Ohio 9th in nation in delinquencies
..... Says mortgage bankers report.
- Home foreclosures reached an all-time high nationwide in the third quarter, with Ohio the top state in percentage of loans in foreclosure, and ninth in delinquencies not yet in foreclosure, according to a report by the Mortgage Bankers Association.
- A report released this past thursday covers more than 45 million homes nationwide.
- It said the percentage of all mortgages nationwide that started the foreclosure process jumped to a record high of 0.78 percent during the July-to-September period. That surpassed the previous high of 0.65 percent set in the prior quarter.
- The rate in Ohio for foreclosure starts was 1.17 percent. The rate of all loans in foreclosure was 3.72 percent.
- The delinquency rate for all mortgages climbed to 5.59 percent, up from 5.12 percent in the second quarter, and was the highest since 1986, the association said. The Ohio rate was 7.24 percent.
- In areas where the supply of homes far exceeds demand at current prices, home prices are falling and leading to more foreclosures, said a, chief economist for the Mortgage Bankers Association.
- In Michigan and Ohio, the problem continues to be the declines in demand due to drops in employment and population that have left empty houses in cities like Cleveland, Detroit and Flint, Duncan said.
- In states like California, the problem is excess supply due to speculative overbuilding and properties coming back onto the market.
- Ohio, Michigan and Indiana were near the top in three important categories - serious delinquencies, foreclosure inventory and foreclosure starts.