Dubious honor: Ohio leads the nation in home foreclosures (Cleveland: for sale, mortgage)

[Subway]

http://news.enquirer.com/apps/pbcs.d...1110333/-1/all

Ohio again leads the nation in home foreclosures, an indicator of how the state's lag in adding jobs is leading people to have trouble paying their bills, economists say. Ohio lost 4.5 percent of its jobs from 2001 to 2003, more than double the national rate of 2 percent, said Richard DeKaser, chief economist at Cleveland-based National City Bank. Since then, he said, "The nation has since recovered those jobs and added more, but Ohio hasn't."

Ohio had the highest rate of foreclosures for one- to four-unit residences in the third quarter of 2006, according to a study by the Mortgage Bankers Association. Here are the top five states, compared with the national average:

State...Foreclosure rate

1. Ohio...3.32%

2. Indiana...2.90%

3. Michigan...2.20%

4. Mississippi...1.90%

5. Oklahoma...1.66%

United States...1.05%

Source: Mortgage Bankers Association

[OhioNerd]

That's mostly due to companies like Dominion pushing dangerous mortgages. on ignorant buyers who want to live above their means.

[HomesInDayton]

Part of the problem is predatory lending, but it is also do to the double whanny of job loss combined with catastrophic health problems. That is more than most of us can take. Then the predators come to "help out". Always important to look at your options when you start to get into financial trouble. There are options like short sales, and legitimate financing that can really save your credit before you face foreclosure.

[CirclevilleGuy]

Not only does Ohio lead the nation in Foreclosures , it also leads the country in Preditory Lending. In fact , about 50% of the foreclosures in the state are due to preditory lending practices. I don't know how many times i run into individuals who are facing foreclosure that have been the victim of a preditory loan.

Whats even sadder is the fact that that statistic doesn't even include short sales or deeds-in-lieu which are pre-foreclosure properties. If you factored that in , it would be even higher.

[Donna7]

Originally Posted by OhioNerd

That's mostly due to companies like Dominion pushing dangerous mortgages. on ignorant buyers who want to live above their means.

Yes, it's the minimum wage Wal-mart greeters and $7.00 an hour factory job workers that are living beyond their means by actually eating meat, milk, and cheese once or twice a week instead of their daily ration of ramen noodles and 2 for a dollar white bread at Aldi's or Save-a-lot.

[Need_affordable_home]

I am really supprised Ohio leads in forclosures. I thought it would be California, Florida, New Jersey or some other expensive state! Much of Ohio has very affordable housing, I always wondered how someone can get a house he paid a few thousand forclosed!

[inspiringmind]

Originally Posted by Donna7

Yes, it's the minimum wage Wal-mart greeters and $7.00 an hour factory job workers that are living beyond their means by actually eating meat, milk, and cheese once or twice a week instead of their daily ration of ramen noodles and 2 for a dollar white bread at Aldi's or Save-a-lot.

I miss Aldi's. Anyways back on topic here...Even though foreclosers are not a great thing, it is a nice thing for people like me who are trying to buy a house in an area that has a lot of them. Lots of houses for sale and few people buying means lower prices for people like me.

[inspiringmind]

Originally Posted by Need_affordable_home

I am really supprised Ohio leads in forclosures. I thought it would be California, Florida, New Jersey or some other expensive state! Much of Ohio has very affordable housing, I always wondered how someone can get a house he paid a few thousand forclosed!

Because what happens is that people find that cheap house and then they realize they don't like the town they are living in. They don't pay the property taxes and the city forecloses on the house.

[Need_affordable_home]

They would be better off selling it than just walking away from the house. Forclosures ruin their credit!

[bluegrassb]

Maybe if there were better paying jobs people wouldn't face foreclouser. When your factory closes and all you can find is wal-mart at a quarter of what you were making it is hard to keep up. There are alot of good people who love to own there house but the poor quality of jobs won't allow it and banks don't care your nothing more than a number to them