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Friday, June 13, 2008

Ohio's Foreclosure Rate: The Crisis Eases A Bit

CINCINNATI (TDB) -- Nationally, the U.S. foreclosure rate jumped 48% from May 2007. RealtyTrac says today that Ohio's foreclosure rate fell last month from levels a year ago: "Foreclosure filings were reported on 12,295 Ohio properties in May, the fifth biggest state total despite a nearly 7% decrease from May 2007. With one in every 410 households receiving a foreclosure filing, Ohio's foreclosure rate ranked No. 9 among the states and was above the national average." And none of Ohio's metro areas were in the nation's Top 20 distressed markets.

While Ohio was dipping, some of the foreclosure numbers from other states were staggering. Nevada up 72% from last May; California up 81%, and Arizona up 119%. Michigan was suffering worse than Ohio: "Michigan foreclosure activity in May increased nearly 25% from the previous month, helping the state's foreclosure rate to jump to fifth highest among the states after ranking No. 9 (the spot Ohio now holds) the previous month. One in every 353 Michigan households received a foreclosure filing in May."

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