Many Ohio homes remain “underwater”


Ohio and several other Midwestern states are among those with the highest percentage of homes that are “deeply underwater,” according to a new report.

The RealtyTrac report found that more than 30 percent of mortgaged homeowners in Ohio, Michigan and Illinois owe significantly more than their homes are worth.

In Ohio, 31 percent of homeowners owe at least 25 percent or more than their home’s estimated value, compared with the national average of 23 percent of homeowners. In Illinois, 40 percent of homes are deeply underwater; in Michigan it’s 38 percent, the report said.

Overall, RealtyTrac found that 10.7 million homes nationwide are deeply underwater, representing 23 percent of U.S. properties with a mortgage. That figure is down from 26 percent in May.

Homeowner equity is slowly growing as the housing market recovers. In Ohio, 20 percent of homeowners have “resurfacing equity,” with between 10 percent negative equity and 10 percent positive equity. The national average is 18 percent, the report said.

“Due to the increased market demand and low inventory levels we have experienced during much of 2013, negative equity situations have only been noted in isolated circumstances in many areas of Ohio,” said Michael Mahon, executive vice president of HER Realtors, which covers Dayton, Columbus and Cincinnati, in a news release.

“This trend will continue to add more buyers and sellers into a positively increasing equity market in months to come, as well as an increased rate of recovery across Ohio for 2013,” he said.



Reader Comments ...


Next Up in Business

Springfield center brings small biz owners together to share, learn
Springfield center brings small biz owners together to share, learn

Springfield’s Small Business Development Council hopes to expand a program designed to allow business owners to periodically network and share resources. “Picture a group of between six and eight small business owners who get together every week or every two weeks and talk about what their challenges and goals are for the week,” said...
Former sheriff’s sergeant alleges jail cover-up
Former sheriff’s sergeant alleges jail cover-up

A former Montgomery County Sheriff’s sergeant accused in a lawsuit of beating jailed homeless veteran Joseph Guglielmo into a coma announced before the incident that he planned to “beat that old man’s (expletive),” according to testimony in the lawsuit from another former sergeant. Sgt. Eric Banks, who retired from the department...
Millions in government funds sought for job-creating projects
Millions in government funds sought for job-creating projects

A wish list of regional projects that adherents hope could get millions in federal and state funding has been unveiled. Now it’s your turn to comment on the ideas. The Dayton Development Coalition has unveiled a list of proposals that advocates hope could attract federal government funding, ideas some hope could boost the Dayton area in defense...
Area parents told 3-year-old cancer free two days before Thanksgiving
Area parents told 3-year-old cancer free two days before Thanksgiving

A Cedarville-area couple has a lot to be thankful for after learning two days before Thanksgiving that their three-year-old daughter can stop chemotherapy after new tests found no cancer. Stephanie Caraway said Tuesday Dayton Children’s Hospital gave the “no evidence of disease” diagnosis the family had been praying for their daughter...
5 ways to stay out of debt this holiday shopping season
5 ways to stay out of debt this holiday shopping season

Shopping styles and spending habits are highly personal, but one thing is common — if you’re not careful you can spend more than you make. Patti Stoll, manager of PNC Bank’s wealth management team in Dayton, suggests these tips for dodging overspending this holiday season and staying in the black: Make a list. Shop...
More Stories