Increase in Foreclosures in Toledo, Ohio

After a drop in foreclosures during the pandemic, these figures are rising again across the country, and Ohio has experienced the most notable increase, especially in cities like Toledo and Cleveland.

To cite the example of Cleveland, and according to the real estate data company ATTOM, the city had a foreclosure rate of 0.62% last year, meaning approximately one in every 160 houses in Cleveland went into foreclosure, the highest figure for a metropolitan area in the United States.

Real estate experts in Ohio are still unclear about the reasons for this high number of foreclosure processes in cities like Toledo and Cleveland, two of the most important and populated in the state.

Jonathan Ernest, an economics professor at Case Western Reserve University, expresses his concern and comments: “We are really trying to figure out what is driving these events in the overall economy and why they might be more common in Ohio than in other states.”

As Ernest points out, the problem is not limited to Toledo and Cleveland, as Ohio overall ranks fifth in foreclosure rates among the states in the country. For example, if you take data from specific zip codes, there are only three places in the entire country with a higher rate than Shaker Heights, one of the most prominent suburbs of Cleveland.

Mario Ingraffia, a mortgage lender and expert in the field, attributes this situation to high property taxes and states: “In Cuyahoga County, it is interesting to see how many foreclosures are linked to mortgage delinquencies compared to taxes.”

Although foreclosure rates have increased since they were almost completely halted during the Covid-19 pandemic, they are still much lower than in 2019. That is why Ernest believes that lower interest rates could reduce foreclosures, but they could also bring new problems.

At the same time, Mr. Ingraffia suggests that those trying to avoid foreclosure on their property should seek help quickly by contacting their service manager as soon as possible so that they can provide guidance and advise them on the best options to save their homes.

Available Foreclosures:

Cleveland: 1,000 homes available

Shaker Heights: 150 homes available

Toledo: 26 homes available

By Elías DaSilva | 25 de octubre de 2024.