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Started 1 year ago by Walker
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Walker
The KLD / Downtown
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PREVIOUS NEWS: http://www.columbusunderground.com/tag/foreclosures

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Ohio Foreclosures Drop For 1st Time In 15 Years
By Associated Press
Published: February 11, 2011

Data released by the Ohio Supreme Court shows the number of new foreclosure cases filed in county courts last year declined for the first time in 15 years.

Common pleas courts in Ohio reported 85,483 new foreclosure filings in 2010, a 4 percent decrease over 2009 and the first time the numbers have gone down since 1995.

READ MORE: http://www2.nbc4i.com/news/2011/feb/11/2/ohio-foreclosures-drop-first-time-15-years-ar-393150/

Posted 1 year ago #
cbus11

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http://communitypress.cincinnati.com/article/AB/20110210/BIZ/302100024/1139/rss1019/Ohio-foreclosures-drop-2010?odyssey=nav%7Chead

Pete Kopf, president of the Cincinnati Area Board of Realtors, said three factors influenced the decrease in foreclosures: A voluntary and temporary moratorium by some of the nationÃ¢â‚¬â„¢s biggest housing lenders on foreclosures last fall; an increased willingness by banks to work with homeowners struggling to make payments; and an increase in the number of short sales, in which homes are sold for less than what is owed.

Posted 1 year ago #
bman
New Albany
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It's because we elected John Kasich as governor and put a republican majority in the US House of Reps.

<wink>

Posted 1 year ago #
Walker
The KLD / Downtown
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Home vacancies jumped in the past decade, spreading into the suburbs
Sunday, April 3, 2011
BY BILL BUSH
THE COLUMBUS DISPATCH

In the decade leading up to 2010, the number of vacant housing units shot up 55 percent across the state, to more than 524,000. More than 1 in 10 residences was vacant last year, when the census was conducted.

That's roughly equal to every single housing unit in Franklin County - all sitting there empty. Some of the vacant housing, here and across the state, is brand new.

READ MORE: http://www.dispatch.com/live/content/local_news/stories/2011/04/03/nobody-home.html?sid=101

Posted 1 year ago #
Walker
The KLD / Downtown
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Franklin County foreclosure filings down 16 percent in first quarter
Wednesday, April 6, 2011
BY JIM WEIKER
The Columbus Dispatch

Franklin County foreclosure filings dropped during the first three months of the year, continuing the slide begun last year.

A total of 2,084 foreclosures were filed in the first quarter, 16 percent fewer than during the same period last year, according to the Franklin County Clerk's office.

READ MORE: http://www.dispatch.com/live/content/business/stories/2011/04/06/foreclosures-fell-in-ohio-in-first-quarter.html?sid=101

Posted 1 year ago #
Walker
The KLD / Downtown
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Foreclosure dip not all roses in Columbus
Business First - by Brian Ball
Date: Friday, April 8, 2011, 11:54am EDT

First-quarter statistics from the Franklin County Clerk of Courts suggests foreclosures on housing and commercial mortgages in the Columbus area may be headed down this year. But there could be more to that story.

READ MORE: http://www.bizjournals.com/columbus/blog/2011/04/foreclosure-dip-may-not-be-all-roses.html

Posted 1 year ago #
Walker
The KLD / Downtown
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Foreclosures swallowing local investors' homes by the dozens
Monday, May 9, 2011
BY JIM WEIKER
The Columbus Dispatch

Of the 11,419 Franklin County properties to go to a sheriff's sale since the start of last year, 2,678, or almost 1 in 4, were owned by investors, according to a Dispatch analysis of county records.

READ MORE: http://www.dispatch.com/live/content/local_news/stories/2011/05/09/foreclosures-swallowing-local-investors-homes-by-the-dozens.html?sid=101

Posted 1 year ago #
cc

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I guess I am not that sympathetic to the guy buying 12 houses in the hilltop and getting in over his head. With housing prices continuing to fall I hope we get more owner occupied housing and less absentee landlords.

