A sad state of the state

Ohio foreclosures still at crisis level


(Jan. 4, 2012) New housing foreclosures remain at historically high levels in Ohio and seem to be stabilizing at peak levels of about 80,000. In short, Ohio homeowners are drenched, with one-in-three “under water”...owing more on their homes than current market value.

Housing foreclosures remain at historically high levels in Ohio. Urban counties continue to lead the state in foreclosure filings, even as smaller and less urban counties are experiencing larger growth rates. In 2010, the number of new filings grew in 30 of Ohio’s 88 counties; 24 of those counties had populations below 100,000.

However, foreclosures continue to plague urban areas as well

Cuyahoga County remains at the epicenter of the foreclosure crisis. For the fifth year in a row Cuyahoga County topped the list of foreclosures per 1,000 people (10.05) and overall new foreclosure filings (12,825).

While rural counties are facing more foreclosures than past years, urban counties still carry the brunt of new filings. The 10 biggest urban counties accounted for 60 percent of filings in Ohio last year but represented only 53 percent of the population.

Court mediation, housing counseling, and outreach by community groups have slowed foreclosure filings. Working with a HUD counseling group or the court system dramatically increases the likelihood of a successful mortgage workout.

Source: Policy Matters Ohio, author David Rothstein