The foreclosure crisis that began in 2007 hit the state of Ohio hard, and only recently have indications emerged suggesting that the worst is over. This at least is according to statistics from the Ohio Housing Finance Agency, which suggest that a significant improvement from previous years has been underway.
The average price for houses in Ohio has improved from $84,000 in 2011 to $103,000 in 2014. This translates to improved property value for homeowners. Construction of new homes in Ohio had been slow since the onset of the foreclosure crisis, but things are beginning to pick up despite low demand.
The human consequences of large-scale economic problems are often lost in the broader sense of how they are covered in the news. In the Cleveland area, for example, even professionals earning higher-than-average incomes, such as young doctors, still found themselves in the situation of having to sell their homes for less than they bought them for.
Even with the market for real estate gradually improving, having a home with an “underwater” mortgage (that is, the mortgage balance is still more than the appraised value of the house) remains a problem for some homeowners.
Foreclosures are a reality that many average people in this state have had to and will continue to face. If you find yourself in the predicament of being unable to keep up with your housing payments, it is important to go over your options.
You can talk to your bank and come up with an alternate payment plan if the current one is too strenuous. Refinancing may be another option. Whatever you choose to do, it is important to keep lines of communication open with your lender. You may need their trust if you want to work your way out of a foreclosure.
Fox Business, “Housing market in Ohio is on the rebound after recession, but foreclosures remain an issue,” Oct. 27, 2014