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Foreclosures getting worse

This story aired on May 28, 2010 on WKOW News.

By Bob Schaper – bio | email | Twitter | Facebook

MADISON (WKOW) – A quarter of all home sales last month involved distressed properties – and the situation could be getting worse.

Peter Zarov, owner of Homestead Title, says the number of distressed sales – such as short sales and auctions – is likely to go up because closings lag months behind foreclosures.

“I’m hoping we’re at bottom,” he said. “But every time I say that it gets worse.”

Nationally, distressed sales were 33 percent of all sales in April, according to the National Association of Realtors. That was down slightly from March, when it was 35 percent.

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An Ohio man, facing foreclosure, took matters into his own hands.

Terry Hoskins said he’d received an offer to purchase the home for $170,000 — enough to pay off the house — which was in foreclosure and subject to multiple Federal Tax Liens. The bank refused, saying they could get more from selling it in foreclosure.

Hoskins refused to give in, telling the bank “I’ll tear it down before I let you take it.” And that’s exactly what Hoskins did.

The Moscow, Ohio man used a bulldozer to level the home he had built years earlier.

“As far as what the bank is going to get,” Hoskins declared, “I plan on giving them back what was on this hill exactly (as) it was.”

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