(Ohio) )(Mortgage) Brokers Contribute to Foreclosure Rates

[UpInArms]

http://www.onnnews.com/Global/story.asp?S=3865102

A Columbus Dispatch analysis shows aggressive mortgage brokers are contributing to the rising foreclosure rate in Ohio, where mortgages fail more than any other state.

More than 59-thousand foreclosure notices were filed last year.

In the first half of 2005, three-point-three percent of home loans were in foreclosure.

The Mortgage Bankers Association says that's triple the national average.

Records show more Ohio residents are borrowing many times their annual income and taking on risky loans.

...more...

[skids]

1. Hrm, good deal if you can find a foreclosed-on freeper.

When a bank forecloses on a house, they don't try particularly hard to sell it for more than the remainder of the balance on the loan. They don't give a crap about their ex-customer and generally shaft him and let him lose all his equity.

Which I why I didn't go looking for foreclosures last time I was thinking of buying. Banks are evil. But nowadays, if I knew it was a freeper... I think I'm just mad enough to do that.

[Systematic Chaos]

3. Yeah, but if things are THAT bad in Ohio...

why would you want to even consider buying a house there? Ugh....

[skids]

4. Because they cost so damn much here :-) n/t

[MercutioATC]

5. Because it's not an OHIO issue. Ohio has some great housing opportunities

There's a TON of affordable housing in Ohio.

I live in Westlake (west 'burb of Cleveland). We're one of two communities in Ohio with a AAA Moody's rating. Taxes are low, services and schools are great, the city pays cash for almost every improvement it makes. I have a 4-bedroom, 2 1/2 bath, 2000 sq. ft. house on a one-acre partially wooded lot that I bought 3 years ago.

I paid $175,000.

Yes, there are mortgage companies that use disreputable practices and approve unqualified buyers. There are buyers who overextend themselves. Ohio, however, has a great housing market.

[Toucano]

6. Look at the forest, not the tree.

Ohio does not have a "great" housing market by any stretch of the imagination.

You and many others may have comfortable and affordable homes in good communities. That's truly good.

But many, many others do not.

For Ohio to have a "great housing market", the state would have to be GROWING and adding good paying jobs. It isn't. It's dying. As you indicate, Ohio has TWO communities with a AAA rating. Woo-Hoo!

Poverty is on the increase in Ohio. Rural, urban and suburban. Homelessness is rising. Food pantries are running out of food. College drop-out rates are rising as unemployment and tuition increases squeeze people.

Ohioans go to the polls and say, "Let's be more like Mississippi and West Virginia." Well, now they are.

[MercutioATC]

14. Ohio may have a lousy economy, but it's still a great housing market.

We may also have had a spate of predatory lending practices over the last few years, but that is a financing issue, not a market issue.

Ohio has plenty of quality affordable housing.

[WCGreen]

13. Check the voting record......

[Systematic Chaos]

2. That's almost one home on every f**king residential BLOCK!!

I can't even wrap my mind around that.

And things haven't even STARTED getting really bad yet. Just wait until this housing market bubble deflates in earnest, or outright pops.

Oh. My. God.

:scared::scared::scared::scared::scared:

[Robert Oak]

7. foreclosures in Dallas-Fort Worth

According to Addison-based research firm Foreclosure Listing Service
Inc., foreclosure postings for the Dallas-Fort Worth area totaled
2,687 for October, representing a 44 percent spike in delinquent home
equity loans.

In high-tech Collin County the home of EDS, there are 317
foreclosures listed for October, up a whopping 21 percent from 261
postings in the same period last year, and up 7 percent from 296
postings in September.

Note that high tech were good paying jobs, 1/2 a million tech jobs were lost...correlation to foreclosure? not specific but I'll bet so.


http://www.bizjournals.com/dallas/stories/2005/09/12/daily44.html?f=et59&hbx=e_du

[acmavm]

8. I have a feeling that we ain't seen nothing yet on foreclosures. The

economy is really tanking now. There's no way to deny it anymore with fake figures and bullshit. Unemployment claims have jumped (and I do not understand why this is a surprise to anyone). New business starts, how are they doing? Not well I suspect. No one has any money and the SBA is all tapped out. Have to pay for other things, ya know.

And wages. No one is making decent money anymore but corporate execs. The average guy is living paycheck to paycheck. And the second biggest time of year for retail, back to school time, was a total disaster.

No, we ain't seen nothing yet in the way of foreclosures. I'm skating on thin ice myself. And I work. Always have. But don't make enough anymore to pay for food and a place to live. Like has been said a million times before, the American dream is not the American dream anymore. It's turned into the American nightmare.

Oh, for those who's first thought is why, if I'm so broke do I have internet, let me explain. 1) I am trying to find work, a better job. The internet is now an indespensible tool for finding work: and 2) It is the only luxury I have. I don't drive, I don't drink, no drugs, I don't go out to eat or go to bars. Nothing. This is it. Glad to have gotten that one out of the way.

[WhiteTara]

11. good luck. I think that you are right

internet is really important. Cell phones are great to help keep in touch with jobs, etc also. I hope things get better for you. Don't feel guilty about taking care of yourself in the best way that you know how. :hi:

[Roland99]

9. Here's a quote from a sales manager at a mortgage broker here in town:

"While we are busy oiling the engine that is the American economy, he is doing research to help tear it down. Take your near-treasonous research elsewhere."


That was in reference to me debunking this Freeper's claim that Iraq was training Al Qaeda at Salman Pak.


The only thing this guy is oiling is his pockets.

[redqueen]

12. So... knowing about the economy is "treasonous"

God, these freeper-type ignoramuses really do think ignorance is bliss!

:crazy:

[cantstandbush]

10. Bush's "ownership society" only applies to those who can afford to pay

CASH. That leaves out all but the wealthy.