Imagine you are the bank where an empty lot is written up as a $500,000 two family home transaction, and you end up holding on to over-valued nonexistent property and mortgage contracts. These are the types of fraudulent transaction shams major banks were taken for over a period of 4 years.
Ohio is one of the top states for mortgage fraud as indicate in an FBI report. Honest good old Mid Western State of Ohio is caught in the mix of fraudulent mortgages that is rampant in coastal states California and Florida.
It shows that when easy money is involved, everyone is involved.
http://www.bizjournals.com/dayton/stories/2009/07/06/daily34.html
Home sales in Akron Ohio has improved 3.1% compared to a year ago. Foreclosures also have seen signs of slowing down as this type of housing inventory are diminishing and taken off the market by buyers.
http://www.usatoday.com/money/economy/housing/closetohome/2009-07-06-akron-ohio-home-market_N.htm
Although the overall housing market numbers are lower than the previous years figures, the month to month figures have shown signs of a rebound that appears to be returning to normalcy.
http://www.bizjournals.com/denver/stories/2009/07/06/daily29.html
Home sales in the Dallas Fort Worth declined 40% compared to the same quarter last year. Housing starts fell 50%. Home builders and home buyers are still a little spooked by unstable falling home prices.
http://www.dallasnews.com/sharedcontent/dws/bus/stories/070809dnbusdfwnewhomesales.19d20e48.html