Foreclosure Crisis in Lima
Posted on April 18, 2008
Filed Under Foreclosure Homes | Leave a Comment
LIMA — Foreclosure crisis that has been reported this spring from Lima area has just been exaggerated too much, says Tim Stanford, a realty owner in Yocum. Even lenders and real estate agents of the area could not deny this fact and feels that lower home rates and harsh rates of repo homes can be found everywhere and it doesn’t affect much to both the sellers and buyers in the area.
Stanford added that this blown up issue is only making things worse. He said that in real the rates for foreclosures have increased by just 1.5-2 % nationally. The same were the figures that were also released by Janet Kroeger, the president of West Central Association of Realtors.
“About 98 percent of Americans are making their payments on time. It’s this 2 percent that’s scaring everyone,” she said.
In the Allen County, mortgage cancellation numbers jumped 7.86 % from January to March, going by the figures from Allen County Recorder’s Office. Number for the new mortgages was reduced by 1.3 %. The main reason for increase in the foreclosure rates is the job loss said Greg Adams, senior vice president of the retail lending at Citizens National Bank on North Main Street.
Indiana, Ohio and Michigan have the highest foreclosure rates in country and the layoffs in these three rich states of the industry are the chief cause for foreclosures, said Adam.
“Simply put, Ohio isn’t a popular state. Florida, California, Nevada and Arizona are where people are going, and those are the states that are feeling (the housing price drop). Everything has been steady here,” Adams said.
For people who will be searching for a house in this area this spring, there are several options and funds that are made available for them by lenders. Also, borrowers will be provided with lower rates than that were available last year.
An average rate for home loan that is listed in the section of Sunday Real Estate of The Lima News reduced by around 0.5 % as compared to the last year figures for the loans that are extended for both 15-years and 30-years.
Adams mentioned that things are going smooth at the Citizens National. By averting to enter into sub-prime agreements for lending, bank missed the bankruptcy explosions. He also said that 0 % down options is there, but for most areas, the going rate is the 3% down payment.
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