Yippee! Ohio is in the running to be the highest home foreclosure state in the U.S. Out of 50 states in the union, we are the 13th highest. This is not a race that we want to win, folks. We want to lose this race.
RealtyTrac is a company that tracks statistics related to real estate issues, and in the last few years foreclosure stats have been highly tracked. Ohio’s statistics for May show that one out of every 608 households in the state received a foreclosure notice. RealtyTrac’s report went on to say that Ohio saw nearly 8,400 foreclosure filings last month. Filings include default notices, auction-sale notices and bank repossessions.
So is there anything we can do to get our real estate crisis back on track, building instead of foreclosing? It all comes back to jobs. We need more good jobs in Ohio to help people get back to paying their bills on time. This will kick start the economy in all directions as people with jobs spend more money in stores which in turn infuses the state with more corporate buying.
RealtyTrac says the number of homeowners nationwide who were put on notice for being behind on their mortgage payments fell in May to the lowest level since 2006. The decline was the result of a slowing housing market and lingering delays in banks’ foreclosure process not really any new construction or an upswing in home buying.
Mortgage lenders also took back fewer properties in May, the second down month in a row. Repossessions have been held up as many lenders continue to work through foreclosure documentation problems that surfaced last fall in compliance with federal regulators’ demands.