Report: Ohio Leads Way In 93 Percent Rise In Foreclosures

[OhioChick]

Source: AP

POSTED: 11:24 am EDT August 21, 2007

LOS ANGELES -- Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Ohio among the states that saw the heaviest foreclosure activity, a research firm said Tuesday.

The filings include default notices, auction sale notices and bank repossessions. The figures are the latest measure of the ailing housing market, which has seen defaults and foreclosures soar as financially strapped borrowers have failed to make payments or find buyers.

In all, 179,599 foreclosure filings were reported during July, up from 92,845 in the year-ago month, according to Irvine-based RealtyTrac Inc.

A total of 164,644 foreclosure filings were reported in June.

The national foreclosure rate in July was one filing for every 693 households, the firm said.

"While 43 states experienced year-over-year increases in foreclosure activity, just five states -- California, Florida, Michigan, Ohio and Georgia -- accounted for more than half of the nation's total foreclosure filings," said RealtyTrac Chief Executive James J. Saccacio.

Read more: http://www.newsnet5.com/money/13939500/detail.html

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The economy is on the move..... :sarcasm:

[Deja Q]

1. The new economy, that is...

One just has to wonder what it will all mean in the end?

[Solar_Power]

6. Good for homebuyers - bad for speculators

[ohio2007]

2. California, Florida, Michigan out rank Ohio

...yipeeeee

[partylessinOhio]

3. Foreclosures but taxes are going up in Ohio, Medina County:

Look at this logic??? Smaller homes are at a premium because the trend is to build larger homes. HUH?

The truth is reappraisals are falsely inflating home values to fill tax coffers - contributing to the problems with buyers paying inflated prices, taking out larger loans and later defaulting because their mortgages are larger than their home values.

Medina County home values rise
Despite dried-up market, Medina up 10 percent

Friday, August 17, 2007
Rena A. Koontz
Plain Dealer Reporter

Medina -- Home values have jumped 10 percent in one of the fastest-growth counties in the state, according to reappraisals announced by the Medina County auditor.

The increase is probably much bigger in high-growth or high-demand areas, and for smaller homes, which are now suddenly at a premium as home sizes grow, according to the county. Calls complaining about increases as high as 150 percent have been pouring in to the auditor's office since notices of the new values started going out early this week. Some increases are as low as 8 percent.

"You don't see homes being built 1,200 square feet and smaller, so homes in the older developments that are that size become more valuable. It's a matter of supply and demand," County Auditor Mike Kovack said. "You can look at a 1,500- to 2,500-square-foot house and if you don't like it, you can go down the street and find another one. Homes 1,200 to 1,500 square feet are at a premium."

State law requires every Ohio county to adjust its property tax rates on paper every three years and to do a parcel-by-parcel appraisal ever six years. Kovack said his staff visited more than 81,000 properties over the last three years. This was Medina's six-year review. The new property values will be used starting Jan. 1.

...

Overall, home sales are down 6.5 percent in the six-county region of Ashtabula, Cuyahoga, Geauga, Lake, Lorain and Medina, according to the Cleveland Area Board of Realtors. ...

http://www.cleveland.com/search/index.ssf?/base/medina/1187340099133830.xml?ncounty_medina&coll=2

:crazy:

[ohiomike]

18. Do more than scratch the surface

It's easy to complain, but it's really worthwhile to go a little deeper on a subject. The information about smaller homes going up more percentage-wise is all supply and demand. It's like land - if they ain't making any more of it, the value will rise. Same way with smaller homes in Medina County.

Also, regarding appraisals used to fill tax coffers. You may be right, but I bet not in the way you think. Local school districts actually lose money under STATE MANDATED reappraisals. All their voted levies are reduced in proportion to the rise in value MANDATED BY THE STATE. So that's a break even proposition. They do collect a small portion of additional money from inside millage - millage that is not reduced due to reappraisals. But here's the kicker: due to the real estate in a district being worth more DUE TO THE STATE MANDATED REAPPRAISAL, the state reduces the amount of funds they give to the school district. Quite the racket, huh?

Keep that in mind the next time you're pounding on local auditors and school district officials. Maybe call your state rep or senator and ask them to explain why.

[Quantess]

25. Interesting. Is this only true in Ohio, do you know?

Welcome to DU!:hi:

[samplegirl]

4. I blame the

Hideous GOP Leaders for helping to finish off OHIO. Not to mention the idiots who gave Bush a second term.

