REALTOR® Magazine-Daily News-Foreclosure Rates Up in 3 Midwest States

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Daily Real Estate News | March 7, 2005 | Foreclosure Rates Up in 3 Midwest States Three Midwest states rank among the six highest states in the nation for the number of foreclosures, according to data from Foreclosure.com. During January, Ohio had the second highest rate of foreclosures in the nation with 6,857 total foreclosed properties and 1,606 new foreclosure actions that were started. Foreclosure.com cites the loss of manufacturing jobs in Ohio as the primary reason for the high level of foreclosures there. The state of Michigan ranked fourth with 5,622 total foreclosed properties and 1,209 new foreclosures. Indiana ranked sixth with 4,317 total foreclosed properties and 877 new foreclosures. "We expect the rate of foreclosures in the Midwest to increase," says Brad Geisen, president at Foreclosure.com. He also thinks residential property values in the Midwest may decline because of continued weakness in the manufacturing sector. The Metropolitan Indianapolis Board of REALTORS® recently announced that it plans to develop a new educational booklet on foreclosure prevention. Texas had the highest foreclosure rate nationwide, according to Foreclose.com. Other states in the top six are Georgia and North Carolina. —By Jane Adler for REALTOR® Magazine Online