News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Hennes Paynter Communications

Levin Furniture

Akron Children's Hospital


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


A third of Northeast Ohio homes remain "seriously underwater"
Daren Blomquist of RealtyTrac says the recovery here may require more than time
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
Courtesy of flickr
Download (WKSU Only)
In The Region:
The good news in the latest RealtyTrac report is that a lot fewer people owe a lot more on their mortgages than their houses are worth. The bad news is that more than a quarter of homeowners in Ohio still fall into that category. WKSU’s M.L. Schultze has more on underwater properties.
LISTEN: Daren Blomquist explains Northeast Ohio's unfortunate circumstances

Other options:
Windows Media / MP3 Download (1:07)


RealtyTrac defines properties as “seriously underwater” if people owe at least 25 percent more on their mortgage than the value of the house. And right now that means 17 percent of all residential properties in the country. That’s the lowest level in two years, and down from 26 percent a year ago.

But Ohio – especially Northeast Ohio -- continues to struggle. More than a third of the Cleveland-Elyria-Mentor market is seriously underwater – putting it right up there with Las Vegas and with Lakeland and Palm Bay, Florida.

Daren Blomquist of RealtyTrac says those other communities have something going for them right now that Northeast Ohio does not – rebounding prices.

“It’s almost a situation where you can say, ‘Homeowners, just wait it out. Home prices are rebounding at double digits percentage-wise every year. You’re going to see your equity return fairly quickly.’ In Ohio, it’s not that simple. 

We show home prices in Cleveland are up 5 percent, but at 5 percent, it’s going to take several years before many of the homeowners are back above water.”

Blomquist says the recovery here may require more than time, including lenders who agree to short sales or serious loan modifications.
Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Cleveland deal ramps up civilian oversight of police
i would like to see police get mandatory psych evals one a year from out side the department.

The generation gap in care for developmentally disabled Ohioans
I don't understand how a few hours a day of caregiving can possibly help a person who lives with complex/multiple disabilities. Many waiver recipients totally d...

Marijuana referendum may change more than pot's legal status in Ohio
If our representatives would act in accordance with the will of the people things like this wouldn't happen. They dragged their feet and blocked discussion on t...

Area pastors and congregation members protest justice system
I live in Cleveland. trust me when I say the high incarceration rate is due to the high crime rate.

Ohio's attorney general rejectsthe latest proposal to legalize marijuana
i think the ag launguage is money hes talking about drug companies must pay him more than responsible ohio can

PBS documentary chronicles the fall of Saigon through new footage and stories
Hi, Does anyone know the number - in the pbs special "Last Days of Vietnam" documentary, of how many Vietnamese were evacuated? Please e-mail me the answer. T...

Protest planned at tomorrow's FirstEnergy meeting
The problems of the poor and downtrodden have nothing to do with First Energy. They are the result of Republican legislators who consistently reduce taxes on th...

Ohio bill would help smaller communities with LGBT discrimination laws
Do we not try and have rights for all individuals equally? On the HUD list of "preferred" candidates who get "special consideration" it states that: For purp...

Ohio likely will continue with two types of police academies
Wake up people your wanting a Harvard law school education for a job that may pay a little over the poverty level. I don't know anyone who could support a wife ...

Police Week's ties from NE Ohio to D.C.
The men and women in blue who risk their lives everyday to serve and protect us....and this is as much recognition and appreciation that NPR/WKSU feels to offer...

Copyright © 2015 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University