Middletown Ohio


Find us on
 Google+ and Facebook


 

Home | Yearly News Archive | Advertisers | Blog | Contact Us
Thursday, March 28, 2024
FORUM CITY SCHOOLS COMMUNITY
  New Posts New Posts RSS Feed - Home Foreclosures On The Rise
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

Home Foreclosures On The Rise

 Post Reply Post Reply
Author
High Speed Rail?? View Drop Down
MUSA Immigrant
MUSA Immigrant


Joined: May 28 2010
Status: Offline
Points: 45
Post Options Post Options   Thanks (0) Thanks(0)   Quote High Speed Rail?? Quote  Post ReplyReply Direct Link To This Post Topic: Home Foreclosures On The Rise
    Posted: Jun 17 2010 at 10:39pm

More homes go to sheriff's auction

June is shaping up to be worst month yet for local homes in Butler County foreclosure sales.

 
By Jessica Heffner, Staff Writer 8:27 PM Thursday, June 17, 2010

HAMILTON — Foreclosure sales spiked in Butler County last month, surging past 2009 figures and making it the worst month yet for local homes sold at auction.

According to statistics from the Butler County Sheriff’s Office, 197 properties were filed for foreclosure, and 119 were sold at auction in May. This compares to 216 filings and 91 foreclosures for the same month last year.

Jim Allen, who has worked as the Butler County foreclosure auctioneer for almost three years, said he views the housing crisis as much worse than when he started. Already the amount of properties repossessed by the bank or sold at auction has increased 38 percent since last year, with no end in sight. Halfway through June, 69 properties have been sold, just three less than last year. With 43 homes set for auction next week, Allen said the month is shaping up to be the worst this year.

“I would say 90 to 95 percent of these properties are going back to the banks. We aren’t getting a lot of investors even,” he said. “Until the jobs turn around, I don’t see it getting better. That’s the critical issue.”

And while mortgage remodifications were helping fewer properties end up on the auction block, fewer lenders today seem to be offering this assistance. As of the end of May, there has been a 24 percent decrease in the number of homes pulled before the auction — the usual sign the lender may be negotiating with the homeowner on the loan, according to a report by the sheriff’s office.

Contact this reporter at (513) 705-2843 or jheffner@coxohio.com

Back to Top
High Speed Rail?? View Drop Down
MUSA Immigrant
MUSA Immigrant


Joined: May 28 2010
Status: Offline
Points: 45
Post Options Post Options   Thanks (0) Thanks(0)   Quote High Speed Rail?? Quote  Post ReplyReply Direct Link To This Post Posted: Jun 17 2010 at 11:23pm
CITY STAFF COMMENTS -- CITY COUNCIL HOUSING SUBCOMMITTEE MEETING (EXCERPTS) -- FEBRUARY 5, 2010 

HUD Neighborhood Stabilization Program - Round One Update

As reported earlier, Mr. Adkins explained there will be a shift from demo to acquisition and rehabilitation. The theory is to stabilize neighborhoods. He is working with Fannie Mae, HUD and the largest REO realtor to find homes for purchase and rehab. He explained the process that starts with a Cost Estimate Report, includes a Rehab Feasibility Analysis, and Appraisal. Homes acquired and rehabbed could be incentive homes. If the program does not get all its money back from the rehab, that’s OK. HUD recommends you lose $75,000 per home. When you take an empty house and possibly turn it into the last vacant house on the street; putting a taxpaying family in the house, HUD feels these are investments in the neighborhood and community. They will tell you if you are not losing money, you are not doing a good job. There was discussion about housing stock and looking at three or four bedroom $100,000 homes for this project. HUD will carry a second mortgage to put better housing stock in the neighborhood. Middletown has done some of these, but not without some criticism. Maple Park is a good example with better quality homes and a nicer neighborhood within a neighborhood. The policies need to be well wrapped and understood.

HUD Neighborhood Stabilization Program - Round One:  Comparison of Strategies
 
Community Revitalization Consultant/Staff Plan (11/08)       Nelson Self's Concept(10/27/08)
 
City Purchases/Rehabs/Resells 20 Vacant Foreclosed Homes      City Assists Purchasers of 70 Vacant, Foreclosed Homes
City Engages in Real Estate Market                                              City Provides Secondary Loan Financing for Purchasers
City Assumes Property Management Function                             City Provides Technical Rehab Assistance for Purchasers
City Incurs Property Tax, Insurance & Maintenance Costs           City Works with Purchasers, Lenders & Realtors
City Projects Losing Up to $75,000 per Home                               Purchasers Use FHA 203k & Other Bank Purchase/Rehab Loans
Residential Property Demolition - 50+ Structures                         Residential Property Demolition - 50 Structures
Down Payment/Closing Cost Assistance - 35+ Purchasers           Down Payment/Closing Cost Assistance - 70 Purchasers
 
You be the judge?  Which is the most cost effective and productive?  Why has senior City staff waited one year to begin their costly acquisition/rehabilitation/resale activities?  I guess that it doesn't matter as HUD allows grantees like the City of Middletown to lose up to $75,000 per housing transaction?  As a taxpayer, how does this logic strike you?
Back to Top
VietVet View Drop Down
MUSA Council
MUSA Council
Avatar

