Sunday, August 31, 2003

Fliers and signs popping up on streets



SPECIAL REPORT
TODAY:
Questionable home loan deals are contributing to record foreclosures.
Home schemes, broken dreams
High-interest loans jeopardized their home
Papers she can't read gave away her home
She owned, now rents family home of 100 years
Novice owner put faith in her former teacher
Subprime loans carry high risks, high rates
Lured into investing, left with shabby rentals

MONDAY:
West and East Price Hill are prime examples of how foreclosures contribute to a neighborhood's decline.
ONLINE EXTRAS:
Search Greater Cincinnati property records and use a mortgage calculator to see how much home you can afford
The practice of peppering neighborhoods with signs and fliers advertising the services of real estate investors is widespread in some parts of Cincinnati.

So widespread that City Council, reacting to numerous complaints, last September banned the fliers from public utility poles.

The city ordinance hasn't stopped the practice, however, and a newsletter last year of the 700-member Real Estate Investors Association of Cincinnati included an article on ways to distribute fliers to an even wider audience.

"We all know that fliers are working. Here is how to squeeze a little more from fliers," an investor wrote in a column. "Have a kid or two hand out fliers to people who are going into landlord/tenant court.

"Since we are talking about courts, how about handing out those fliers to people who are going into bankruptcy court. Can we find some good deals in bankruptcy court?"

Steve Schmid, president of the investors group, says the article doesn't mean his group endorses the activity.

"We haven't taken any political stand on it," Schmid says. "We're not in the habit of screening what people say" in the newsletter.

Schmid says real estate investors aren't alone in posting signs or distributing fliers in neighborhoods, however. He notes that health and car insurers advertise that way, too.




SPECIAL REPORT: FORECLOSURES
Home schemes, broken dreams
High-interest loans jeopardized their home
Fliers and signs popping up on streets
Papers she can't read gave away her home
She owned, now rents family home of 100 years
Novice owner put faith in her former teacher
Lured into investing, left with shabby rentals
Subprime loans carry high risks, high rates

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