But interestingly, Yvonne Means wasn’t focused on her financial loss nearly as much as she was her social loss. Ms. Means told the interviewer that she no longer invites friends over to her home because of her embarrassment about the condition of her street. I have visited the southeast side of Cleveland and have seen first-hand the challenges faced by homeowners.
There is a large inventory of homes that have gone through the foreclosure process and are now owned by financial institutions. These properties are often referred to as REO, or “real estate owned,” which is how they are recorded on bank balance sheets.