Posted 1 year ago #
labi
Weinland Park
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The somewhat-buried pertinent point of the article for me was the disproportionate impact of investor foreclosures on neighborhoods (as compared to owner-occupied foreclosures). When banks drag their feet processing the foreclosures, the properties sit vacant and (in my experience) completely unmaintained for long periods of time.

Certain neighborhoods have higher concentrations of investor-owned properties, as well, so are doubly hit.

Posted 1 year ago #
cbus11

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The somewhat-buried pertinent point of the article for me is how the laws are changing to favor the larger property management/development companies such as Wagenbrenners and KRG, etc. They have the resources to keep licensed contractors on staff and in general wade through the foreclosure market. It is definitely a good time to be a big fish.

I think there will also be another shake up when the county auditor reassesses the property taxes in some of our up and coming nieghborhoods (WP, IV, and parts of OTE).

Posted 1 year ago #
labi
Weinland Park
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There were definitely a lot of interesting ramifications that weren't explored, due to the personality-based focus of the article.

Like - how "increased code enforcement" was painted as an aggressor against small-time landlords. I understand that it costs more to hire licensed contractors and pull permits for things like plumbing and electrical, but I also know that a lot of small-time landlords made money by buying run-down properties in neighborhoods where it didn't look like anyone cared whether the porch was falling off the house, and collecting rents while they continued to live in their "modest three-bedroom house on the Far West Side." As a homeowner who is currently surrounded by shithole rentals owned by small-time landlords who live outside the metro area, I don't feel sorry for them suddenly being confronted by code enforcement.

Posted 1 year ago #
pedex

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Judges Bender, Reece, Beatty, Cocroft, and Schneider issued an order from the bench back in January requiring additional affidavits from the attorneys filing foreclosure cases. No affidavit and you automatically are forced into trial. Also some of the leading foreclosure mills like Lerner Sampson are being sued or under investigation for fraud. Plus the banks are now finding out that many of their claims to ownership are bogus, they screwed themselves by using MERS and also by not adhering to the PSA's and REMIC laws.

The fraud is pretty rampant and right in front of everyone's face. Hell anyone with about 30 minutes worth of research can put a company like Manley Deas and Kochalski into jeopardy for local civil rule 11 violations alone. Check Kochalski's initial complaint filings from 2009 onward at the county court of common pleas(you can do this at home online). His supreme court # is 001886. The man has about 30 different signatures !! That's just an example of the crap and short cuts the lawyers are doing, what the banks are doing is far more serious.

When a bank forecloses it has to write down the loss, they don't like taking losses. Their traditional business model has been trashed leaving them less earnings power and mucho losses out there to still deal with.

you can find more of the nitty gritty details at 4closurefraud.org

There's a lot of things playing out right now, the election basically killed the AG's efforts to force the banks to comply with law. Courts are becoming aware of the fraud and reacting accordingly. The banks trying to avoid losses and responsibility. Plus to top it all off the Federal level of the govt has bent over backwards to not do anything constructive with this mess.

Posted 1 year ago #
KingLincolnUrbanEnthusiast

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"I think there will also be another shake up when the county auditor reassesses the property taxes in some of our up and coming nieghborhoods (WP, IV, and parts of OTE)."

These are wise words and spot on! The real insight is that the foreclosure crisis has been a blessing in disguise for places like WP and OTE. This combined with the foreclosures (I have no sympathy for folks in this mess) will help change the ownership of the properties and drive out the remaining obstructionists and old dead wood - no pun intended. The result will be steady and dramatic positive change and visible transformations in WP and Olde Towne

Posted 1 year ago #
cc

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There is definitely talk of the property taxes in these neighborhoods going up, especially with all of the renovations going on. There is a need for more revenue and less is coming from the McMansions. I guess it will cause some change and maybe get rid of some of the shitty landlords. Though some slumlording (as can be seen around OSU campus) is pretty lucrative.

