Ohio Lawmaker Seeks Solution to Foreclosure Level
It looks like foreclosures are starting to become a national call to action for some Washington bureaucrats. One example — Rep. Steven C. LaTourette (R-Ohio) — who chaired a meeting of the U.S. House Finance Services Committee in Cuyahoga County Wednesday.
The topic on the table: the high foreclosure rate in Cuyahoga County — one of the highest in the nation — and what can be done to ease the bleeding.
The key focus of the discussion: creating partnerships between community organizations and local and state governments as a viable solution to the problem.
For homeowners in Cuyahoga County, or Ohio for that matter, there is cause for concern. That’s for sure. And for subscribers to RealtyTrac — albeit investors, real estate agents or potential homebuyers — Ohio is a land of opportunity right now.
According to the RealtyTrac Q2 2006 Foreclosure Market Report, the total number of foreclosures in Ohio actually declined by 30 percent from Q1 2006, although still up 85 percent from Q2 2005. The state went from the seventh highest total of foreclosures in the nation in April to the fourth highest total in June.
At the local level Cuyahoga County went from the county with the highest foreclosure rate in the state — one foreclosure filing for every 453 households in May — down to the seventh highest foreclosure rate in the state — one foreclosure filing for every 508 households — for June.
Data supplied by the Federal Deposit Insurance Corp. (FDIC) reports that job growth in Ohio was less than half the national average during Q1 2006. New jobs being created are lower-paying service jobs while higher-paying jobs in the manufacturing sector are being eliminated. Layoffs by large multinational companies are expected to continue over the next few years.
Mortgage delinquencies continue to rise, the number of single-family permits are declining, the rate of home price appreciation is below the national average, and the state’s median home price declined in Q1, although home sales were up 6 percent for the quarter
One news report on the outcome of the meeting has witnesses placing blame squarely on easy lending practices, which is the same story heard in many states around the country right now.
In the meantime, the crop is plentiful in Ohio for RealtyTrac subscribers looking to purchase a property at a discount and a chance to help out a potentially distressed homeowner.
And as always we are interested in hearing your reaction, comments or feedback to this and any information we provide on this ForeclosurePulse.blog and our website: www.RealtyTrac.com.