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Middletown's Response to Home Foreclosure Crisis??

Printed From: MiddletownUSA.com
Category: Middletown City Government
Forum Name: Community Revitalization
Forum Description: Middletown Community Revitalization News
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=3125
Printed Date: Nov 22 2024 at 10:47pm


Topic: Middletown's Response to Home Foreclosure Crisis??
Posted By: Nelson Self
Subject: Middletown's Response to Home Foreclosure Crisis??
Date Posted: Jul 11 2010 at 1:37pm

http://www.middletownjournal.com/o/content/shared-gen/blogs/dayton/ohiopolitics/entries/2010/07/08/home_foreclosure_crisis_contin.html - Home foreclosure crisis continues

By http://www.middletownjournal.com/o/content/shared-gen/blogs/dayton/ohiopolitics/entries/2010/07/08/home_foreclosure_crisis_contin.html#postcomment - Laura Bischoff | Thursday, July 8, 2010, 11:39 AM

Ohio ranks 9th among the 50 states in troubled mortgages, a report by the Lender Processing Services Inc. shows.

Based on May 2010 figures, 9.5 percent of all mortgages in Ohio are 30 days or more delinquent and another 3.5 percent are in foreclosure. That means, in Ohio, 13 percent of mortgages are non-current compared with 12.4 percent nationwide.

The data prompted housing advocates to call on lawmakers to return to Columbus and pass legislation that addresses foreclosures. Lawmakers went on break before adopting three pending bills that deal with tenant protection reform, mortgage service regulations, court mediation and foreclosure prevention counseling.

Delinquencies hit a high of 10.9 percent in January and tapered off slightly this spring. But the combination of more homeowners entering delinquency and fewer getting current on their payments has housing advocates worried.

“These two trends together mean it’s almost as bad as ever,” said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio. “It does not bode well for stabilization of the market.”

Ohio had nearly 90,000 foreclosures in 2009 and another 70,000 mortgages are in the pipeline for foreclosure, Faith said.



Replies:
Posted By: Pacman
Date Posted: Jul 11 2010 at 1:47pm
Are you asking what is Middletown going to do?  I seriously doubt there is a lot they can do about this issue on the local level.

Posted By: Nelson Self
Date Posted: Jul 11 2010 at 2:00pm
What about the $2.144 Million in HUD Neighborhood Stabilization Program - Round One funds that were received in 2009.  I thought that this was HUD's and Middletown's response to addressing the rampant home foreclosure crisis?  What about the HUD Home Investment Partnerships (HOME) Program's once very successful first-time homebuyer Downpayment & Closing Cost Assistance Program?  Is it not true that 60 home buyers were in assisted in 2008 and that many of the houses purchased were vacant, foreclosed properties?  Interesting questions all.

Posted By: Nelson Self
Date Posted: Jul 12 2010 at 10:01am
Pacman -
 
How sad that the One Donham Plaza urbanologists diverted almost $300,000 in approved NSP-1 funds to acquire/demolish pet commercial properties in the 1300 block of Central Avenue.  This otherwise unapproved action diverted funds that could (and should) have demolished up to 40 blighted residential properties.  How sad?  I guess that nearby downtown businesses were happy?


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