Foreclosures rising in Akron's suburbs

Foreclosures rising in Akron's suburbs

There are 70 comments on the Akron Beacon Journal story from Jul 8, 2008, titled Foreclosures rising in Akron's suburbs. In it, Akron Beacon Journal reports that:

While Akron remains the epicenter for Summit County's ongoing foreclosure crisis, people are losing their homes at a faster rate in many suburbs, according to a new Beacon Journal analysis.

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uh oh

Hudson, OH

#2 Jul 9, 2008
''That wasn't too surprising to us,'' said Cynthia Sich, director of the Summit County Office of Consumer Affairs.''It was just a matter of time.''\\\

What does this office do? How much taxpayer money is peed away supporting it?
OldManGrump

Dallas, TX

#3 Jul 9, 2008
At least the All American City of CrAkron leads in something - FORECLOSURES !!!.
Ed Haas

Heath, OH

#4 Jul 9, 2008
I personally help more than 30 foreclosures happen a week in the Akron/Cleveland area. As bad as that sounds, it happens to be one of the few real estate careers booming right now, haha.
columbus ohio

New Philadelphia, OH

#5 Jul 9, 2008
Old man grump you always have something smart to say. You must don't work because it seen as if you have nothing to do,but make smart ass comments about serious things thats not funny.Why don't you just quit reading the news about, what do you call it CrAkron,and keep all your smart racist comments to your self,you prejudice old grump.
The New Ohioan

Tulsa, OK

#6 Jul 9, 2008
This is sad. I truly wish there was a way to help these people. What I did not get was the comment about foreclosed properties being purchased and within the 3 year period they were back in foreclosure. Did I get this right? What kind of clown buys a property that he cannot afford for three years? I don't get it.
Watcher

Canton, OH

#7 Jul 9, 2008
The New Ohioan wrote:
This is sad. I truly wish there was a way to help these people. What I did not get was the comment about foreclosed properties being purchased and within the 3 year period they were back in foreclosure. Did I get this right? What kind of clown buys a property that he cannot afford for three years? I don't get it.
Rehabbers buy the property, slap some paint on them, jack up the price by 20 or 30k, and sell them to dummies who can't afford them. Then they lose them 3 years later..........
a voice

New Philadelphia, OH

#8 Jul 9, 2008
The brokers,banks,insurance companies,loan originators, and Walls Street all made their commissions in one forum or another!!
Now many investors own a share of the worthless bonds that wall street put together.
One great scam package put together by the people of integrity and character that want us to invest in them.
Lets make congress (our public servants) track down the culprits and right the wrong.
Then again that would mean work for our public servants and why would we want THAT!!!!!!!!!
concerned

Salem, OH

#9 Jul 9, 2008
All Donofrio has to say is that this is a serious problem. How does he now feel about his overall 1.1% decrease in property values? Why not more of a decrease in values and return something to the taxpayers after taking from them for the last 10 years? Answer: Bloated budget expenses. Summit County employs 13 public relations employees. How about trading a few of them for some real economists instead? Ohio ranks as one of the highest state with state and local tax burdens. Until that changes and real income and jobs return, it will only get worse.

As for the politicians, continue to fiddle.
Ignorant Raging Akronite

Frankfort, OH

#11 Jul 9, 2008
Let's put it like this: In 10 years, most of Akron's suburbs will have to consolidate their governments with the county. I'd put money on it that things are going to get that bad. Rising oil prices and the inability to maintain driving our vehicles are also going to play a huge factor in the population shift back into the city.

This, folks, like it or not, is where it begins.
if nothing else

AOL

#12 Jul 9, 2008
gosh o.m.g., you're so bad :)
Try It Again

Akron, OH

#13 Jul 9, 2008
There is no good solution to the foreclosure problems. I drive by so many homes now in Akron on my way to work at Summa Akron City Hospital that have for sale signs in the yard or grass over a foot tall with a notice on the door that you know must be bank owned and in the foreclosure process. I think that the government should give everyone a $10,000 mortgage tax credit to help them pay their mortgages and allow people to keep their homes.
John Lewis

Mansfield, OH

#14 Jul 9, 2008
Crime Rate, School system and the destruction of the saftly forces helped Akron to be the leader of forclosures.

Why should you try to save the home you bought in such an unsafe envirnment.

It is not just economics that makes forclosures in Akron.

Homes are not disirable in Akron so they don't sell and don't rent.

Got the picture yet Mayor Don & Councilman Sommerville?
Ahau Kin

Maumelle, AR

#15 Jul 9, 2008
Akron is a dying city. No amount of pontification in this forum changes that simple fact.

