Michael Klacik's blog

Mahoning County Real Estate Market Statistics September 2014

Real estate is LOCAL . . . always has been.  It's interesting to read about the national real estate market and how it interacts with the economy as a whole, but in order to understand how economic factors may impact the value of your property, you really have to look at local statistics.

Let's look at the key market statistics for Mahoning County to see what's happening in our neck of the woods.  We will focus on the year-to-date numbers compared to the same period last year so that we can see the trends.  Looking at one month compared to another is too micro of a view and may not be a reliable indicator.

Happy Halloween!

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What Are Zombie Foreclosures?

It seems fitting that on the eve of Halloween we would share a story about 'zombie' foreclosures . . . they're scary . . . just like the monsters . . . only they're real.

So what are 'zombie foreclosures' anyway?  Who comes up with these names?  

Zombie foreclosures are homes that are actively in the foreclosure process that have been vacated by the homeowners.  This means that nobody is maintaining them or taking responsibility for them, and they (in most cases) become a real problem (very scary) in a neighborhood.  Of course, it is the goal of he lender to have the property responsibly passed off from the owner to the broker who will eventually list it so it can be maintained until the foreclosure process is completed, but in these highly volatile and emotional situations, that just doesn't always happen.