Ohio Foreclosures – Good News and Bad News
CNN Money reports about the US subcommittee efforts to bring together a relief package, or legislation reform to help the ailing housing market in Ohio and other states. The article sites some numbers from Realtytrac and some are good for Ohio, and some are not so good.
Across the country foreclosures surged 48% in the month of May which is not encouraging. However Ohio saw a 7% drop in foreclosures compared to the same month in 2007. Hopefully this is the beginning of the reversal of a trend that sees Ohio’s foreclosure rate growing every year since 2000.
At some point all of the adjustable rate mortgages will have reset and the home owner will either refinance a fixed rate they can afford, negotiate with the bank, sell their home, or foreclose. The question we in the real estate and mortgage profession is when will we hit bottom, when will we have moved past a point when all of the crisis mortgages have been flushed from the system and we can slowly begin to rebuild the housing industry based on sound lending principals and appropriate risk / reward tolerances. The end goal is to attract investors to buy up relatively bland, and previously dependable residential mortgage backed securities. Only then will we know the depth of the damage to the reputation of the housing industry as an investment vehicle.
Comments
Ohio Foreclosures - Good News and Bad News · Invest-In-Real-Estate.ExplainedOnline.Net
Jun 24th, 2008[...] Original post by Janhoet [...]
Cincinnati Living Online » Blog Archive » Buying a Foreclosed Property? Buy New Locks!
Jul 9th, 2008[...] foreclosed property sales continue to increase in Hamilton County there is one piece of advice that we have to give. Get new locks! We recommend this to all of our [...]
Life In Queen City » Buying a Foreclosed Property? Buy New Locks!
Jul 9th, 2008[...] foreclosed property sales continue to increase in Hamilton County there is one piece of advice that we have to give. Get new locks! We recommend this to all of our [...]
ohio foreclosures
Aug 9th, 2008ohio foreclosures…
Just visiting and found it info useful. Tx…
Cincinnati Living Online » Blog Archive » More Laws Target Abandoned Houses
Nov 11th, 2008[...] have not seen any new legislation come out pertaining to foreclosed homes in Cincinnati. Beyond discouraging squatting maintaining foreclosed homes in good order helps to keep the value [...]
LueMarie (1 comments.)
Mar 17th, 2009Hmm, interesting post. Wondering what site you did your researching through.
Real Estate Taxi (110 comments.)
Jun 24th, 2009Hopefully help was provided too those that needed it.
Walt