Foreclosure is a real threat in Ohio. It may not have the most foreclosures in the country, but it is in the top ten, with recent reports putting it at eighth overall.
The foreclosure rate in Ohio shows that one property is foreclosed upon for every 1,055 housing units. While many are homes, it is worded this way to include all residences, such as condos.
Things are trending in the right direction, as they are in many places nationwide. In November of 2015, Ohio ranked 7th in the country. The rate had fallen 3.68 percent by October 2016, Ohio still ranked 8th, but the rate in November of this year was down 11.83 percent.
The rates have now been falling for the last 14 months, on a national scale. In fact, they've been dropping more drastically across the country than they have in Ohio. Since November 2015, the overall rate is down by a full 17 percent, and it's down 18 percent from October of this year. On the whole, one out of each 1,533 units is in foreclosure.
This data all shows that foreclosure is becoming less common, as it has for more than a year, perhaps helping to demonstrate that the recession back in 2008 and 2009 really is in the past. However, the stats also show that Ohio is still in a tough spot, with one of the highest rates in the country and a rate of change that is below the national average. As such, residents who are facing foreclosure absolutely need to know what legal options they have.
Source: WHIO, "The States Where Foreclosures Are Most Common," Christine DiGangi, Dec. 15, 2016