I live in the S. Portland/S. Lakeview area on the west side. (as if you couldn't guess from my username) When I bought my house four years ago, the neighborhood was pretty stable. There were a few questionable houses, but they were just in need of a little work. Unfortunately, about 6 months ago, I noticed the first house with plywood covering the front door on S. Lakeview. Then, the house next door to the first one had plywood over the door and the larger windows. Now, there are 5-10 houses (maybe more that I haven't noticed yet) that have this problem.
So far, it's only houses that are vacant--some are for sale. I sometimes wonder if I should sell, before my house becomes totally undesirable. Right now, I plan on staying for awhile to see if the new life visible in Youngstown will help reverse this trend in my neighborhood.
It sounds like you should start thinking about acquiring some of these homes..especially the one next door...Notice I said "acquiring not purchase" even though you will be purchasing these homes think of as just acquiring ownership...obviously some Lender is having problems collecting Mortgage Payments and rendering them very willing to do business with you on these particular homes...Its time for you to take advantage of this almost once in a life time opportunity to increase your personal wealth...If pressured always offer 25% less than whatever price they state and for 3 month free to do repairs...If they don't accept your offer, walk away and make the same offer when the Snow Falls!
GOOD LUCK