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Ohio is a beautiful state to live in, and right now, if you are looking for a home, the housing prices are at an all time low, due to the large amount of foreclosed homes in Ohio.  Ohio has been one of the hardest hit states in the foreclosure crisis.  The cities of Cleveland, Columbus, and Cincinnati have had the most foreclosures in the state, although the smaller Ohio cities are seeing many foreclosures as well.

The first wave of foreclosures was due to the large amount of subprime mortgages that were issued in the state, similar to other states in the U.S.  The continuing foreclosures are due job loss from the down economy.  Many of the homes foreclosed on today are from families who had at least one family member lose a job in the last few years when a company downsized or closed.  These situations can create so much lost income that a family can never catch up.

Lately, in Ohio, there have been several investigations that have resulted in indictments against mortgage company employees that allowed mortgages to go through that didn’t even meet the rules of their own company, and were at extremely high risk for default.

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