Vance P. Truman, Attorney at Law
Putting People's Financial Worries Behind Them Free Initial Consultation

Foreclosure rates drop in central Ohio

Home ownership is a great responsibility, and financial institutions are there to help people attain that goal without trading financial independence. This is why struggling to keep a home is difficult to deal with and sometimes hard to accept. People facing this challenge do not need to do it alone.

Ohioans know these challenges well after the last 10 years of increased foreclosures and bankruptcies. This followed economic decline and incomes that would not increase along with prices. Distressed homes came on the market at a disturbing rate.

Foreclosures are finally on the decline in most parts of the Buckeye State, signalling a recovery from the subprime housing collapse a decade ago. The Great Recession did heavy damage to the economy in Ohio, specifically affecting the housing market.

The last quarter of 2017 saw only 361 foreclosure sales in central Ohio, and only 424 homes in financial distress came on to the housing market. These rates decreased by at least a third since the last quarter of 2016.

The crisis peaked in 2011, when 23 percent of Ohio's housing inventory were distressed properties. Almost half of property sales involved distressed properties in Ohio that year as well.

Dangers still exist for mortgaged properties, and owners need to be careful to protect their homes and investments. Homeowners also need to be wary of foreclosure fraud, requests for dummy payments and other scams.

For homeowners and property owners fighting foreclosure, legal representation is often a smart part of the plan. An attorney can help review the financial situation and help find solutions beyond the loss of a home or other property.

Source: Columbus Business First, "Short sales and foreclosed house sales decline in Central Ohio," Tristan Navera, Feb. 21, 2018

No Comments

Leave a comment
Comment Information

Get the debt relief you need, the personal attention you deserve.

Call us today for a free consultation at 330-591-4729, or fill out the form below, and we will contact you.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact Information Vance P. Truman, Attorney at Law

689 Lafayette Rd.
Medina, OH 44256

Phone: 330-591-4729
Fax: 330-722-3410
Map & Directions

Payment Plans Available Call Us For Your Best Suitable Payment Option

VISA master card American express Discover network