The Worst Isn’t Over For Ohio Property Market
On the foreclosures by state list for highest foreclosures, Ohio is currently ranked at #7 nationwide, a jump of 57% compared to same time last year. According to a recent report released by ForeclosureDataBank, there was one home per 448 Ohio homes that filed for foreclosure and received either a default notice, auction notice or bank repossession notice.
The states leading Ohio in the number of foreclosed houses include Nevada, California, Florida, Arizona, Colorado, and Georgia. Unfortunately, the worst is yet from over. A new wave of foreclosures is expected to sweep the state into frenzy when the interest rate for adjustable rate loans is expected to witness an increase.
Experts believe that there will be more homes in foreclosure in Ohio State as well across the nation in the 3rd and 4th quarters of 2008. With more and more homeowners being compelled to file for foreclosure, the woes of the Ohio residents are far from being over. The foreclosure statistics for 2008 show that there was 1 foreclosure per 71 households in Ohio that gave up the battle for foreclosures in 2005. Based on some estimates, almost 64, 000 homeowners filed for foreclosure in 2005. This figure shows a four times increase from ten years ago.
The number one reason for increasing foreclosed houses count is the predatory lending practices, closely followed by loss of job opportunities. Of course, rising interest rates have played their part in making is more difficult for homeowners to keep up with their regular mortgage payments. Topping the nation in the highest rate for foreclosure, times for Ohio residents are about to get much worse!
