Foreclosures in Warren County have skyrocketed since 2005. According to figures provided by the Warren County Sheriff’s Office, 796 foreclosures occurred in 2005.
Each year since, foreclosures have increased in Warren County: 862 in 2006; 1,028 in 2007; 1,293 in 2008 and 1,542 in 2009. The number has already reached 1,068 in 2010, averaging more than 130 each month.
Hamilton Twp., which has been Warren County’s fastest growing area, has 42 properties now listed for sheriff’s sales.
Nationwide, the number of foreclosures was flat compared to year ago, according to a mid-year report from RealtyTrac Inc., a private foreclosure listing service. Housing experts have said a big reason for the stabilization is that banks are letting delinquent borrowers stay longer in their homes rather than adding to the glut of foreclosed properties on the market.
New consumer protection laws, which vary by state, have also meant borrowers can spend more time in their homes.
Economic woes, such as unemployment or reduced income, are the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit. Now, homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.
Maineville councilwoman Donna Lambert’s home is one of the recent foreclosures in Warren County. Her home is scheduled for sheriff’s sale on Monday, Sept. 13.
Within sight of the park named for her father, William Testerman, Lambert’s two-bedroom home on Maineville Road is appraised at $80,000. She owes $124,000 on the home.
“I owe too much on it. I’ve lived there for (more than) 30 years. But with the taxes and stuff, it was just too much for me to handle,” Lambert said.
Lambert, who was appointed to council in 1998, the same year her husband, Lawrence, (Mick) Lambert, died, told village officials Sept. 2 she might resign from council.
“I am going into bankruptcy. I’ll have to let you know next (council meeting) of my story, but hopefully I will have a few days to find a place. This might mean that I won’t be on council anymore,” Lambert said.
The Associated Press contributed to this story.
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