skip to main content
skip to newscasts

Thursday, March 28, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

The latest on the Key Bridge collapse, New York puts forth legislation to get clean energy projects on the grid and Wisconsin and other states join a federal summer food program to help feed kids across the country.

view newscast page
play newscast audioPlay

Republicans float conspiracy theories on the collapse of Baltimore's Key Bridge, South Carolina s congressional elections will use a map ruled unconstitutional, and the Senate schedules an impeachment trial for Homeland Secretary Myorkas.

view newscast page
play newscast audioPlay

Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Ohio Homeowners Look for Answers in Continued Housing Crisis

play audio
Play

Thursday, August 23, 2012   

COLUMBUS, Ohio - The housing bubble may have burst several years ago, but many Ohio communities continue to suffer the effects of the foreclosure crisis. An estimated one-third of all homeowners in the state are "underwater" on their mortgage, meaning they owe more than their home is worth.

It's a story Paul Simmons, Bedford, knows all too well. He paid $130,000 for his home 10 years ago, and now houses on his street are selling for just $75,000. He has tried working with his lender to reduce his loan principal, but has been unsuccessful. He says he feels trapped.

"My home is a toxic asset because it's not worth what I'm paying for it. It's more advantageous to me to have the house foreclosed on and to file bankruptcy than to just throw away $40,000 or $50,000 and not be able to recoup that money."

To address the housing crisis, homeowners from across Ohio will meet with state and local officials at a town hall meeting tonight in Akron to discuss the current state of affairs and examine solutions that will help to rebuild the housing market. The meeting is scheduled from 6 p.m. to 8 p.m. at the Akron-Summit County Public Library.

Mark Siefert is the executive director of ESOP, a HUD-certified foreclosure-prevention counseling agency with 10 offices throughout the state. He says this is a matter that is affecting all homeowners, as well as the overall economy of Ohio.

"The simple fact is, even if you are up-to-date on your mortgage and all is good for you, if the house next door to you goes vacant because the homeowner is in foreclosure or they choose to walk because it doesn't make financial sense to keep paying, that's going to hurt you."

Siefert says banks need to do more to help borrowers stay in their homes, including offering "shared-appreciation mortgages." That's when a lender advances the borrower a percentage off the value of the property in exchange for a higher appreciation when the property sells.

Ohio has the 11th-highest foreclosure rate in the nation.




get more stories like this via email

more stories
A report from the Tennessee HealthCare Campaign recommended the federal government needs to strengthen 340B drug pricing and other federal negotiation mechanisms to make needed medicines more readily available and less expensive for hospitals to purchase and administer. (Spotmatikphoto/AdobeStock)

Health and Wellness

play sound

A recent report examined how some rural Tennessee hospitals have managed to stay afloat despite financial challenges. The report includes interviews …


Social Issues

play sound

Earlier this month, a new Arizona Public Service rate hike went into effect and one senior advocacy group said those on a fixed income may struggle …

Social Issues

play sound

Michigan recently implemented a significant juvenile justice reform package following recommendations from a task force made up of prosecutors…


Nearly 13 million Americans receive health coverage through unique plans under both Medicare and Medicaid. They are known as Dual-Eligible Special Needs Plans. (Adobe Stock)

Health and Wellness

play sound

Medicare and Medicaid are key sources of health coverage for many Americans and some people qualify for assistance under both programs. With lagging …

Social Issues

play sound

New research shows more than six in 10 abortions in the U.S. last year were medically induced, and U.S. Sen. Catherine Cortez Masto - D-NV - is …

Social Issues

play sound

Missouri lawmakers are concerned with protecting people from the potential risks of the increasing accessibility of AI-generated images and videos…

Social Issues

play sound

A 2023 study from the University of Nebraska Medical Center concluded the number of Nebraskans with a mental health or substance abuse disorder has pr…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021