Youngstown, Ohio: Hit Hard by Foreclosure Crisis

by on cities

Over the last 40 years, the population of the small city of Youngstown in Ohio has declined by more than 50 percent, as a result of many businesses closing. And with the damages brought about by the enduring foreclosure crisis, it is not surprising that the city is now filled with vacant streets, neighborhoods and buildings.

In order to cope with their city’s increasing number of abandoned homes, local officials have come up with a plan that should be completed by 2010. Aptly named Plan 2010, the plan involves the bulldozing of abandoned buildings, conversion of vacant blocks into open spaces and tearing up of blighted streets. To date, the city has already demolished around 1,000 structures.

Aside from these abandoned homes and vacant neighborhoods, city officials are also looking at thinly-populated neighborhoods in the city. Neighborhoods with few occupied homes left are razed. This way, the city saves on public service expenses. On the other hand, the homeowners are offered incentives so they will move to another neighborhood.

Last February, the number of foreclosure filings in Youngstown was up by 178% from last year. This clearly shows that the city is being pounded by the ill effects of the mortgage meltdown.

Hopefully, Plan 2010 will help the city recover its losses. Considering that there is a Youngstown State University, museums and public library, it would not be long until the city will be once again busy.

Real estate properties especially foreclosure homes are really affordable in this part of Ohio and buyers will enjoy having a lot of choices. Many businesses will also be attracted to this town because of this reason. As you know, start up companies need to have low overhead costs. Likewise, employees of these businesses will probably consider settling down in the city to be near their place of work.

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