[Name removed]

5. Deleted message

Message removed by moderator. Click here to review the message board rules.

[samplegirl]

8. Amazing...

as I live in a Union town. Where 60% voted for Kerry.

[ladym55]

10. We aren't all idiots

Support for Bush came from the "Christian" rural counties who were so afraid of gay marriage that they came to the polls in big numbers.

And then there was Kenny Blackwell (it was SO special to have our Attorney General Bush's state campaign chair ...) and his happy group who messed with the vote ALL over the state in all sorts of different ways.

BUT where I lived Kerry had lots of support. And folks showed up in record numbers to work on his campaign. And the Republicans made sure all the Democratic precincts were shorted on voting machines so Kerry voters got to wait HOURS in the pouring rain. And many did. Despite all the efforts, Kerry carried my county BIG time.

[NewYorkerfromMass]

14. Hey I am glad to hear that

and god knows I recognize all the great support we got there and thank you all for it but to be over 2% short!

[OzarkDem]

12. Even the head of Ohio Dem Party

Is engaged to a GOP fundraiser. Most of the Dems in charge of the state party in Ohio have been in the pocket of the GOP for years and years and years. Very crooked and incompetent.

[OhioChick]

15. Cuyahoga County is Quite Blue.....

We're not all idiots.

GEORGE W. BUSH/DICK CHENEY (REP). . . 221,600 32.89
JOHN F. KERRY/JOHN EDWARDS (DEM). . . 448,503 66.57

http://boe.cuyahogacounty.us/results/history/2004/110204_GE_Pres_Recount_Summary.txt

[brentspeak]

16. Somebody needs to look into you, because this is the millionth red-state bashing post you've made

I've been tracking you for awhile.

[Socal31]

22. Huh?

Then you understand so little about what just happened in the mortgage market. No politics whatsoever.

It was purely about abundant credit and cash on the secondary mortgage market, and consumers taking out loans on houses they could not afford. Now Wall Street is backing off buying risky mortgages.

[Highway61]

7. Oh My

Where is Jean Schmidt now? She didn't cut and run did she????????

[samplegirl]

9. Spending time with

her family I suspect.

[OzarkDem]

11. Ohio 'Pukes fought long and hard

to protect predatory lenders by refusing to pass laws to regulate them.

Guess they're counting on Ohio taxpayers to bail them out.

12 years of GOP control over Ohio have totally screwed up this state. FUBAR.

[Doctor_J]

13. Bwtween this and all the election fixers being fired, OH should be blue

for awhile. Sadly, few of the crooks are actually going to prison.

[Javaman]

17. Only for the rich it's on the move...only for the rich. nt

[ozone_man]

19. Something tells me Ohio is going Democrat this time.

People vote with their pocket book to a large extent. It's a painful lesson, but hopefully one well learned.

[mtnester]

20. MI and Schottenstein Homes - the predatory lending

I can drive 5 minutes and show you a subdivision of 700 homes that have had more than 500 of those homes foreclosed due to the 3 year, interest only, balloon payment lending that NONE of those who signed a contract were even qualified for or could afford...and the in-house lending departments of MI and Schottenstein builders KNEW that....KNEW IT AND MADE THE LOANS ANYWAY.

Two builders doing more than ruining communities with 8 to the acre cardboard box homes....now those piece of crap homes are sitting empty and deteriorating. NO ONE with any sense will buy them because of how shoddy they are made, and the communities that are only a couple of years old are now blights on the landscape. Code enforcement officers have no idea how to get these houses cleaned up, the vandals strike left and right, the gutters fall down, and no one takes ownership.

Ohio let the BIA run the state right into the ground. I live here, have for decades, and know how strong the BIA is when it wants something.

Bleh...I better stop now.

[OzarkDem]

21. Pottervilles

Sounds terrible, it will take many years to clean up the mess they've created. The GOP members who fought predatory lending laws in Ohio should spend time in prison for the mess they've created.

On edit: It appears Schottenstein is on the Central Ohio BIA - sort of like the fox guarding the henhouse.

http://www.biahomebuilders.com/

And no doubt they all gave generously to GOP members of the Ohio General Assembly who were charged with oversight of their practices.

[lovuian]

23. There is something wrong here and this needs to

be checked on why did these states have so many foreclosures???

[Robbien]

24. My guess

Crooked GOP politicians helping financial institutions push predatory loans. Or at least that would be the case for California, Florida, Ohio and Georgia.

For Michigan, I expect it is the crash of the big 3 auto industry.