Money

Video: Why has Cleveland Demolished 1,000 Homes?

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Across America, recession-fueled foreclosures and plummeting home values have left countless properties abandoned and vulnerable to looting. On '60 Minutes,' Scott Pelley reported that the problem has gotten so bad in Cleveland, Ohio, that county officials have demolished more than 1,000 homes this year and plan to demolish 20,000 more (video below).

Jim Rokakis, a former county treasurer, is leading the effort to tear down thousands of abandoned homes because they're rotting their neighborhoods from the inside out. It often starts when a vacant house becomes an open house to thieves.

Rokakis said: "The thieves have gone high tech. They know when evictions are occurring 'cause they're posted online. And they will follow the sheriff. They're usually there that afternoon or that evening."

"They ripped off the aluminum siding, which you'll see on most of these houses. The aluminum and the vinyl siding comes off. It's getting' about a buck a pound."

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