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Ohio housing market shows signs of rebound, P.2

In the last post, this blog reported that home sales and the median prices of homes showed significant signs of improvement in Ohio in August. Economists say that increases in home sales and process are signs of an improving economy. But for some Cincinnati residents, the statistic may not seem to mean much in the face of continuing debt that families took on since the recession hit household budgets hard.

It seems for years that news of the housing market has primarily focused on the foreclosure crisis or an epidemic of underwater mortgages that have plagued the nation. The stronger figures may give financially strapped homeowners in Ohio with a sense of ambivalence. However, the figures do show a possible change for the better when it comes to owning a home.

Statistics on sales, however, may not necessarily mean much in changing the day-to-day budget in an individual household. For financially struggling Cincinnati area residents, the numbers may factor in to decisions that may be made in seeking a fresh start under the bankruptcy code. An individual household budget is an important consideration in how to proceed in the face of financial distress, and/or foreclosure.

Cincinnati homeowners who are facing a mountain of medical bills, credit card debts and other forms of unsecured debt may wish to speak with legal counsel about what the uptick in the housing market may mean in a chapter 7 or a chapter 13 bankruptcy.

Sources:

Sources:

  • Cincinnati Business Courier, "Cincinnati home sales hit 5-year high in August," Sep. 19, 2012
  • The Columbus Dispatch, "Central Ohio home sales up 12 percent in August," Jim weaker, Sep 19, 2012
  • The Cleveland Plain Dealer, "Northeast Ohio, U.S. home sales rose in August, as housing market avoided late-summer slowdown," Michelle Jarboe McFee, Sep. 19, 2012

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