Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Thursday, January 11, 2007

Home foreclosures are highest in Ohio

Ohio again leads the nation in home foreclosures.

About 3.3 percent of Ohio homes and small apartment buildings were in foreclosure in October through December, the highest rate of any state and three times the national rate of 1.1 percent, according to the Mortgage Bankers Association. Ohio's rate has been higher than the national average since the end of 1998.

New foreclosure filings in Ohio increased by 1 percent in the third quarter of 2006 from the second quarter, trailing only Michigan and Rhode Island for the largest increase.
Also, 7 percent of loans in Ohio were delinquent in the period. The national delinquency rate was 4.7 percent.


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