There aren't enough good jobs to go around. There isn't enough work for what manufacturing jobs are left. People get laid off and can no longer pay down the mortgage.

Pick ANY neighborhood street in Akron. Drive around the block. Count the number of 'for rent' and 'for sale' signs you see on abandoned houses. There may be others with no signs at all.

Tell me, if you have wisdom to see, what is this symptomatic of? WHY is Akron hemorrhaging population?

What is being done about it? What CAN be done? How will those in power turn this thing around? Put in a 'call center' for 'teleservices'?

It is a lengthy process, but you are all witnessing the decline towards extinction of what was once a proud city. I shouldn't be surprised to learn the entire state is affected.

".....the kings and councillors of the earth, who build desolate places for themselves."
wgi113

Akron, OH

#16 Jul 9, 2008
I don't understand why a bank forecloses on a property and then has to go through a sheriff sale to buy their property back. What am I missing? I can see why th county would take the property for not paying taxes but the article said that that's only a small percentage of foreclosures.
Spirit of Reagan

Redwood City, CA

#17 Jul 9, 2008
Sounds like an opportunity to pick up deals.

Since: May 08

Location hidden

#18 Jul 9, 2008
The New Ohioan wrote:
This is sad. I truly wish there was a way to help these people. What I did not get was the comment about foreclosed properties being purchased and within the 3 year period they were back in foreclosure. Did I get this right? What kind of clown buys a property that he cannot afford for three years? I don't get it.
A lot of investors took risky loans, assuming that they could flip the house before the interest rate increased.

Other, average folks would take a loan and buy a house, thinking "hey, we can afford the payments now, and by the time our interest rate increases, we'll be in a better place financially or we can refinance". Turns out three years goes by quick, and lots of folks couldn't get a good fixed rate loan.

The risks won out in these cases. Professional investors should have known the risk-benefit analysis (really can't take pity on them), but we can't assume that the average homebuyer fully appreciated those risks (they deserve a break). Still, live and learn. We all pay the stupid tax sometimes, and maybe people will double-check their facts, rather than listening to the TV and a greedy loan broker. If it sounds too good to be true, it probably is.

Since: May 08

Location hidden

#19 Jul 9, 2008
wgi113 wrote:
I don't understand why a bank forecloses on a property and then has to go through a sheriff sale to buy their property back. What am I missing? I can see why th county would take the property for not paying taxes but the article said that that's only a small percentage of foreclosures.
"Foreclosure" does not mean "immediately deeded back to the bank". The sheriff's sale is part of the foreclosure process. Everyone, including the bank, has a chance to bid. Often the banks go to the sales to bid up the price and recoup their losses. If a private party buys the property at the sale, the proceeds go to pay the bank note. If no one else can give a good price, the bank will buy it themselves and re-sell it (but they hate to do this).
May Fong

Sheffield Lake, OH

#20 Jul 9, 2008
Try It Again wrote:
There is no good solution to the foreclosure problems. I drive by so many homes now in Akron on my way to work at Summa Akron City Hospital that have for sale signs in the yard or grass over a foot tall with a notice on the door that you know must be bank owned and in the foreclosure process. I think that the government should give everyone a $10,000 mortgage tax credit to help them pay their mortgages and allow people to keep their homes.
There u go Robin Hood again. Steal from the rich and give to the poor.

The government doesnt work to create that money. They take it from the people. They dont Magic it into existence.
May Fong

Sheffield Lake, OH

#21 Jul 9, 2008
MV_Esq wrote:
<quoted text>
"Foreclosure" does not mean "immediately deeded back to the bank". The sheriff's sale is part of the foreclosure process. Everyone, including the bank, has a chance to bid. Often the banks go to the sales to bid up the price and recoup their losses. If a private party buys the property at the sale, the proceeds go to pay the bank note. If no one else can give a good price, the bank will buy it themselves and re-sell it (but they hate to do this).
THey also carry Insurance on the note in the first place.... SO dont feel so bad for the poor banks.
Voice of Reality

Strongsville, OH

#22 Jul 9, 2008
concerned wrote:
All Donofrio has to say is that this is a serious problem. How does he now feel about his overall 1.1% decrease in property values? Why not more of a decrease in values and return something to the taxpayers after taking from them for the last 10 years? Answer: Bloated budget expenses. Summit County employs 13 public relations employees. How about trading a few of them for some real economists instead? Ohio ranks as one of the highest state with state and local tax burdens. Until that changes and real income and jobs return, it will only get worse.
As for the politicians, continue to fiddle.
Absolutely agree. Hit the nail right on the head.

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