Callahan’s Cleveland Diary

From the Mortgage Bankers’ Association press release today announcing their new study of delinquencies and foreclosures in the second quarter of 2007:

Regarding the situation in Ohio, Michigan and Indiana, Duncan said:

* “While Ohio, Indiana and Michigan account for 8.7 percent of the mortgage loans in the country, those three states account for 19.9 percent of the nation’s loans in foreclosure and 15.0% of all of the foreclosures started in the country during the first quarter. Without these three states, the percent of loans in foreclosure in the US would be below the average over the last 10 years, 1.12 percent versus an average of 1.19 percent.”

* “The level of foreclosures and foreclosure starts for those three states exceed what occurred in Texas during the oil bust of the mid-1980s, and Ohio is the highest ever seen in the MBA survey for a large state.”

Here’s the PD Business online coverage.

P.S. From data at NEOCANDO, here are the numbers of foreclosures filed in Cuyahoga County Common Pleas Court against properties in the city of Cleveland, during each of the last four calendar quarters:

Third quarter 2006 — 1,754
Fourth quarter 2006 — 2,081
First quarter 2007 — 2,027
Second quarter 2007 — 1,497.

Total foreclosure actions filed from 7/1/06 through 6/30/07: 7,359.

Total residential parcels in the city: 130,888.

Ratio of foreclosure filings to residential parcels: 5.6%.

This entry was posted on Thursday, September 6th, 2007 at 2:38 pm and is filed under Foreclosure crisis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.