April 07, 2006
Ohio drowning in foreclosure soup
Ohio seems to be in a pretty bad shape as far as foreclosures are concerned. According to reports, one of every 71 households in Ohio filed for foreclosure in 2005. Around 64,000 foreclosures were filed last year. This figure is four times the number from a decade ago according to a report released by the Cleveland nonprofit group Policy Matters Ohio.
The number one cause of this high foreclosure rate was the prevalence of predatory lenders. Interestingly, even two years back, county sheriffs have been warning the state that these lenders were causing unprecedented foreclosures Job losses were another cause. This state, which already has the dubious distinction of being the foreclosure capital of the country, is headed for worse news. Filings jumped to more than 8 percent in 2005, and according to experts, the worst is yet to come
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