Journal-News.com

DAYTON — Changes to underwriting standards, money for people who fall behind on house payments and longer investigations into mortgage wrongdoing could help the region better deal with its foreclosure crisis, a housing official said Thursday, May 15.

Other policy solutions for the region's foreclosure problem include counseling programs for troubled homeowners, immediate access to housing counselors through public meetings, and more aid for investors, renters and others, said John Zimmerman, vice president of the Miami Valley Fair Housing Center Inc.

Zimmerman made his comments during the I-70/75 Development Association's Economic Development Summit, held at Sinclair Community College. Other topics addressed during the day included the state of the commercial real estate market, workforce development programs and transportation projects.

During the last two years, Montgomery County has reported more than 5,000 foreclosure filings annually.

While predatory lending accounts for about 30 percent of local foreclosure filings, the rest get triggered by job losses, medical crises and other catastrophic events, Zimmerman said.

Also Thursday, Shery Oakes, president of Design Homes and Development Co. Inc., said the departure of a couple of national homebuilders from Dayton will benefit locally based builders, such as her company and Gold Key Homes.

"Home-grown, middle-market folks are going to do well," she said. Her company has been eying some of the properties left behind by large builders that have exited Dayton for possible acquisition, she said.

However, builders continue to face such challenges as fewer buyers in the market, and slimmer profit margins, Oakes said.

Contact this reporter at (937) 225-7317 or ttresslar@DaytonDailyNews.com.

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