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Thursday, September 18, 2014
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Published: Thursday, 11/18/2010

More Ohioans miss home payments

Ohio had a slight increase in missed mortgage payments during the third quarter of the year, while Michigan and the nation had decreases, a new study shows.

In Ohio, 10.25 percent of mortgages had payments at least 30 days late during the fall quarter, up from 10 percent during the summer, according to the Mortgage Bankers Association report released Thursday. The rate was 10.71 percent a year ago.

In Michigan, 11.25 percent of mortgages were at least 30 days past due in the latest quarter, down from 11.41 percent in the second quarter and from 12.64 percent during the third quarter of last year.

Michigan had the fourth highest rate in the nation for mortgage delinquencies, and Ohio was 12th.

Nationwide, 9.13 percent of mortgages had late payments, down from 9.85 percent in the second quarter and from 9.64 percent a year ago, the trade group said.

Michael Fratantoni, the group's vice president of research and economics, said delinquencies tend to rise throughout the year, peaking in the fourth quarter.

"In the fourth quarter, people are spending for the holidays, they see their first heating bill for the year, and they fall behind on their mortgages," he said.

Martin Sutter, president and CEO of Genoa Bank, said loan delinquencies at his bank have fallen.

"We're pretty fortunate that we're a community bank, and a lot of people are trying to do everything they can do to make their mortgage payments," he said.

Foreclosures decreased between the second and third quarters of this year for Ohio and Michigan, according to the bankers association data.

Ohio had a foreclosure rate of 4.61 percent during the third quarter, down from 4.82 percent in the second quarter. Michigan had a rate of 4.05 percent in the latest quarter, down from 4.47 percent a quarter earlier. Troubled adjustable rate mortgages mostly drove delinquencies and foreclosures for both states.

Dan Shanahan, northwest regional area manager for Huntington National Bank, said Huntington and many of its industry peers have been working to help customers keep their homes, which could explain the decrease in foreclosures during this year.

"Banks and institutions don't want to foreclose," he said. "They're working hard with the borrowers, and foreclosure is the last outlet that they have."

Contact Sheena Harrison at:

sharrison@theblade.com

or 419-724-6103.



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