Everyone hears all the news about homeowners who are underwater in their loans and facing foreclosure.

That's easy to confirm at the Warren County Sheriff's Sale site: http://www.wcsooh.org/search/slsgrid.asp

There are literally hundreds of homes listed for foreclosure within the next two months, and certainly more to follow as unemployment continues to be near 10% in the area.

But according to the Cincinnati Enquirer's published article today "Unfinished subdivisions in default", the problem isn't limited to private homeowners.  There are currently 10 subdivisions in Warren County in default, with scheduled work not completed by the required dates.  For residents of the developments, this means streets and amenities may not be finished in the near future, or at all by the developers.

This leaves the Warren County government with hard choices.  The subdivision bonds aren't always adequate to cover the shortfalls, and in some cases the banks who issued the surety bonds don't even exist any longer.  The Warren County government will continue to pursue funding from the banks and insurance companies involved where possible, but realistically will not get all the funding required from these sources.

This leaves them the dilemma of whether the remaining funds should come from the taxpayers of the county, or specifically from the homeowners who have bought and reside in these defaulted developments.  Developments range from under 10% complete to 92% complete.  In some cases, only a few homes have been completed in the developments, so the opportunity to spread the burden is limited.

What's your opinion on how this should be handled?

REALTORS(S) Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!
EHO Two locations: Lebanon & Mason, OH
Liz direct:  513-265-3004
Bill direct: 513-520-5305     
Fax: 866-302-8418
MailTo:  LizSpear@Go-Concepts.com
Our Website:  www.LizTour.com

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This post has been included in Ohio Real Estate News Warren County, OH Real Estate News
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2 Comments on Warren County Ohio Homeowners Aren't The Only Defaulters

JUL
06
2010
315,007 Points 2 Featured Posts Attended Rain Camp Called Shot Master

Builder defaults are definitely a huge issue too.  Many of the community bank that failed did so due to these builder defaults. 
9:52pm • #1
1,051,592 Points 285 Featured Posts Outside Blog Called Shot Master

Rodney, We've seen some of that same domino effect here.  We've been watching the county auction site closely, and several builders have had one piece at a time foreclosed until everything is eventually gone.  At one point, our county was one of the fastest growing in Ohio, and eventually the builders got ahead of the growth and when the bottom fell out it got ugly fast.  Building is starting to recover, so better times are coming for our area.
10:04pm • #2

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Liz and Bill Spear RE/MAX Elite Warren County Ohio: Cincinnati to Dayton

Liz and Bill Spear

Mason, OH

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513.265.3004 www.LizTour.com

Address: 5720 Gateway Blvd, Suite 203, Mason, OH, 45040

Cell Phone: (513) 265-3004

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REALTORS(R) serving Warren County Ohio and surrounding areas. Observing and reporting on real estate and related topics to help your quality of life! And if you're asking where is Warren County Ohio? We fill the space between Cincinnati and Dayton. Perfect for enjoying the bigger cities without living in them. Places like Mason, Lebanon, Springboro, Waynesville, Franklin and more. Plus lots of rural properties available too. We work with both residential homes buyers and sellers.


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