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Ohio Law Takes Aim at Zombie Properties A new Ohio law could get some zombie properties back onto tax rolls and into productive use. In late September, Republican Gov. John Kasich signed into law changes to the state’s foreclosure guidelines that are aimed at significantly speeding up the foreclosure process for vacant homes, establishing a fast-track system that trims the foreclosure process from two years or more to as little as six months. Ohio ranked third in the nation for the most vacant REO properties, with 3,585 vacant properties, according to ATTOM Data Solutions, the parent company of RealtyTrac . In Ohio, it takes an average of 689 days for a lender to repossess a property after filing a foreclosure lawsuit, according to ATTOM Data Solutions. While Ohio’s delay is longer than the national average of 629 days, it’s nowhere near the longest in the nation. That distinction is held by New Jersey, where lenders take 1,249 days, or three- and-a-half years, to repossess a foreclosed-upon property.
NAR: More Single Women Buying Homes At 66 percent, married couples continue to make up the largest share of home buyers and had the highest income ($99,200). However, single women made up 17 percent of all home buyers, despite having a much lower income ($55,300), according to the National Association of Realtors annual Profile of Home Buyers and Sellers report. “Single women for years have indicated a strong desire to own a home of their own, as well as an inclination to live closer to friends and family,” said Lawrence Yun, chief economist for the NAR. “With job growth holding steady and credit conditions becoming somewhat less stringent than in past years, the willingness and opportunity to buy is becoming more feasible for many single women.” Single women are buying homes at twice the rate of single men, despite the fact that women have much lower average incomes than men. Like men, three-quarters of the properties the women buy are single-family, detached homes.
SOURCE: National Assosication of Realtors
SOURCE: Toledo Blade
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