CNN Money reports about the US subcommittee efforts to bring together a relief package, or legislation reform to help the ailing housing market in Ohio and other states. The article sites some numbers from Realtytrac and some are good for Ohio, and some are not so good.

Across the country foreclosures surged 48% in the month of May which is not encouraging. However Ohio saw a 7% drop in foreclosures compared to the same month in 2007. Hopefully this is the beginning of the reversal of a trend that sees Ohio’s foreclosure rate growing every year since 2000.

At some point all of the adjustable rate mortgages will have reset and the home owner will either refinance a fixed rate they can afford, negotiate with the bank, sell their home, or foreclose. The question we in the real estate and mortgage profession is when will we hit bottom, when will we have moved past a point when all of the crisis mortgages have been flushed from the system and we can slowly begin to rebuild the housing industry based on sound lending principals and appropriate risk / reward tolerances. The end goal is to attract investors to buy up relatively bland, and previously dependable residential mortgage backed securities. Only then will we know the depth of the damage to the reputation of the housing industry as an investment vehicle.

Forbes Magazine published a study that shows Cincinnati has the 9th best commute in the nation. The survey looked a number of factors including traffic delays, average commute time, and public transit / carpool use.

The Queen City’s public transportation system services a very small percentage of the population. Those who use it are traveling mostly by bus, within the city, and not to and from the suburbs. Traffic isn’t quite fluid, but at 27 hours in annual delays per traveler, it’s still better than average for cities of its size. As gas gets more expensive and economic woes in Ohio continue, expect to see more carpooling long before an expansive train system is needed. Right now, only 9% of commuters carpool, one of the lowest rates in the country.

There are ways that we can make our commutes more efficient, and one trend that seems to be emerging is moving back into the city. The cost of the Cincinnati commute from the exurbs is beginning to add up and there are some attractive living options in closer-in neighborhoods. There are a few other factors pointing to this trend and we will look at one more later this week.

CNNMoney.com conducted a study to identify cities where home prices are likely to rise the most - or fall the least - over the next 12 months. In the current market real estate investment stability is at a premium to investors as well as new home owners.

The top six cities were:

1. Atlanta
2. Boston
3. Cincinnati
4. Cleveland
5. Detroit
6. Houston

The article states that the reason Cincinnati appears on this list is a result of the city’s manufacturing-heavy economy which should benefit from the falling dollar. Commercial building is up, core city improvements are underway, and high-end developments are moving in.

Some of these developments include The Banks Project, The Gateway Quarter, and other 3CDC projects downtown are contributing to the local economy. Other notable development in the suburbs include Kenwood Towne Place, Nordstrom, and the recent addition of IKEA.

Well, we all know that real estate agents aren’t exactly the most trusted of professionals out there. According to a Harris Interactive national poll, the three least “completely trusted” professions are:

1. Insurance Agents
2. Real Estate Agents
3. Stock Brokers

Progress! At least real estate agents aren’t at the bottom of the barrel. 

There are a lot of bad real estate agents out there, we all know it. And that’s all the more reason to talk to an agent before you start working with him or her.

• Is he or she hearing you or listening to you?
• Does your real estate agent seem interested in the ‘why’ behind what you needs?
• Is their marketing about them or about you?
• Are they telling you what you want to hear or what you need to hear?

What are the top three most trusted professions?  In order: Doctors, Dentists, and Nurses.