Six Ohio Cities Among Nation's Worst in Foreclosures

Ohio Treasurer Rich Cordray (D-Grove City) has sent out a bulletin reporting that according to a new list of the nation’s metropolitan areas with the greatest home foreclosure rates, Ohio has the appalling distinction of placing six cities among the top 35.

Cleveland is the 10th-worst in the nation with 18,844 foreclosure filings during the first half of this year. Dayton was 16th, Akron 18th, Columbus 20th, Toledo 26th, and Cincinnati 34th.

Cordray and Cuyahoga County Treasurer Jim Rokakis (D-Cleveland) have been far out front in warning about and trying to temper the effects of the foreclosure crisis. The Governor's Foreclosure Prevention Task Force, established at the urging of these two officials, is working with community leaders in more than 40 counties to establish local anti-foreclosure coalitions that provide information and referrals to homeowners at risk.

Cordray issued the following statement in today's bulletin:

“With many adjustable rate mortgages held by Ohio homeowners, experts expect that the numbers of foreclosure filings will rise even further as those rates continue to reset to higher levels over the next year and a half. I encourage Ohio homeowners to review the terms of their mortgage loans, keeping an eye out for adjustable rates or balloon payments. It may make sense to pursue alternatives for more sustainable mortgage financing.

“The most important message we can send to Ohio homeowners is to reach out and make contact with their lender as soon as possible if they do begin to have problems making their payments. Workout terms can often be reached allowing that person to stay in the home or minimizing the potential financial damage of a foreclosure action.”