Foreclosures Up in Ohio; Steady in MOV

By: Cathleen Moxley Email
By: Cathleen Moxley Email

The nation has seen a dramatic increase in foreclosures since this time last year, and Ohio has one of the highest rates in the country.

However, the Mid-Ohio Valley doesn't seem to be having an impact on this increase, and could actually be weathering this economic storm better than the one nearly eighty years ago.

91-year-old Norm Murray lives in the Glenwood Retirement Community in Marietta, Ohio; the same town he grew up in.

"I know it was pretty tough back in the thirty's," Murray said.

A tough time for many, when it wasn't uncommon for people to lose their homes because of financial problems.

Now, nearly eight decades later, history seems to be repeating itself. The nation's foreclosure rates are up 30 percent from last year, and Ohio has the tenth highest foreclosure rate in the country. However, according to local experts this increase is not showing up in the Mid-Ohio Valley.

"You may drive down the street in some of the larger markets and see five, six, seven houses on one street for sale as foreclosures. You're not seeing that here," Stephan McCarthy, a Realtor, said.

And in fact, McCarthy says the foreclosed homes that do hit the market, have been a hot item for investors.

"They get snapped up. We just don't see them sitting on the market for say more than 140 days," he said.

McCarthy also says because foreclosed homes are purchased so quickly in the area, the market's home values are staying steady.

But advice from someone who's seen it all before, keeping a home requires a little self-discipline.

"You just have to be more careful about what you spend your money for, and kind of budget yourself." Murray said. "These are tough times. No question about it. Money's tight. Money is very tight."


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