With Nearly One in Four Ohio Homeowners Underwater on their Mortgages, Brown Unveils Plan to Improve the Housing Market by Addressing “Short Sale” Transactions

Brown’s Bipartisan Bill Would Address Needless Waiting Game for Buyers and Sellers of “Short Sale” Homes; Brown Releases County-by-County Information on the Percentage of Homeowners Who Owe More on their Property Than It is Currently Worth

WASHINGTON, D.C. – March 13, 2013 – (RealEstateRama) — With nearly 25 percent of Ohio homeowners underwater on their mortgages, U.S. Sen. Sherrod Brown (D-OH) unveiled a plan to improve the housing market by addressing “short sale” transactions. Short sales are real estate transactions that must be approved by the bank because the seller owes more on his/her mortgage than the proposed sale price. Brown’s bipartisan legislation, the Prompt Notification of Short Sale Act, addresses the lengthy closing process that often comes with a short sale—which can last months—by requiring banks to respond in a timely manner when prospective buyers are attempting to purchase such homes. Brown released county-by-county information on the percentage of Ohio homeowners who owe more on their mortgage than their property is currently worth.

“Ohio families are tired of being stuck in limbo,” Brown said. “If we’re going to fully recover from the housing crisis, we need to make it easier for qualified candidates to purchase homes. This commonsense legislation helps prospective home buyers and distressed homeowners alike—rebuilding our neighborhoods and jumpstarting economic growth.”

Brown was joined on a news conference call today by a northeast Ohio homeowner whose home has been on the market for nearly two years. Despite multiple offers from buyers, the deals fell through because of delays by her mortgage lender. Seth Task, treasurer of the Cleveland Area Board of Realtors (CABOR) will outline how the Prompt Notification of Short Sale Act would improve the process for both sellers and buyers involved in “short sale” transactions and bolster the housing market and our economic recovery.

Presently, it can take months to get any kind of response from banks or other loan servicers to short sale offers. Brown’s legislation requires a written response of an acceptance, rejection, counter offer, or the need for an extension of time within 60 days of a request from a homeowner—thereby providing both buyers and sellers of short sale properties with predictability during a real estate transaction.

Below is the county-by-county data.

Ohio County

Percent of Homeowners Whose Homes Are Underwater

Adams

18%

Allen

30%

Ashland

26%

Ashtabula

30%

Athens

3%

Auglaize

24%

Belmont

15%

Brown

25%

Butler

29%

Carroll

18%

Champaign

28%

Clark

31%

Clermont

27%

Clinton

40%

Columbiana

19%

Coshocton

21%

Crawford

37%

Cuyahoga

33%

Darke

17%

Defiance

27%

Delaware

19%

Erie

24%

Fairfield

28%

Fayette

34%

Franklin

32%

Fulton

28%

Gallia

31%

Geauga

17%

Greene

23%

Guernsey

20%

Hamilton

31%

Hancock

26%

Hardin

27%

Harrison

17%

Henry

26%

Highland

32%

Hocking

13%

Holmes

N/A

Huron

25%

Jackson

21%

Jefferson

18%

Knox

25%

Lake

27%

Lawrence

17%

Licking

25%

Logan

23%

Lorain

30%

Lucas

38%

Madison

24%

Mahoning

27%

Marion

30%

Medina

20%

Meigs

12%

Mercer

12%

Miami

24%

Monroe

N/A

Montgomery

36%

Morgan

21%

Morrow

34%

Muskingum

26%

Noble

17%

Ottawa

22%

Paulding

24%

Perry

24%

Pickaway

27%

Pike

34%

Portage

24%

Preble

23%

Putnam

13%

Richland

34%

Ross

22%

Sandusky

30%

Scioto

17%

Seneca

28%

Shelby

26%

Stark

21%

Summit

28%

Trumbull

30%

Tuscarawas

21%

Union

23%

Van Wert

22%

Vinton

39%

Warren

24%

Washington

13%

Wayne

20%

Williams

24%

Wood

22%

Wyandot

30%

Source: http://www.zillow.com/visuals/negative-equity/#8/39.804/-84.070

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