For several quarters, the rate of foreclosure around the nation, including states with a high share of institutional investors, such as Ohio, decreased overall. The most recent quarter has seen a dramatic increase of 66 percent of homes that face foreclosure action due to the default of a loan repayment. This means that families who are already facing financial hardship might face the very real threat of losing their home.
Most properties that are seized by banks have been in default for an extended period. They are often even vacant, but others are the only home that many families have. Foreclosure offers a way for the banks to gain back some monetary assets on a loan that was previously financed, then neglected to be repaid. Single family properties such as these are sought after by eager investors.