Just in Toledo’s San Lucas county, there were 6000 sales last year, 7000 in 2005. Toledo Home Sales

Ohio is running at a 3.38% foreclosure rate, tops in the country.

I suspect that will continue to climb.

So funding 1000 homes isn’t a spit in the bucket, it’s larger, but not gravy blanket. In the end, the result will be same, but I think they are helping to make the prices stickier on the way down.

It’ll be interesting to see if the bonds have buyers. They’re muni’s, but if the economy worsens in auto-land, the state will be hard hit.

In Ohio, 6.75% may carry the day, homes at $200K are still affordable at the rate. That rate, wouldn’t save SoCal, it would still leave payments of $3500 or more for most buyers.

Hmm, a little closer look and maybe it is a spit in the bucket, 6.75% and a max 125% of median income…

In Columbus, the largest city, median household income was $48,475 in 2005. 125% of that is $60,500. Median family income in ohio is $60,800. I suspect many families aren’t going to make the cut.