The appraiser has since been indicted for mortgage fraud (unrelated to my home) and the bank was being investigated by the feds. This institution recently announced that that they were no longer offering to refinance home mortgages. The homeowner's equity here is being devastated here and few people are looking into why it is happening. The residents here should be asking questions and protesting. As I said most sources rate this community very high when compared to the rest of the state. Too many are panicking and giving there homes away which further acerbates the problem.
Plus, prices in Richmond Hts have fared better than ones for properties in some other areas of Greater Cleveland. I know this, because I was there a couple weeks ago checking out some properties in Richmond Hts, Cleveland Hts, Solon, and other areas.