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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jun 01, 2009
Page
7
Avon High School graduates sing the alma mater as the senior class leads the ceremony. Ajit Ramadugu delivers the valedictory address. Marquis Robert David Harrell receives his diploma.
The Associated Press reports rising foreclosures driven by job losses across the country. In Q1 2008 fixed-rate loans accounted for 19 percent of foreclosures, rising to 29 percent in Q1 2009 as traditional loans dominate new defaults. Ohio unemployment reached 10.2 percent in April amid nationwide 8.9 percent. Neighborhood Housing Services of Greater Cleveland notes layoffs push even longtime borrowers toward foreclosure.
Ohio lawmakers near a budget impasse over charter schools. Democrats seek reduced funding tied to performance with more oversight and closures for underperformers, while Republicans in the Senate push to restore funds and keep current standards. Negotiations proceed toward a compromise to be sent to Gov. Strickland before July 3.
The Mortgage Bankers Association says 12 percent of homeowners with a mortgage were behind on payments in the first quarter, the largest share among borrowers with good credit. Job losses and pay cuts are driving the rise, with forecasts suggesting continued pressure into next year as adjustable rate loans to weaker borrowers also weigh on the market.
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