Home Insecurity: Foreclosure Growth in Ohio
October 1, 2002
Foreclosure filings with the Ohio Supreme Court have risen 155 percent since 1994, while sheriff sales (final auctions of a foreclosed homes) increased 200 percent across Ohio between 1994-96 and 2001. This accelerated home loss coincides with the subprime lending industry’s explosive growth in Ohio, and increased predatory lending. A 2002 report by Policy Matters Ohio, along with a report from the Ohio Community Reinvestment Project, document the startling effect predatory loans are having on Ohio communities. Policy Matters gathered sheriff sale and foreclosure filing numbers from all Ohio counties from 1994-2001, while the OCRP linked increasing numbers of foreclosures in Lorain, Montgomery and Summit counties since 1997 to subprime loans.