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Foreclosure Listing Sales Up in Ohio From Last Year

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By : John Cutts    99 or more times read
Market data showed that the number of foreclosure properties in Clark County, Ohio is still on the rise, prompting industry analysts to say that the housing market in the area is still wallowing in the crisis.

Sheriff's foreclosure listing sales jumped by 29 percent in Clark County in the first seven months of this year, compared with the same period the previous year. From January to July, 620 foreclosure homes were logged, the highest recorded foreclosure in the area in five years.

Neighborhood Housing Partnership (NHP) of Greater Springfield executive director Tina Koumoutsos said that she does not see any relief from the foreclosure crisis in the area in the coming months.

Industry analysts have been anticipating another wave of foreclosures in the coming months among homeowners who lost their jobs or saw their wages reduced. Adding to the numbers are homeowners who took out adjustable rate mortgages which are scheduled for resetting.

Meanwhile, for the first seven months of this year, tax foreclosures rose to 30 properties, compared with none in the same period the previous year.

But Clark County Treasurer Stephen Metzger said that the tax foreclosure data is not conclusive, adding that there could be some pending sales last year and it was only this year that the tax sale had been posted.

On the other hand, the NHP were able to provide counseling to 270 homeowners who were facing the danger of losing their properties to foreclosures in 2008. But from January to June of this year, NHP was able to counsel 222 clients already, more than the total numbers it counseled last year.

Koumoutsos noted that mortgage servicers are taking a long time responding to delinquent homeowners who want to save their houses from foreclosures.

According to industry analysts, more distressed homeowners are finding themselves losing their properties to foreclosures because of lengthy delays in loan modification or refinancing process. And while waiting for a response from lenders, distressed homeowners try their very best to keep their heads above water.

In 2006, the NHP counseled 33 clients which increased nearly thrice the following year to 83 and 270 in 2008.

Industry analysts said that the devastation brought about by the foreclosure crisis could only be alleviated if homeowners who just lost their jobs would be able to find ways to keep their accounts current.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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