Two biggest foreclosers now own almost 1,000 Cleveland houses

As of close of business on Friday, Deutsche Bank and Wells Fargo were listed by the County Auditor as the owners of 999 parcels in the City of Cleveland. That’s 122 more than their combined holdings two months ago.

Deutsche Bank now owns 564 Cleveland parcels compared to 502 on August 14, while Wells Fargo holds title to 435, up from 365 in August.

The area’s two most active foreclosers also increased their holdings in the rest of the county, from 511 properties in August to 588 today.

All told, as of 5 pm Friday the two big subprime players owned 1,587 foreclosed Cuyahoga County parcels — up from 1,378 two months ago.

There’s no easy way to tell how many of these properties include more than one residential unit, but my impression is that at least 20% of the Cleveland parcels are two-family houses. If I’m right, these two banks now hold title to something like 1,200 city housing units.

What are they doing with these properties? Mostly, trying to unload them. According to the County Recorder’s database, Wells Fargo and Deutsche Bank have sold off a total of 315 of their foreclosed houses since August 14. Thus the two lenders actually had control of more than 1,900 properties in the county during the last two months — the 1,587 they currently own plus the 315 they’ve sold.

(Cross-posted from Cleveland Diary.)

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