Housing sales in the greater Cincinnati area have seen an increase recently, and at the same time the foreclosure rate has experienced a decline in Southwest Ohio and Northern Kentucky. The president of the Cincinnati Area Board of Realtors says that the decline in inventory and an increase in pending sales are good signs for the housing market.
Many homeowners in Ohio have kept their eyes on the housing market. Ever since the foreclosure crunch hit several years ago, it has had an effect on many homeowners who have not fallen behind on their mortgage payment. Many commentators have argued that the home mortgage foreclosure glut has hit housing prices, increasing the number of homeowners who have little equity, or are underwater on their home loan balance.
Commentators who watch the housing market say that the number of homes that are underwater on the mortgage has fallen in the past year, according to Reuters. An underwater mortgage is one in which the homeowner owes more than the house is worth on the open housing market. The number of underwater mortgages nationwide has fallen from more than 12 million recorded last year to around 10.8 million homes today, according to CoreLogic.
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.
While each case has its own unique circumstances, the real estate data firm RealtyTrac says that an Ohio foreclosure takes an average 18 months to complete. In some areas of the state, an Ohio foreclosure can take significantly longer, and some places proceed more rapidly. But the 18 month average is longer than the national average of 378 days, or shortly more than one year.
The roller-coaster ride in the economy continues to generate media reports of just about every aspect of finance that may affect American consumers. This blog has recently discussed a variety of stories that may affect Ohio residents.
Former Ohio State and NFL standout Eddie George was reportedly surprised to find a notice of foreclosure for his home was published in the newspaper. The 1995 Heisman trophy winner went to the NFL after attending Ohio State.
The Federal Trade Commission announced Thursday that a federal district court has closed down a foreclosure rescue fraud scam. The scam was but one of what may be many that Ohio resdients should be aware that exist in the current marketplace.
In the last post, this blog opened a discussion of underwater mortgages and potential write downs in the principle balance that Bank of America says that it plans to pursue. The new BofA policy is related to the recent settlement between the government and some of the nation's largest mortgage lenders that came in the wake of the housing market collapse that was tied to lending and foreclosure practices.
Giant home mortgage lender Bank of America says that the financial institution will aggressively reduce the principle balances of underwater mortgages in the wake of the financial meltdown and foreclosure crisis.