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.

Wayside Furniture

The Holden Arboretum

Knight Foundation


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

The first big private gift comes in for the pro football HOF project
The HOF has needed a shot in the arm for many years and this project will go a long way to getting the attraction the attention it deserves (next: upgrad...

Environmental study nears completion in East Liverpool
Twenty years ago my twin sister and I protested the building and operation of the WTI facility citing several studies that indicated the risk of cancer due to ...

HOF's Canton expansion could take an island and make it a village
I live in the block from Broad St to the Hall of Fame and will be impacted by the expansion. I am in the process of selling my home and planned to long before i...

Cleveland redeploys police to replace rejected red-light traffic cameras
Periodic rotational enforcement without warning does NOT change behavior and the city officials know that. This is the basis of all officer-run enforcement trap...

New enrollment period offers more insurance options
The removal of federal funding for healthcare CO-OPs may limit the growth of the CO-OP movement. http://www.healthcaretownhall.com/?p=6381

The family of Boardman vet killed in Vietnam receives his medals
My name is Mike Eisenbraun. I am Larry's brother. I was 14 years old when Larry was killed in Vietnam. He has been gone for 46 years but it seems like yester...

Cleveland seniors are creating new wealth -- and facing new challenges
Why is anyone surprised that we people over 65 are not retiring? If you have been paying attention, defined company funded pensions were phasing out in the eigh...

Ohio company cuts off a dairy supplier after allegations of animal abuse
these people should be held accountable for their actions. i would be more than pleased to see a year or more behind bars. i will NEVER eat anything that comes ...

Goodyear recruits thousands of vets
What a wonderful interview! Excellent reporting skills by a talented young reporter! I look forward to hearing more from Ms. Schley!

Copyright © 2014 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