One in Seven Ohio Homeowners Behind on Mortgage
Filed under: Recession, U.S. Economy, U.S. Financial Crisis
From The Plain Dealer:
The number of Ohio homeowners who are behind on their mortgages jumped 11 percent in the fourth quarter, according to a report released Thursday.
Now, 14 percent — about one in seven — is at least one month behind, the Mortgage Bankers Association said. That’s slightly worse than the national rate of 12 percent, or about one in eight.
A record 5.4 million Americans were either behind on their payments or in foreclosure at the end of last year. That includes 48 percent of the 2.4 million who have subprime, adjustable-rate mortgages.
In Ohio, nearly 4.5 percent were a month behind, nearly 2 percent were two months behind and 3 percent were three months behind, said the Washington, D.C., organization. Four percent were in foreclosure.
