FORECLOSURE CRISIS RUINING NEIGHBORHOODS - 60 MINUTES

Correspondent and CBS EVENING NEWS Anchor Scott Pelley (left) talks to former Cuyahoga Country Treasurer Jim Rokakis beside an abandoned Cleveland home for a 60 MINUTES report on the effects of the foreclosure crisis on neighborhoods. Rokakis explains that thieves have scavenged the siding off this house and stolen anything valuable inside. Homes like these are lowering the property values in areas, and many times they are razed and converted to green space to prevent further real estate value erosion. Rokakis is leading efforts to destroy thousands of such homes in Cleveland, which has a vacancy rate of 19 percent. Former owners of homes like these either couldn't or wouldn't continue to make payments on properties worth far less than the mortgage on them. Pelley also speaks to some Cleveland homeowners who, despite mortgages higher than their home's value, chose to remain in their homes, honoring their debt and preserving their neighborhoods' real estate values. Pelley's report will be broadcast on 60 MINUTES, Sunday Dec. 18 (7:00-8:00 PM, ET/PT) on the CBS Television Network. (HD Frame by CBSNews/60MINUTES.)