Ohio Foreclosures Reducing, Still Above Pre-Subprime Levels
The rate of foreclosure filings in Ohio is slowing down, but according to a new report from Policy Matters Ohio, the annual rate is still higher than in the 1990's, when the uptick in foreclosures began.
The left-leaning non-profit research organization found about 40,000 initial foreclosure filings across the state in 2015. That’s well below the 2009 peak of about 90,000 but still about twice as high as filings in the 1990’s when the upward creep began, according to the Policy Matters Ohio report.
Researcher Amanda Woodrum links the decades-long increase to the practice of subprime lending - issuing loans to borrowers who couldn’t afford them. She says the resulting blight and reduction of the tax base has yet to be fully addressed.
“Ohio really needs a comprehensive, statewide approach, one that is commensurate with the crisis we saw," says Woodrum.
Policy Matters is calling for expanded blight-removal and foreclosure prevention programs, especially in inner cities that were hardest hit. The report also states the counties that include Cleveland, Dayton and Toledo have had high foreclosure rates for longer than any other counties in the state.