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Posts tagged "Underwater mortgages"

Cincinnati housing market shows positive signs

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.

Ohio Foreclosures increase in 2012

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.

Federal lawmakers consider expanding mortgage refi program

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.

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.

Foreclosures in Ohio take longer than national average

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.

BofA says it will offer principle reductions to some underwater loans, P. 2

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.

BofA says it will offer principle reductions to some underwater loans, P. 1

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.

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