A fresh look at Cleveland’s housing market says the East Side is still stuck in neutral, and a big part of the problem is who is doing the buying. Local housing researchers say heavy investor activity combined with a run-up in foreclosures is slowing any real comeback. Median sale prices lag far behind nearby suburbs, owner-occupancy has never climbed back to pre-2000 levels, and thousands of vacant lots remain in limbo. Residents and community organizers say the pattern is familiar: cash buyers and out-of-state LLCs scoop up cheap houses, then invest little or nothing in fixing them up.
Report Points To Investor Buying And Uneven Recovery
According to Crain’s Cleveland Business, which reviewed an analysis by the Fair Housing Center for Rights &…..