Buffalo Misses Brunt of Mortgage Crisis as No One Wanted to Buy a House There Anyway; City Hall Points to Brighter Future

March 8, 2008

There’s a good article in the Buffalo News about the effect of the subprime mortgage crisis I sort of understand on neighborhoods in Cleveland.That city, according to the article, lost almost three percent of its homes to foreclosure last year. 10,000 homes became vacant husks in a relative instant.Money quote:

“I like to compare it to a tsunami coming off Lake Erie and destroying 10,000 homes,” said Frank Ford, senior vice president of Neighborhood Progress, a Cleveland group that fights to revitalize city neighborhoods. “If that happened, every presidential candidate would have been here yesterday, talking about this,” Ford said at a City Council forum on the issue last week.

Buffalo was luckier. In the Albany area, where I grew up, the story was similar.Across Upstate New York, through a combination of common sense and pragmatism on the part of lending institutions and determined prosecution on the part of former-A.G. and current Governor Eliot Spitzer, communities have been spared the immediate impact of the subprime collapse.So that’s something. Right? I mean, how often do you get to write the sentence “Buffalo was luckier” when you’re not talking about industry in the early 20th century or the distribution of amusingly vowel-less surnames? All other horrific shit aside, let’s be happy for Buffalo for a second or two.Take pleasure in small miracles today. Let me know how it goes.Hey, it’s something to do while you’re looking for a new place.


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