MASON, Ohio - This week Sen. Sherrod Brown is speaking out about the number of homeowners in Ohio who owe more than their house is worth.
The homeowners who owe more that the house is worth are considered to be underwater. According to a statement from Sen. Brown, 25 percent of Ohio homeowners are underwater. Locally, 29 percent of homeowners in Butler County are underwater and 31 percent are underwater in Hamilton County.
Sen. Brown is introducing legislation to require lenders to reply to a request for a Short Sale within 60 days. Short Sales are often used as an alternative to foreclosures but the process can take months to complete. In these cases a lender agrees to let a homeowner sell their house for less than is owed.
According to RealtyTrac.com , the number of foreclosures nationally increased 2.2 percent from January to February but the number of foreclosures sold between December and January decreased 14.99 percent.
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