be remembered as the Ground Zero of this financial meltdown.

Welcome to the sub-prime capital of America. The unwanted title was conferred after the discovery that during the second quarter of 2007, when the crisis first began, there were more high-risk mortgage foreclosures per capita here than anywhere in the United States.

And in recent weeks, all manner of damning statistics have emerged to confirm that while the seeds of sub-prime doom may have been sown on Wall Street, it was in this Mid-Western outpost that they first took root, and spread most virulently.

In 2007, for example, there were 17,000 foreclosures in Cleveland and its surrounding county, a conurbation roughly the size of Manchester; five years ago there were just a few hundred. During the first 11 weeks of 2008, there have been a further 3,132, sparking fears that this year will be the worst yet. ……………….

Sunday, we had the culprit and subject of the worlds ire,( Cleveland ) Cleveland Plain Dealer’s article
The Credit Crisis byTeresa Dixon Murray and Mark Gillispie and lets us see what has happened in Lorain, Ohio in the past 7 years…….

Year — Sales — Median price

2000– 1,194 — $73,900

2001 — 1,206– $78,000

2002– 1,160– $79,900

2003– 1,217– $80,000

2004– 1,427– $75,000

2005– 1,606– $83,165

2006– 1,429– $81,000

2007– 1,132– $55,000

The median home sale price in Lorain for 2007 was down 33.87 percent from 2005, typically the peak year for sales prices in Northeast Ohio.

So we can talk and complain and come up with ideas as to to how we can change Lorain, but it really is ALL CLEVELAND’S FAULT so maybe instead of focusing in on Lorain we should be talking about changing CLEVELAND!

“that unloved city on the shores of Lake Erie”

Lorain suffers the ripple effect

Note all emphasis mine.

Entry filed under: Brit take, commentary, tongue in cheek.

Paula’s Perspective -The BUDGET -March 24th Guest Blogger – It Starts with a phone call

10 Comments Add your own

  • 1. Henery  |  March 26, 2008 at 2:43 am

    Great article, Loraine!

    Remind me to tell you a story about foreclosures sometime. There will definitely have to be beer present, though.

    Might be time for me to work on an interview that I’ve got tucked away. It has quite a bit to do with this.

  • 2. thatwoman  |  March 26, 2008 at 2:47 am

    And I didn’t even have to photshop 🙂 Can’t wait let me know when you have the interview know I been thinking since Lorain is spiralling downward according to the facts and figures and has lost over 33 percent in the last two years …ya think Stewart will give us a break on our property taxes 🙂

  • […] Prime Time – Sub prime – BRIT TAKE- Welcome to the sub-prime capital of America. The unwanted title was conferred after the discovery that during the second quarter of 2007, when the crisis first began, there were more high-risk mortgage foreclosures per capita here than … […]

  • 4. CissyMathis  |  March 26, 2008 at 11:32 am

    I lived in Cleveland during the Mayor White era. For all his faults, he did much for Cleveland. This was a time when people cared for their houses and yards like cherished heirlooms.

    Since then factories have boarded up, grocery stores closed, baby boomers retiring and moving south,houses foreclosed or abandoned because of lack of employment. The blue-collar lifers have died off or just left.

    Stewart and property taxes, I could write a 200 page of bad reviews on that man’s theory.

  • […] Loraine sees Cleveland as the source of Lorain’s challenges. […]

  • 7. thatwoman  |  March 27, 2008 at 10:27 am

    You heard it here first from today’s morning journal

    Erie, Huron and Lorain counties’ residents also should be rooting for Cleveland, the regional city that also is the economic engine for all of northern Ohio, Baaske said.

    ”If Cleveland does well, the rest of us do well, if Cleveland suffers, the rest of us suffer,” Baaske said. ”We have to cheer Cleveland on.”

  • 8. Paula Tobias  |  March 27, 2008 at 11:34 am

    One of the seminars I attended during my campaign was hosted by Hunter Morrison. We discussed the ripple effect. Hunter was key also in the Youngstown transformation, he had a great video showing the beginning of Cleveland’s wealth and where it’s at today. Having worked in downtown Cleveland for >20yrs it was interesting to see how they had demolished beautiful old buildings to make a parking lot. And today that empty parking lot sits, jobs have left downtown as well as the Manufacturing on the fringe of the city.

  • 9. Loraine Ritchey  |  April 9, 2008 at 3:44 pm

    OH OH things are getting worse

  • 10. LorainE on Lorain « That Woman’s Weblog  |  April 22, 2008 at 9:42 pm

    […] of – that comes back to haunt- I found myself humming it as I drove along the streets looking at foreclosures, pot holes – garbage and the news of a police dept in trouble, cra posturing and plant closings. I […]

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March 2008

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