Ohioans falling behind on mortgages during COVID pandemic as foreclosures loom

a house with trees in the background: Area home sales

Area home sales

Two new reports suggest that a wave of foreclosures is threatening to land on homeowners in Ohio and throughout the U.S.

In August — the most recent month for data — the number of homeowners seriously behind on their mortgages jumped, as millions of Americans remained jobless because of the coronavirus pandemic. 

More: With no end to COVID pandemic in sight, money for eviction aid dwindles


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In Ohio, 3.8% of homeowners were at least 90 days behind on their loans, more than double the 1.6% from the previous August, according to the mortgage and real-estate service CoreLogic.

Nationally, 4.3% of mortgages were seriously delinquent (at least 90 days behind) in August, up from 1.3% a year earlier and the highest level since February 2014.

Mortgages at least 150 days delinquent, which would normally be subject to foreclosure, rose to 1.2% of all

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Contractor for Buffalo Sewer Authority presumed dead after falling down a well

Fire Commissioner William Renaldo said they aren’t sure what the contractor was doing when he fell in but he was not anchored to the ground or wearing a life vest. They had hoped he could have gotten snagged on something but after several hours of searching, they moved to recovery.

“It’s a very intricate intake system, that meanders into a lot of different areas, so it’s a very difficult process to find out where he could have been. We took every step imaginable to locate him. We were hoping he was in an area of safe refuge, but we don’t think that’s the case,” said Renaldo. 

The Buffalo

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Sewer contractor presumed dead after falling into well | Local News

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A private contractor working for the Buffalo Sewer Authority who fell into a well at the authority’s pumping station on Bird Island late Thursday morning is missing and presumed dead, Buffalo police said.

Police were called to the scene shortly before 11 a.m., Capt. Jeff Rinaldo said.

The worker fell about 15 feet into the water, which extended down another 30 or 35 feet, Fire Commissioner William Renaldo said.

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The well into which the worker fell is connected to the sewer authority’s “intricate” intake system and eventually to the Niagara River, Rinaldo said.

It was a difficult process to determine where the worker may have been in the system, he said.

The police department’s underwater rescue and recovery team was called to the scene, as was the

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Elderly residents may lose home of 50 years after falling victim to reverse mortgage scam

CHICAGO — The story is all too familiar: homeowner Kerwin Cockrell said in 2014 a knock on the door of his West Humboldt Park home was followed by promises of a free home repair program. 

“Young lady came out with a flyer, asking people if they needed work done on the house, you didn’t have to have no money; just call that number and talk to Mark, Mark Diamond,” Cockrell said.

It’s a scam Diamond had been running for years: preying on elderly, black homeowners with promises of a free home repair program that in reality was a reverse mortgage. 

Kerwin Cockrell and his brother Bruce eventually agreed to sign up to get work done on their home in 2014. 

“He started working on the house, putting a new roof on the house and after that you couldn’t find him, you call him and he wouldn’t show up,” Cockrell said.

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Perfect Storm For Realty Investors: Rising Vacancies And Falling Rents

In Piketty and the decline of dirty mansions, Dylan Reid reminds of the debt-driven economic boom that built large single-family mansions in the early 20th century. Many were converted to more efficient and affordable multiple-unit dwellings in the bust years that followed. In the process, working people who had been priced out of many areas could move into affordable housing in nice neighbourhoods with good access to transportation, services and schools. Social and economic strength improved as they did.

Another debt boom worked to reverse the trend over the last 15 years, as many of the same buildings were remodelled back to large single-family dwellings and nice rentals became scarce and prohibitively expensive.

Condo buildings, institutional dwellings for students and seniors, and office and commercial space became “no-brainers” since they could be purpose-built in scale by yield-starved investors willing to buy with thin and even negative cash flow prospects.


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