Ohio leads nation in foreclosures

6/14/2007

Even as mortgage delinquencies nationally dropped in the first quarter of this year, Ohio led the nation in foreclosures, with the highest figure ever for a major state, a study released today found.

Ohio had 5.14 percent of home loans at least 90 days past due in the January through March period, more than twice the national measure, the Mortgage Bankers Association said.

Ohio, Michigan, and Indiana combined for 20 percent of the nation s foreclosures, though the states had less than 9 percent of total loans countrywide, the report said.

The level of foreclosures and foreclosure starts for those three states exceed what occurred in Texas during the oil bust of the mid-1980s, said Doug Duncan, the group s chief economist.

The problems in Ohio, Michigan, and Indiana are for all types of mortgages. In Ohio, the report said, loans with payments 90 days or more past due were 20 percent for subprime mortgages, or twice the national average, and were 1.9 percent for prime fixed-rate loans, or three times the national average.

Nationally, total loans with overdue payments were 4.84 percent in the first quarter, down from 4.95 percent. Late payments in Ohio occurred in 5.87 percent of loans and in Michigan, 6.45 percent, the trade group said.

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