Home Insecurity 2004: Foreclosure Growth in Ohio

August 11, 2004
   

The number of Ohioans losing their homes to foreclosure and sheriff sales grew again in 2003. Foreclosure filings increased 3 percent in Ohio, while sheriff sales of foreclosed properties continued to soar, up 26 percent from 2002. The number of properties put up for sale now equates to about one in every 117 households in the state. Policy Matters Ohio analyzed foreclosure data from the Ohio Supreme Court and obtained data on sheriff sales by surveying the state’s county sheriffs. They were also surveyed regarding the factors influencing the increase in activity. While many respondents cited job loss or the weak economy, a greater number ranked predatory lending – involving deceptive, high-cost loans with excessive interest rates, fees and penalties – as first among the factors.

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