Foreclosures
Foreclosure News Items

More than a fifth of Ohio homes are underwater

(06/10/2011) With home values slipping across the country, many consumers now owe more on their mortgage than their property is worth, and this problem is prevalent in Ohio.

New statistics from the mortgage data tracking company CoreLogic show that the number of so-called underwater homes in Ohio crept upwards in the first quarter of the year, though it is still below the national average. In all, the Buckeye state has 21.9% of its homes worth less than what is owed on them, up from the 21.6% observed at the end of last year.

Consumers who are dealing with underwater homes but want to keep the properties may benefit from refinancing their existing home loan. By checking the latest online rate tables to find the best local mortgage rates, homeowners can make their monthly payments more affordable.

The national average underwater home rate was 22.7%, but that was driven largely by the states with major housing problems, including Nevada, Arizona and Florida. Nevada had the highest underwater home rate in the nation at 62.3%. New York, Oklahoma and North Dakota had the best rates, all below 7%.