Home foreclosures in Ohio have been hotly discussed by the media along with the general foreclosure crisis hitting the entire nation. Ohio is part of the Great Lakes zone and is a Midwestern state of US with its capital at Columbus. The Ohioans are greatly troubled with home foreclosures in Ohio. Ohio means beautiful river or large creek in Native American language. Why should such a state bursting with economic growth and progress breakout out into headlines reading home foreclosures in Ohio? Ohio has one of the most dense highway networks and is the centre for tyre manufacture as well as rubber, steel, processed food, machine tools among others. There are also automobile plants and yet home foreclosures in Ohio are causing concern. Ohio has a humid continental climate and the population is largely white with 11.5% Afro-Americans apart from Hispanics and Asians.
Home foreclosures in Ohio and Michigan have common points with those in Florida and California. The number of home foreclosures in Ohio is some of the highest along with the others. But the reasons for home foreclosures in Ohio are different for foreclosures elsewhere. Home foreclosures in Ohio and those in Michigan are largely due to falling manufacturing industries, slowing down of population and consequent low demand for new housing units. Home foreclosures in Ohio ranks second after Michigan. Fannie Mae ranks home foreclosures in Ohio at a high second behind Michigan – the company having suffered heavy losses through September because of home foreclosures in Ohio and Michigan.
Most of the home foreclosures in Ohio emanate from loans advanced by Fannie Mae – it being responsible for one out of every five loans in the country. Fannie Mae wrote off losses from home foreclosures in Ohio for $101 million. In California the written off loans were $30 million and $21 million in Florida. Home foreclosures in Ohio and those in Michigan are emanating from a background of weak economy. Ohio has an unemployment rate of 5.9% while Michigan has 7.7%. This can be contrasted with the national average of 4.7%
It is jobs that bring in income without which loans cannot be repaid. Countrywide Financial Corporation has reasoned that the main reason for the defaulting is because of low income. It is this that accounted for 60% of the foreclosures together with other reasons like divorce and illness. Adjustments, according to them, accounts for only 2% of the reasons behind foreclosures.
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