Ohio is one of the hardest hit states in the nation by the foreclosure crisis. While the Buckeye State has not posted the shear volumes of foreclosures as the once-hot housing markets of California Nevada and Florida, the cumulative impact of foreclosures have weighed heavily on Ohio’s housing market and its economy. Ohio is currently ranked as the 9th highest state in terms of total foreclosure activity and third highest in the Midwest behind economically struggling Michigan and Illinois.
However, current foreclosure activity rates fail to capture the cumulative impacts of sustained foreclosure activity in the state. The fact is that the foreclosure crisis started early in Ohio and the state now has endured elevated levels of home foreclosure for over half a decade. In 2006, Ohio experienced a sizable 23.6% increase in annual home foreclosure filings and the number of filings have continued at a historically-high rate of over 80,000 filings per year.
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