by German Lopez
Posted In: News
at 11:28 AM | Permalink
Another statistic adds doubt to state’s economic recovery
A new report shows Ohio has the fourth highest housing
foreclosure rate in the nation — another troubling statistic for a state
that, according to state officials, is supposed to be undergoing a
major economic boom.
The report from RealtyTrac,
a real estate information company, put Ohio’s foreclosure rate at 0.96
percent during the first half of 2013, a 2-percent increase from a
comparable period in 2012.
Ohio’s foreclosure rate beat only Florida (1.74 percent), Nevada (1.4 percent) and Illinois (1.2 percent) in the rankings.
Ohio’s bump up in foreclosures defies the national trend:
Foreclosure starts are on track to hit about 800,000 this year, down
from 1.1 million in 2012, according to RealtyTrac. The recovery follows
the 2007-2008 recession and the housing crisis that helped cause it,
which led to a spike in foreclosures.
State officials, particularly Gov. John Kasich, often
claim Ohio has led the nation in job and economic growth following the
recession, but recent statistics have raised doubts about the claim.
A June 16 infographic from Pew Charitable Trusts found Ohio was the No. 46 state for job creation between April 2012 and April of this year, supporting claims from liberal and conservative think tanks that Ohio’s job growth has been stagnating in the past year.
Still, Ohio had a 7 percent unemployment rate in May, lower than the national rate of 7.6 percent.
The state also added 32,100 jobs in May — more than any
other state for that month. Whether that job growth holds up will be
made clearer on July 19, when the Ohio Department of Job and Family
Services will release state job numbers for June.
Kasich on June 30 signed a state budget approved by the
Republican-controlled General Assembly that Republicans claim will spur
further job growth, but a CityBeat analysis calls that claim into question.