Ohio Foreclosure Rates fall in February, but Still High Among Other States

New statistics released recently show that Ohio’s foreclosure rate actually slowed during the month of February, although it was still high enough to earn it the 7th spot among states with the highest foreclosure rates.

Strangely enough, Ohio was ranked 9th among states with the highest foreclosure rates in January, and despite the fact that it’s rate fell nearly 19% in February, it still managed to climb the rankings. Part of this is because other states experienced slowing foreclosure rates as well, but it’s also because of the size of Ohio’s market for foreclosure homes. Despite recording a month to month drop, the February total of 10,400 home s in default is still roughly 40% higher than the state’s rate was a year ago, in February of 2007.

Other interesting statistics showed that Ohio ranked fifth in the number of pre foreclosures, or homes in default that are in danger of going to foreclosure auction. Pre foreclosures are becoming an increasingly popular way for investors to buy foreclosure real estate, since more and more defaulted homeowners these days are looking to sell off their properties for cheap prices simply to avoid a credit ruining foreclosure and to possibly make a small amount of money back on their equity.

Ohio’s foreclosure rates have been at the forefront of the news on the foreclosure crisis for several years now, but this may be the beginning of a turnaround. As the state’s homeowners begin to receive more assistance and the state legislature considers passing laws to aid homeowners in distress, the foreclosure rates for the state could continue to slide, but this remains to be seen.

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