Posted 1 year ago #
rory
NW Short North
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KingLincolnUrbanEnthusiast wrote >>
"I think there will also be another shake up when the county auditor reassesses the property taxes in some of our up and coming nieghborhoods (WP, IV, and parts of OTE)."
These are wise words and spot on! The real insight is that the foreclosure crisis has been a blessing in disguise for places like WP and OTE. This combined with the foreclosures (I have no sympathy for folks in this mess) will help change the ownership of the properties and drive out the remaining obstructionists and old dead wood - no pun intended. The result will be steady and dramatic positive change and visible transformations in WP and Olde Towne

The foreclosure crisis was not a blessing in disguise for any neighborhood unless you're a lawyer. It's taken years in court and millions in federal tax monies (Neighborhood Stabilization Program I & II) to shake those houses loose.

Posted 1 year ago #
Walker
The KLD / Downtown
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Central Ohio foreclosure rate shoots up in March
Business First - by Adrian Burns
Date: Monday, June 6, 2011

March foreclosures rates were up in Central Ohio compared with a year earlier, according to a new study from real estate research company CoreLogic.

The rate of foreclosure for March in Central Ohio was 3.09 percent of outstanding loans, up .52 percentage points from 2.57 percent in March 2010, the company said.

READ MORE: http://www.bizjournals.com/columbus/news/2011/06/06/central-ohio-foreclosures-shoot-up-in.html

Posted 11 months ago #
gramarye
In Exile
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cc wrote >>
There is definitely talk of the property taxes in these neighborhoods going up, especially with all of the renovations going on. There is a need for more revenue and less is coming from the McMansions. I guess it will cause some change and maybe get rid of some of the shitty landlords. Though some slumlording (as can be seen around OSU campus) is pretty lucrative.

Of course it is; if it weren't, they slumlords would already have sold out of those neighborhoods. I prefer encouraging such people to do business elsewhere by increasing code enforcement rather than by increasing property taxes, however. The former allows for somewhat more precise targeting at the worst properties in the area, whether they be foreclosures or otherwise, and whether they be still owned by said slumlords or by the banks who foreclosed on their investment properties.

Posted 11 months ago #
KingLincolnUrbanEnthusiast

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The other positive change from the reassessment too will be that where the property taxes are not consistent in an up and comning i.e WP or up neighborhood i.e OTE and one person is paying $3000 a year because they purchased in 2002 and another $650 becuase they purchased in 1970...it will bring up all the taxes because there has been real appreciation over time and the average values have climbed. This should also help drive out the remaining flippers who buy at an auction and just want to sit on property rather than return it to productive use...imho

Posted 11 months ago #
gramarye
In Exile
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And now for something completely different:

Homeowner Forecloses on Bank

ItÃ¢â‚¬â„¢s hard not to chuckle at this story: Bank of America tries to foreclose on a coupleÃ¢â‚¬â„¢s house, even though they donÃ¢â‚¬â„¢t owe a cent. The couple fights BoA in court, and wins Ã¢â‚¬â€ but then BoA fails to pay the legal fees and court costs. So what does the wronged couple do? Precisely what the bank would have done: They seized the banks assets.

Ã¢â‚¬Å“TheyÃ¢â‚¬â„¢ve ignored our calls, ignored our letters, legally this is the next step to get my clients compensated, Ã¢â‚¬Â attorney Todd Allen told CBS.

SheriffÃ¢â‚¬â„¢s deputies, movers, and the NyergersÃ¢â‚¬â„¢ attorney went to the bank and foreclosed on it. The attorney gave instructions to to remove desks, computers, copiers, filing cabinets and any cash in the tellerÃ¢â‚¬â„¢s drawers.

After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.

http://volokh.com/2011/06/04/homeowner-forecloses-on-bank/

Posted 11 months ago #
News
Columbus Underground
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Foreclosures decline in Franklin County
Thursday, July 7, 2011
BY JIM WEIKER
The Columbus Dispatch

Franklin County foreclosure filings dropped in June for the seventh straight month, as banks modify more loans and the economy inches up.

During the month, 506 foreclosure cases were filed, down from 604 last June, according to Franklin County Clerk of Courts Maryellen O'Shaughnessy.

READ MORE: http://www.dispatch.com/live/content/local_news/stories/2011/07/07/foreclosures-decline-franklin.html?sid=101

Posted 10 months ago #