America is reeling under a housing crisis triggered by foreclosures. Ohio is one of the worst hit states. Foreclosures however are not uniform in their intensity but vary in concentration from region to region. Thus for finding out the reasons behind Ohio bank foreclosures one should look around for direct and indirect causes.

Ohio State is in the midwestern region of the country and included in the Great Lakes area. Ohio has a high density of population. Today the Ohioans or Buckeyes are harangued from Ohio bank foreclosures.

Ohio bank foreclosures spiked by 40%, during the second quarter in the central region of the state. Columbus contributed to the highest number of Ohio bank foreclosures during the second quarter in the nation but compared to other cities in the state its performance was better. RealtyTrac – one of the foremost online trackers, releases information about Ohio bank foreclosures. Ohio bank foreclosures showed that Central Ohio was placed 31st in the foreclosure rankings with 6,825 postings that calculated to 1:122, during this second quarter of the current year.

During the second quarter there were 37,689 Ohio bank foreclosures that meant a foreclosure rate of 1:134.By Ohio bank foreclosures reference is made to all the three stages of the judicial process of foreclosure – default and auction notice as well as bank repossession. Bank repossessions took up 30% of the activity of all foreclosure movement in the nation. It was an increase of 24% from the previous first quarter of this year.

Ohio bank foreclosures have resulted mainly due to three reasons. There has been much of speculation and investment urged on by greedy lenders making full use of lapse sub-prime mortgage loans. Ohio bank foreclosures have also come into the forefront because of people taking loans they could ill afford. As soon as the honeymoon period of low interest was over the result was Ohio bank foreclosures. Another reason that is today playing an important factor in Ohio bank foreclosures is that the real estate has slumped and price of food and fuel have gone up leading to a general slump in the economy. With jobs vanishing Ohio foreclosures becomes a natural fall out.

The position of some of the cities in Ohio in the 2nd quarter is acute. Toledo ranks 21st with a rate of 1:92. Akron and Cleveland rank 22nd and 26th with rates of 1:93 and 1:108 respectively. They are followed by Dayton and Cincinnati ranking 29th and 41st with foreclosure rate of 1:115 and 1:161 respectively.

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