Foreclosures March On Victoriously With Midwest At The Lead

August 8th, 2007 | Tags: Foreclosures

Numbers released by a California based real estate listing agency said on Monday that Ohio together with ten other states had a foreclosure rate of 0.54% towards the end of July 2007.This meant that per 1,000 units there were 5.4 homes stained with the cross of foreclosures. This was the highest of five regions in the country. It showed a 29% increase as compared to last year’s figures of 0.42% during the same time the previous year. Across the country foreclosure touched 0.37% from 0.26% in one year. It was a jump by 42%.

In order of ranks Ohio stands 6^th across the country. The national rate is 0.67%. The toppers consist of the triad – Colorado, Nevada and Michigan with 93% going in to foreclosures. This means a ratio of one out of every one hundred homes being affected with the virus. The figure is alarming indeed!

Prominent analysts opine that the foreclosure issue is not confined to sub-prime loans only. Today the entire market is reaping the harvest of what was sowed yesterday in the artificial over enthusiastic measures taken in the loose credit zone. Today the chickens have come to roost. The result is felt in the sphere of liquidity. It was a quick jump from unreasonable euphoria in the mortgage industry to depression resulting from fear of collapse. Blood is spilling on to the streets. Dispossession is spiraling into a socio-economic issue. The disgruntled do not leave without breaking and taking as much as they can. Neighborhoods are deserted. Fear is stalking the streets.

Others are saying that the tide will turn for the better having reached its peak. How much more damage can be done? Trackers are keeping minute records of the ups and downs. Pre-foreclosure tracking is going on in full swing. According to it foreclosures including all the three steps of default, notice and foreclosure auctions have touched 0.81%. This is a 51% increase from last year’s number of 0.53%. However the pre-foreclosure rate in Ohio is relatively low at 0.30%. The number arrived at is in comparison to that of the same time in the previous year. According to reliable online figures there has been foreclosure filing for most of the 1,600 important counties in USA. The figures are inclusive of 65 counties of Ohio, which has a total of 88 counties.

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