Many Ohio real estate specialists will tell you that having a foreclosure in your neighborhood can drive down the selling price of the rest of the homes on your block. But the effect may be more than financial.
A nonprofit’s annual study of foreclosures in Cincinnati and Hamilton County found reason for homeowners to feel hopeful, as well as continuing cause for concern. The number of foreclosure sales in 2013 was down 17.5 percent. Twenty-four percent fewer foreclosure proceedings were initiated during the year.
The prospect of facing foreclosure and losing your home can be traumatic. This reality faces many, including the mayor of Akron, Ohio, who had to deal with the possibility of foreclosure on his former home recently. The foreclosure action was filed by Wells Fargo bank on the property jointly owned by Akron Mayor Don Plusquellic and his former partner. Although his name was on the title, the mayor said he had no involvement with the property for four years. According to him, his ex-partner stopped paying the mortgage when she moved to Columbus, Ohio, unbeknownst to him. He claimed not to have received any notice from the bank.
After several years of record-setting foreclosure rates in Ohio, the rates dropped in 2013 as compared to previous years, according to a news report. Even though that sounds like good news, Ohio does still rank fifth in the country in the rate of foreclosures. In 2013, one of every 65 properties in Ohio was involved in the foreclosure process at one point or another.