This year alone, [Cayahoga country treasurer] Rokokis expects 17,000 foreclosures in his county. He blames careless, even abusive mortgage lending. According to Cayahoga county statistics, just one lender, Argent Mortgage, has seen about 25 percent of its loans in Cleveland go under.
Countrywide Financial CEO Mozila seemed to be overstating things when he talked about the worst housing slump since the Great Depression, but stats like this make you sit up. And keep in mind Ohio is supposed to have one of the more "affordable" housing markets.
Incidentally, one of my friends in Arizona has been texting me about great deals she's been finding in the overheated (in more ways than one!) desert, including a 5 bed, 3 bath house for 189k! If there is a good news in this bloodbath, it might be that those of us who don't work on Wall Street may finally be able to find a place to live and own.