WYSO

Mortgage

Dayton real-estate broker Veronica Bedell-Nevels.
Jess Mador / WYSO

A decade after the Great Recession and foreclosure crisis affected millions of Americans, homeownership remains a major way many people hope to build a nest egg and save for retirement.

But, new numbers from the National Association of Real Estate Brokers show the homeownership gap between whites and blacks is growing bigger. Whites are much more likely to own a home than African Americans in cities across the country.

foreclosure notice on window
Alan Levine / Flickr Creative Commons

It’s been around a decade since the housing meltdown and Great Recession that shook communities around the country.

At Springfield's Neighborhood Housing Partnership, services were virtually redefined by the mortgage crisis. Now, with less federal foreclosure-prevention funding available, some advocates say they’re worried the housing market's recovery could be at risk.

One of several houses in Miami Township in Montgomery County that had been abandoned, fallen into disrepair and declared a nuisance property.
Jerry Kenney / WYSO

About a decade ago, a housing crisis swept the country. The crash devastated many communities and changed the lives of millions of Americans who experienced foreclosure or simply walked away from homes owing more than they were worth. 

Here’s what we heard from resident's of Miami Township in Montgomery County at the time - neighbors living near vacant and abandoned houses:

"It’s very disrupting. It’s an eyesore."

"It smells like there might be a dead animal in the backyard. Honestly, there’s like a whole bunch of flies and it’s pretty nasty."

 A complex new set of rules designed to limit risky loans is in place as of this week for mortgage bankers. The regulations were developed in response to the 2008 financial crisis.

That 2010 Dodd-Frank financial reform law was, among other things, supposed to make it harder for banks to issue mortgages fast and loose.

Dayton Home Sales Highest Since Recession

Jul 23, 2013
Diana Parkhouse

There’s some positive news for the Dayton housing market- home sales are at a five year high. The numbers are the most for the month of June since before the economic downturn began in 2007.

According to a new report from the Dayton Area Board of Realtors, home sales were up 24% from the same time last year. June is typically one of the stronger months for home sales.  The prices of homes are also on the rise with an average sale price of just over 142 thousand dollars, a 10 percent increase from the same time last year.

Nearly 1 in 4 Ohio mortgages are underwater, according to numbers from real estate data company Zillow Inc. US Senator Sherrod Brown says that’s why he’s introducing legislation to speed up what’s known as short sales.

A new monitor's report released this week shows that more than 7,000 Ohioans have gotten more than $280 million from the national mortgage settlement a year ago.

The report released this week by the Office of Mortgage Settlement Oversight summarizes data provided by the five mortgage servicers involved in the settlement: Ally, Bank of America, Citi, JPMorganChase, and Wells Fargo.

Settlement benefits included loan modifications, forgiveness and deficiency waivers.

Foreclosures Affect Those Who Can Afford Mortgages

Jul 20, 2009

The Dayton neighborhood in which Harriet Parker and her husband, Oscar, live has neatly trimmed lawns and block after block of ranch style houses. She's raised four children in this well kept home. Now, she watches her young grandchildren there during the week. She's not sure how long she'll be able to continue helping her kids with daycare, especially after she received a letter informing her that she owed nearly $92,000 in a balloon payment to her lender.