Banks and other lenders across the US have been tightening their credit standards and not just on mortgage loans.
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RealityTrac, an independent company that tracks foreclosures in 100 different major cities, released its numbers today and the outlook doesn’t look good.
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You don’t hear a lot about smaller, Midwestern cities in a news climate filled with stories of home mortgage layoffs and problems in the California and Florida real estate markets.
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Home prices in Columbus aren’t likely to drop in the near future because the city is one of the least risky markets in the nation, according to a recent study.
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April home sales in the Greater Cincinnati housing market took a double-digit drop from year-ago numbers, while they also remained down in Northern Kentucky.
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The state’s Foreclosure Prevention Task Force held its fourth meeting this week, in what was billed as an opportunity for Ohio mortgage borrowers facing foreclosure or people who’ve been through the foreclosure process to tell their stories.
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George Voinovich, a Senate Republican of Ohio, has penned an editorial in the Cincinnati Enquirer about the fall of home prices and the rise in home loan problems, with many Americans facing the possibility of losing their largest financial asset.
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The impact of foreclosures seeps far beyond the homeowner; it is beginning to take its toll on local real estate and Ohio mortgage lending markets.
The Springfield (Oh.) News-Sun reports that it’s still a buyer’s market locally, a trend that is spreading nationally, local real estate agents said.
The cold, ice and snow which swooped into the Scioto Valley in February did nothing to freeze this segment of the Ohio housing market, the Chillicothe Gazette reports.
Numbers reported by the Ohio Association of Realtors show not only a strong local showing in February, but a near-record for the state as well.
New and existing home sales rose nearly 38 percent to last year’s totals in February, while increased Ohio mortgage demand pushed the average sale price of those homes up nearly 26 percent - to $108,214.
In total, more than $10.2 million worth of homes were sold in the area in February, an increase of 73 percent year to year.
“We’re very pleased,” said Mary Kay Clipner, chief staff executive for the Scioto Valley Association of Realtors. “It’s a great sign about the local market and the economy.”
With the market doing so well, and mortgage interest rates hovering near record lows, Clipner said it’s still a buyer’s market.
“There’s a lot of good properties still out there for new home buyers or someone looking to move,” she said. “People wanting to get out and take look what’s out there are going to very pleased with what they’ll find.”
OAR President Patrick O’Neal said sale activity in the month was strong, but bad weather in the north kept people at home despite continually low home mortgage loan rates.
“To post near-record results in that type of environment is a clear indication that buyers are interested in taking advantage of favorable mortgage rates and an ample supply of houses in all price categories,” he said.
SOURCE: Chillicothe Gazette