Home Foreclosures Up 3% Again in 2004, Policy Matters Report Indicates

Gongwer News Service - June 23, 2005
   

Gongwer News Service

The state’s home foreclosure rate increased by 3% in 2004, the second consecutive year with the same increase, according to a report released Thursday by Policy Matters Ohio.

Although the report indicates that the 3% growth rate represents a leveling off of foreclosures, it notes that foreclosure growth has quadrupled over the last ten years.

“While tracing the reasons for the continuing high level of new foreclosures is difficult a Policy Matters Ohio report last year cited Ohio’s weak economy, predatory lending and thegrowth of subprime lending as factors,” the report notes.

In a 2004 survey, PMO said sheriffs indicated that predatory lending was the top contributing factor to foreclosures. “There is little reason to believe that these factors, including the growth of subprime lending, have changed significantly,” the report notes.

The report says the highest per-person foreclosure rate was posted in Montgomery County, with one foreclosure for every 137 people. Also ranking high in the category were Cuyahoga, Highland, Clark and Brown counties.

It indicates that the most significant increase in new filings, by percentage, was recorded in Meigs, Holmes, Wood and Crawford counties.

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