Ohio Foreclosure Figures Giving Rise to Optimism
July 30th, 2009
Ohio foreclosure figures are cautiously giving rise to optimism. Banks are being more cooperative and the real estate market in the state is showing signs of stability. The moot question is however if these signs are indicative of the crisis coming to a close or if they are merely temporary.
In June 11,252 foreclosure notices were posted marking a 1% fall from May and 15% decrease from June 2008 as per the findings of RealtyTrac. This is the third running month that the filing numbers have dropped in Ohio. It is the second running month of drop in default notices. The overall picture is a drop in foreclosure notices by about 15% during the first six months of 2009 in comparison to the same months in 2008.
Across the nation the picture is just the opposite. Foreclosures increased by 15% in USA during the first half of this current year. Exit Trinity Realty deals with foreclosed homes on behalf of banks. Its owner, Donato D’Alberto said, “We are seeing a drop. We regularly send out foreclosure letters on new listings. We’ve gone from about 800 a month in the beginning of the year to 504 in June.” He thinks that the decline was because of the moratoriums placed on foreclosures and also because of the banks negotiating workouts with the borrowers for short sales. In a short sale the house is sold for less than the loan amount.
Daren Blomquist of RealtyTrac said the loan negotiations are progressing more in Ohio than elsewhere because the property value has not gone down too low. He said, “Foreclosure prevention programs might be more effective in Ohio because people might not be as far underwater there — since values didn’t skyrocket then plummet like they did elsewhere.”
Jon Stacy of Union Savings Banks said there has been modest success with federal programmes for refinancing and this might be the reason behind slowing down of foreclosures. He was hoping that this pace would be maintained in Ohio. He added, “Hopefully, the market’s stabilizing now, and we’ll see an increase in home sales in 2010.”
D’Alberto together with Blimquist were reluctant to make too much of the figures rolling in. D’Alberto commented, “I don’t see this (foreclosure) trend going down anytime soon,” D’Alberto said. “I think it will go back up. It’s just a dip in a certain period of time.”
The reality is that foreclosures continue to remain a harsh reality in Ohio despite fluctuations in figures.
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July 31st, 2009 at 7:59 am
[...] Republican leader of the House, John Boehner recently expressed fears that the foreclosure bailout funds might fatten radical organizations like ACORN or Association of Community [...]