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!
Two locations: Lebanon & Mason, OH
Direct #2: 513-265-3004
Our Website: www.LizTour.com
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