Cincinnati Council is likely to approve an ordinance Wednesday expanding a program that requires banks to register their foreclosed properties with the city. It has been operating as a pilot effort in five city neighborhoods.
Council Member P.G. Sittenfeld, who proposed the registry a couple of years ago, said it is showing good results.
According to RealtyTrac, Cincinnati ranked fifth nationally in December when it came to the cities with the highest percentages of institutional investor purchases. These real estate investors are known as flippers and they buy lots of bank-owned foreclosed properties.
A Cincinnati Council Member wants to expand a pilot program that requires banks to register their foreclosed properties with the city. Right now it's being used in East and West Price Hill, Westwood, College Hill and Madisonville.
P.G. Sittenfeld said it has worked and the program is self-sustaining. He said banks are taking better care of the properties they own and the fees are generating enough revenue to pay for it.
These foreclosed homes in Evanston are decreasing area property values. Evanston is part of a pilot program where banks are held responsible for cutting the grass and taking care of the properties they own.
A new report released Thursday from RealtyTrac finds Ohio fourth on the list among owners who had vacated 167,680 foreclosure properties nationwide. Vacant foreclosures represent 20 percent of all U.S. properties in the foreclosure process.
Florida was first with 55,503, or 33%. Illinois posted the second highest total (17,672), followed by California (9,802), Ohio (9,723), and New York (9,173). The tenth largest metro area for vacant foreclosures was the Cleveland-Elyria-Mentor area.