The foreclosure rate in Ohio ranks as the 7th highest in all states in the US. As of the third quarter of 2008, one home in every 440 houses is foreclosed. Thus, there are many foreclosed homes that are being put up for sale through regular auctions and sales. Many homebuyers and investors are underpinning and taking advantage of the opportunity.



The city of Cleveland in Ohio is a home market dominated by foreclosed homes. Since the onset of the housing industry downturn, home buyers and investors are turning to Cleveland foreclosure homes when buying houses. This is not surprising. The city is a good urban center to live in as there are many business and employment opportunities in the area.

The rising volume of Cleveland foreclosure homes, as mentioned, is giving opportunities to homebuyers and investors. Because there is a supply glut, prices of such homes are falling down. In general, homebuyers and investors are entitled to up to 50% of price markdowns for foreclosure purchases. This way, most Cleveland home purchases consist of foreclosures.

Cleveland foreclosure homes also benefit the city's, and the state's, job or employment market. Because there is a rising number of such homes, there is a need for sellers, brokers and mortgage lenders to hire more personnel who will oversee and administer the process. People are needed to take care, renovate and improve foreclosed homes prior to sale of auctions. Many are also employed as brokers or agents acting in mediation between homebuyers and sellers.