On the whole, the foreclosure rate in Ohio is one out of every 1,173 homes. However, this average is found by compiling data from all across the state. Which areas see the highest number of foreclosures? In which counties is it most common?
According to recent data, the top five counties in the state are as follows:
1. Marion County. The rate is one out of every 514 homes.
2. Preble County. The rate is one out of every 686 homes.
3. Cuyahoga County. The rate is one out of every 702 homes.
4. Lake County. The rate is one out of every 718 homes.
5. Lorain County. The rate is one out of every 723 homes.
Wondering how Medina County compares to these areas where foreclosure rates are the highest? The rate in Medina is one out of every 1,311 homes.
This tells you a few things. First and foremost, it's one of the stronger counties in the state. The average in Medina is less than the statewide average and far, far lower than places like Marion County.
It's also interesting to see this drop in the rate, seeing as how Medina borders both Lake and Lorain. As noted, both of those are not just seeing high foreclosure numbers, but rank in the top five.
Additionally, the stats show you that foreclosure is still common, even if it's not as bad in Medina as it is elsewhere. It's important to know what rights and legal options you have when facing foreclosure, especially if things in Medina start shifting to catch up with Lake and Lorain.
Source: Realty Trac, "Ohio Real Estate Trends & Market Info," accessed June 23, 2017