Industry News

Real estate foreclosures hit home in Ohio

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Ohio home sales activity in 2004 reached record levels for the fourth consecutive year, according to state multiple listing service statistics. But these impressive numbers are countered by an unsettling trend: a growing number of foreclosures. While the Ohio Association of Realtors MLS reported that new and existing home sales were up 7.7 percent statewide in 2004, industry professionals say the foreclosure rate is on the rise, too, with job losses and lending practices playing a role., which maintains a database of residential foreclosure properties across the country, reported that the inventory of residential foreclosure properties available for sale in 2004 reached an annual peak in December, and Ohio had the second highest total inventory of properties, behind Texas. Ohio had 7,277 total foreclosure properties as of December 2004, while Texas had 9,928, Georgia had 6,039, Michigan had 6,028, North Carolina had 5,355, and Indiana had 5,137, reporte...