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.

Hospice of the Western Reserve

Knight Foundation

Greater Akron Chamber


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

Crystal Ball says Ohio governor's race is done
How much is the Kasich campaign paying you to keep repeating the phrase "woman who is not his wife"? Fitzgerald was in the car with a friend who happens to be f...

Plane that crashed killing Case students is a popular training aircraft
The following is incorrect. The last few words should read "UNDER maximum gross take-off weight." “They have a normal take-off speed and all those take-off...

Exploradio: The never-ending war against superbugs
Super Federico ,we are so proud of you ,and very lucky to be among your friends . Keep it up human kind needs people like you to survive .Thanks for being so d...

Ohio's Lyme disease-carrying tick population is exploding
Interesting report. The last sentence needs some editing. It isn't a good idea to "save garments carrying ticks for analysis." The garments carrying t...

Teach for America enters third year in Ohio
For more background on TFA, check out http://reconsideringtfa.wordpress.com/

Faith leaders hold week-long prayer vigil at Ohio Statehouse
I think this is the wrong link to the audio. Its Andy Chow about cigarette taxes.

A $30 million plan to turn Cleveland's Public Square from gray to green
The current plan is for the Land Bank, RTA, and Mr. Jeremy Paris to run a bus line through the new Public Square and cutting the park in half. Save Public Squar...

Medina County residents question safety of proposed natural gas pipeline
I'm very concerned about this nexus project. I've received mail requesting my permission to allow the company to survey my property. I don't understand how thi...

A small group of tea party and Democrats protest at Kasich campaign stop
Enjoyed your excellent coverage of the statehouse for sometime now, never dreamed I'd be on. The feedback from people has been great. Thank you. Doris Adams

Top staffers are leaving the FitzGerald gubernatorial campaign
I's too bad that the dirt on Fitzgerald dug up by Kasich's operatives and publicized heavily by the Yellow Plain Dealer has caused the weak staffers of the Fitz...

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