Nearly One in Two Mortgages in Ohio is Underwater or Close to it

2009-08-22 — realestaterama.com

" Data released today by the Mortgage Bankers Association coupled with analysis of a report released last week by First American CoreLogic spell more trouble ahead for Ohio’s housing crisis, and offer fresh evidence for the need for statewide foreclosure reform."

MBA numbers show delinquency rates (those who are late, but not yet in foreclosure) for mortgage loans on residential properties making a 13 percent leap from 1st QTR to 2nd QTR 2009, increasing from 8.7 percent to 9.8 percent. The numbers also show that 14.3% or 1 in 7 Ohio homeowners with mortgages were delinquent or already in foreclosure. That is up from 13% three months earlier.

CoreLogic data focuses on outstanding mortgages that are in a negative equity position, an often-overlooked, but important gauge. Also known as “underwater,â€