The Cleveland Plain Dealer reports that Ohio remains a contender for the top spot when it comes to foreclosures. A recent report lists Cleveland, with one foreclosure for every 40 households, as having the 14th highest foreclosure rate out of the 100 largest American metropolitan areas. Akron was ranked 16th nationally with one foreclosure for every 43 households. That same report ranked Ohio eighth nationally with one foreclosure for every 59 households.
It appears from these new rankings that Ohio is improving its foreclosure rate; however, that may be an illusion. Previously, the Mortgage Bankers Association (“MBA”) gave Ohio the top spot when it comes to foreclosures. However, the methodology the MBA used was different from this recent survey.
Regardless, under this most recent survey, Cleveland, Akron, and Ohio’s foreclosure rates are drastically higher than the national average of one foreclosure for every 92 households. And there is no sign of these rates going down according to Cuyahoga County Treasurer Jim Rokakis.