Joined: May 15 2008
Status: Offline
Points: 7008
Post Options Post Options   Thanks (0) Thanks(0)   Quote VietVet Quote  Post ReplyReply Direct Link To This Post Posted: Jun 20 2010 at 8:20am
Just got some Micky D's coffee for the wife and I this morning. Decided to take a drive thru the old neighborhood we lived in for 19 years on Stratford Dr, just north of the high school. Mercy! Saw homes with the grass 8-10 inches tall. Saw at least two homes with an orange sign on the front door indicating abandonment/foreclosure. Bushes overtaking the house and growing out of control and the grass not mowed at the house we took so much pride in until we moved to Arizona in 2005. So sad and a shame that the economy has gone so far downhill, that so many people can no longer afford to stay in their homes, much less keep them up. It makes you want to and hits you when you see something you worked so hard to maintain, look like a ghetto house. This same neighborhood was so nicely maintained for many years. People back then actually gave a crap what their place looked like.
Back to Top
High Speed Rail?? View Drop Down
MUSA Immigrant
MUSA Immigrant


Joined: May 28 2010
Status: Offline
Points: 45
Post Options Post Options   Thanks (0) Thanks(0)   Quote High Speed Rail?? Quote  Post ReplyReply Direct Link To This Post Posted: Jun 20 2010 at 11:15am
Viet Vet -
 
Only two years ago the City's down payment/closing cost assistance program enabled 60 first-time home buyers to purchase mostly vacant/foreclosed homes in quite a few otherwise stable neighborhoods.  This did much to keep areas like Strafford Dr. stable.
 
Now, large amounts of HUD funds are being diverted to Former Downtown commercial acquisition and demolition pet projects instead.  There must be a healthy balance between home ownership assistance in all wards of the City and demolition of vacant, blighted, obsolete older homes in Wards 1 and 2.  The City has a large amount of Housing Rehab Revolving Fund resources that should be strategically utilized in salvageable neighborhoods in Wards 1 and 2.
 
Last week I was notified by an elderly African-American homeowner that the City's housing rehab program was not available because of unspecified internal problems.  This longtime Ward 2 resident and Navy veteran was turned away.  I wonder what is planned for the thousands of dollars in the aforementioned housing rehab fund?  And, since over one year has passed since new personnel were promoted by Judy G. to "run" community revitalization activities, how interesting it would be to know what is the nature of these little problems?
 
 
Back to Top
Pacman View Drop Down
Prominent MUSA Citizen
Prominent MUSA Citizen
Avatar

Joined: Jun 02 2007
Status: Offline
Points: 2612
Post Options Post Options   Thanks (0) Thanks(0)   Quote Pacman Quote  Post ReplyReply Direct Link To This Post Posted: Jun 20 2010 at 11:36am
I would hardly call Stratford Dr. area an Unstable neighborhood, as you imply.
Back to Top
High Speed Rail?? View Drop Down
MUSA Immigrant
MUSA Immigrant


Joined: May 28 2010
Status: Offline
Points: 45
Post Options Post Options   Thanks (0) Thanks(0)   Quote High Speed Rail?? Quote  Post ReplyReply Direct Link To This Post Posted: Jun 20 2010 at 9:30pm
Pacman -
 
Continued high priority emphasis on a home buyer down payment/closing cost program can do much to prevent areas like the one that Viet Vet noted on Strafford Dr. from becoming impacted because of one problem property.
 
You might consider asking a number of local real estate and mortgage banking professionals about this.  They can provide you with tangible market data that supports the strategic infusion of minimal HUD funding to augment neighborhood stability during these tenuous economic times.
 
In response to your one-liner above, I hope you aren't implying that Strafford Dr. is an unstable area because I sure didn't.  Because of the unsightly vacant, foreclosed home once owned by Viet Vet, there needs to be a coordinated private-public effort to attract a qualified home buyer there and in other comparable neighborhoods!  Targeted home demolition in blighted, older neighborhoods also remains a high priority companion undertaking.
Back to Top
Bobbie View Drop Down
MUSA Citizen
MUSA Citizen


Joined: Jun 05 2009
Location: Middletown
Status: Offline
Points: 288
Post Options Post Options   Thanks (0) Thanks(0)   Quote Bobbie Quote  Post ReplyReply Direct Link To This Post Posted: Jun 21 2010 at 9:50am
I would have never considered the area that I live in unstable - middle class neighborhood, till a few years ago.  The value of my home today is 40k less then I purchased it for, and several homes on my street have been foreclosed on.  So to say Stratford is unstable, I would believe it now.  The economy has not just effected low income - it has greatly effected middle income as well. 
Back to Top
 Post Reply Post Reply
  Share Topic   

Forum Jump Forum Permissions View Drop Down



This page was generated in 0.107 seconds.
Copyright ©2024 MiddletownUSA.com    Privacy Statement  |   Terms of Use  |   Site by Xponex Media  |   Advertising Information