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Foreclosure and Pre Foreclosure Listings Aggravate Ohio Problems

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By : John Cutts    99 or more times read
The economic problem of Ohio, believed by economists to have been present even before the housing market crisis, has been made worse by the increasing number of homes falling under foreclosure and pre foreclosure listings. U.S. President Barack Obama recently visited the state to assure the public that he is aware of their frustration over the slow economic recovery in the area.

According to real estate market analysts, the efforts being promised by Obama to control the rising number of Cleveland home foreclosures might be too late as the problems of the city, as well as the state, are believed to be deeply entrenched and have been present even before foreclosure rates started escalating in various areas of the country.

Economists have stated that Ohio home foreclosures are just aggravating factors as the main economic trouble of the state has long been heralded by the decline in the population of some of the state's major counties. Private employment has also declined in the area and vacant properties remain empty for long periods of time, causing neighborhoods to suffer from blight and deterioration.

State economic experts have claimed that the area's problems go beyond having thousands of properties under foreclosure and pre foreclosure listings. They asserted that Ohio's economic troubles are largely associated with structural weaknesses and not merely with economic cyclical weaknesses.

The economic problem that has been there prior to the recession was made even worse by escalating unemployment rates and increasing number of foreclosures, with very few buyers willing to take advantage of the sale of foreclosure listings for very low prices. As an example, experts have cited Cuyahoga County's move to let go of 10% of its government workforce within a period of one year.

State residents, most of whom are Democrat-supporters, are reportedly losing patience with the Democrat-controlled Congress and Senate. This, according to market analysts, does not bode well for the Democrats running for legislative seats in the state.

According to some local reports, some voters who supported Democrats in previous elections are allegedly considering changing their allegiance. Some of the residents have stated that members of the Congress and the Senate are too busy fighting each other to address the deepening economic troubles of Ohio, which include rising unemployment rates and increasing number of properties under foreclosure and pre foreclosure listings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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