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Press Release

Communities across the Cleveland Fed’s District experienced increased housing-market stability in 2015, says researcher Brett Barkley

The Community Stabilization Index (CSI), developed by the Federal Reserve Bank of Cleveland, provides a relative measure of local housing market conditions, with a particular focus on recovery potential. Using the CSI to examine housing market conditions in July 2015 in 15 MSAs across Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia, Cleveland Fed researcher Brett Barkley finds that mortgage delinquency and foreclosure rates fell, while REO rates remain stubborn amid mixed trends in property values.

There are 602 distressed zip codes in the Cleveland Fed’s District, according to the CSI. Averaging across only the distressed zip codes within metropolitan statistical areas, Barkley finds:

  • Mortgage delinquency rates were highest in Erie, PA and Cleveland-Elyria, OH and lowest in Lexington-Fayette, KY and Canton-Massillon, OH
  • Foreclosure rates were highest in Cleveland-Elyria and Mansfield, OH and lowest in Lexington-Fayette and Toledo, OH
  • Non-mortgage credit delinquency is highest in Cincinnati, OH-KY-IN and Toledo and lowest in Pittsburgh, PA and Wheeling-Weirton-Steubenville, WV-OH
  • REO rates are highest in Cleveland-Elyria and Akron, OH and lowest in Lexington-Fayette and Pittsburgh, PA
  • Median home values are lowest in Mansfield ($86,500) and Youngstown ($88,000) and highest in Lexington-Fayette ($136,000) and Pittsburgh ($130,000)

Of the 602 distressed zip codes, the CSI shows that 39 are improving. Barkley’s report highlights three of these neighborhoods – Evanston in Cincinnati, OH; Old North Dayton in Dayton, OH; and Hazelwood in Pittsburgh, PA – as well as some of the factors contributing to their progress.

Access Barkley’s analysis, interactive maps for 15 MSAs, and more in Community Stabilization Index: Maps, Methodology, and Applications.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.218.1892