State Launches $75 Million Home Demolition Program

By Mike Colpitts Ohio has lead the nation demolishing homes that have been left abandoned in hard hit neighborhoods in the U.S. real estate collapse. The state's attorney general is now taking the program to an aggressive new level to demolish up to an estimated 100,000 vacant homes. The funds for the program are provided through the $25 billion settlement the nations biggest five banks reached with states in the robo-signing scandal, … [Read more...]

Home Prices Fall Almost 5% in 2011

By Mike Colpitts Home prices fell nearly an average of 5% last year as a result of a troubled U.S. economy, decaying consumer sentiment, high unemployment and a foreclosure crisis that is running out of control, according to real estate research firm Core Logic. The company’s December Home Price Index showed an average 4.7% decline in U.S. home prices, which includes foreclosure and bank assisted short sales. The year-end report indicates … [Read more...]

2012 Ohio Housing Market

Homes are selling for less than they did a decade ago in many places in Ohio as the tough economy, weak demand and high unemployment trouble the region. But home prices aren’t falling as much as they have been in Ohio and aren’t forecast to decline as much in 2012. The federal home buyers’ tax credit was like a sugar high for Ohio, sending home prices up for a time before slamming them back to earth like a child licking a sucker running out … [Read more...]

Homeownership Falls Seventh Year

Troubled by a record foreclosure crisis and an economy hinging on an economic collapse, homeownership fell for the seventh straight year to the lowest level in more than a decade, according to the U.S. Census Bureau. The drop in the nation’s homeownership rate is evidence that government programs to increase the number of homeowners only helped deliver higher profits to Wall Street and banks that designed the money making scheme. More than 8 … [Read more...]

Home Sales to Soar in 2012

By Mike Colpitts Home sales are already picking up in many areas of the U.S. and are forecast to increase even more in 2012 as pent-up buyer demand plays a critical roll in the housing market recovery. Improving market conditions in the Mid-West and Upper Northern regions of the country are expected to spread into other areas by Housing Predictor analysts. However, the housing recovery is projected to take a number of years to develop as … [Read more...]

Home Prices Tumbled Less in 2011

By Mike Colpitts Home prices tumbled an average of 4.3% on a year-over-year basis through last November, according to real estate analytics firm CoreLogic. The company’s Home Price Index, released Monday, confirmed what other real estate research companies reported – that home prices fell less in 2011 than 2010. The Santa Ana, California based firm said prices fell 1.4% in October, which marked the fourth straight month home values … [Read more...]

Tougher Sanctions on Banks Proposed

By Kevin Chiu U.S. Senator Sherrod Brown (D-OH) is calling for tougher sanctions on banks abandoning homes they foreclose on leaving tax payers on the hook to maintain properties, and tougher standards to prevent evictions of families. “Too many Wall Street banks are walking away from too many Ohio Main Street communities,” said Brown. “And when they do, they leave behind homes that are often vandalized and left to crumble. Ohioans are … [Read more...]

Real Estate Recovery Hard to Fathom

By Kevin Chiu Sometimes it's hard to fathom. But there isn't going to be a full-fledged recovery from this real estate crash for many years to come. For some reason a lot of people want to believe that things will somehow mercifully get better—and get better fast – like over night. Some areas of the country are more fortunate than others. West Virginia has seen hard times for years and they’re seeing home prices rise. Kansas and Iowa are … [Read more...]

Foreclosures Show Positive Fall

By Kevin Chiu Foreclosure filings dropped 14% in November experiencing a positive fall as default notices, scheduled bank auctions and bank repossessions hit their lowest level in a year, according to RealtyTrac. However, some of the hardest hit states, including California, Arizona and Massachusetts posted year-over-year increases in November. Foreclosure auctions, the final step in the painful foreclosure process reached a nine month … [Read more...]

Owner Financing Breaks Into Fashion

By Mike Colpitts Owner financing is making a comeback in the housing market as homeowners look for ways to sell their homes in the sluggish economy. Selling a home with an owner carrying the mortgage was hardly heard of during the housing boom, but it’s returned out of necessity as more owners explore alternative ways to sell their homes. A tight mortgage market driven by the most rigid loan underwriting guidelines in decades coupled with … [Read more...]