Posted on 05/20/2013 9:50:40 AM PDT by whitedog57
According to RealtyTrac, Akron Ohio is the leader in housing units per foreclosure filings. And Columbus Ohio is 6th on the list. The FC in Ohio?
Rounding out the top 20 foreclosure metro areas are Toledo, Cleveland, Cincinnati, and Canton. You know, pretty much the entire state.
Huh. I would have thought that Richard Cordray, the current Robo-cop at the Consumer Financial Protection Bureau (CFPB) and former attorney general of Ohio, would have cleaned up the foreclosure mess before heading up the CFPB.
Here is a chart of underwater mortgages in Ohio. Ohio is at 32.48% underwater.
The striking thing is that the other state on the list with horrible foreclosure problems is Florida, the state when many Ohio residents buy vacation and rental homes in Florida (particularly Naples for some reason).
Let’s be honest. Scant few purchase vacation and second homes in Akron and Columbus. But many did in Florida and Las Vegas NV.
The Ohio foreclosure problem is distinctly different than the Florida/Nevada vacation/2nd home problem. Ohio was hit hard by the Great Recession and unlike Phoenix and Las Vegas, investors didn’t rush in to buy foreclosed homes.
Here is a chart of Cleveland’s rise in home prices and crash along with Cuyahoga County’s unemployment rate. Notice that Cleveland home prices are beginning to rise again.
But investors have rushed in to Florida and it is still suffering. What do Florida and Ohio have in common?
Both Ohio and Florida and judicial foreclosure (or quasi-judicial foreclosure) states. Scheduled foreclosure auctions increased from a year ago in 15 of the 26 judicial or quasi-judicial foreclosure states, including Maryland (199 percent increase), New Jersey (91 percent increase), Ohio (73 percent increase), Oklahoma (57 percent increase), and Florida (55 percent). Scheduled foreclosure auctions reached a 68-month high in Ohio, a 31-month high in Maryland, a 27-month high in New Jersey, and an 18-month high in Oklahoma.
Perhaps Mr. Cordray should have tried to encourage the Ohio state legislature to convert to a non-judicial foreclosure model.
Where?
Why not post it?
Third chart down at the link.
I don’t know how to post pictures. Just go to link.
No thanks.
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