Local official doesn't feel banks keeping foreclosed homes off market

In 2012 sales nationally reached 4.65 million, the best year since 2007.
Scott Seitz2
Feb 27, 2013

 

Northwest Ohio's housing market reawakening is similar to a national revival in the housing market after a nationwide decline that started in 2007.

In 2012 sales nationally reached 4.65 million, the best year since 2007 when sales hit 5.03 million.

"The main reason is the tightening of the inventory," said Walter Molony, a spokesman for the National Association of Realtors. "We now have the tightest supply since May 2005."

Like the trend nationwide, tighter inventory is fueling the resurgence of the northwest Ohio markets.

One local official doesn't believe banks and mortgage companies are keeping the majority of foreclosed homes off the market to avoid a price collapse.

A story about this subject, including comments about how local residents feel about the postal service, was published recently in the Reflector. So you don't miss stories such as this one, sign up for home delivery by calling 419-668-3771 or by clicking on this LINK. You also can subscribe to the e-paper for less than $1 per week.

Comments

arnmcrmn

The housing market isn't turning around at all. Ask any local realtor. People that were smart with their money are buying up foreclosures left and right and renting them out because banks aren't handing money out like they use to.......thanks all in part to Bill Clinton.

methodman

If the housing market isn't turning around at all but, people that were smart with their money are buyin up foreclosures left and right, something doesn't jive with your comment. If someone is buying them, then I'd say it's turning around. Alot of people lost their homes (foreclosures) and now have horrible credit ratings but, they still have to live somewhere. It seems a new trend is to rent instead of buy anyway. The market is turning around, slowly but, it is coming back around and let's hope they don't start doling out loans like they did before. I guess we could always bail them out.

Fromthe419

See it wasn't Bush's fault, it was every person that was in office in 1999. Both the Democraps and Repukelacans. Both parties allowed the financial lobbyists to nuke our economy, yet they keep getting re-elected. We get the government we deserve. The housing market is not coming back, when the rest of the foreclosure hit the market the prices will drop like a lead balloon. The Fed is creating a stock bubble and when the money printing stops there will be a market crash that will make 2008 look like a blip. I don't think things are going to get better.
Here is a link about Clinton and Congress from 1999, it explains what arnmcrmn is referring to
http://www.thenation.com/article...

arnmcrmn

@fromthe......and for those who said Bush was in on it, actually he was on record several times during his 2 terms warning the public that the housing bubble was coming.....nobody listened however. Banks were making a ton of backed money, realtors were lining their pockets and people were happy because they were buying houses that they couldn't afford because some bank told them they could get "financed".

swiss cheese kat's picture
swiss cheese kat

Wall street has figured out a way to profit off their destruction.
Institutions are pouring big money into buying individual homes, fixing them up, and then turning around and renting them.

The Blackstone Group L.P. (NYSE/BX) bought $2.5 billion worth of U.S. homes-that's 16,000 units in total so far, with CASH! In October of 2012, the company owned $1.5 billion worth of homes and was spending $100 million a week to purchase more!

Colony Capital has already purchased 5,500 homes since April of 2012 and expects its investments to increase to $1.5 billion by the end of this year. Waypoint Homes has bought 2,500 home and plans to have a total of 10,000 homes by the end of 2013.

http://seekingalpha.com/instablo...

Mr. Sietz and the MSM sees the massive manipulation of inventory as a positive sign. Good grief.

Contango

Mr. Bernanke's ZIRP and QEnfinity policies are helping to push up asset prices, housing among them.

Cheap money and easy credit led to the financial crisis and the political ruling class believes that cheap money and easy credit (hair of the dog) will get us back to prosperity.

We are merely sowing the seeds for the next bubble and credit crisis - probably Treasuries.

Does the following look healthy to you?

http://observationsandnotes.blog...

Fromthe419

When 10 Year rates go back to normal levels we are in for some serious pain. 40% of tax revenue will be going to servicing the national debt. As it is now, savers that are buying bonds are just trying to hold onto their cash, they certainly aren't making money. The Fed is forcing everyone into the stock market and when it pops, many people's life savings will be wiped out. The best bet is gold and silver, although it doesn't pay dividends, it always has value. When the Petro dollars dies, those that have gold and silver will reap the benefits. Anyone want to take an over under on the Petro dollar, I'm putting the line at 2016.

methodman

I've sold a whole bunch of underground survival bunkers. Do those count as housing? Hide your kids, hide your wife, hide your husband they gonna kill all of us. They're probably printing money to fund a war at the same time too, aren't they. Poisoning their brain washed minds.