Foreclosures drop sharply, though rate in Ohio still high

CINCINNATI (FOX19/CNN) - Good news for homeowners. Foreclosures across the country dropped sharply last year, almost as low as they were in 2007, according to a new report from RealtyTrac.

Across the country, foreclosure filings plunged 26 percent in 2013 compared to the year before.

Unfortunately, Ohio is still in the top five for states with the most foreclosures. In fact, six percent of all the foreclosures in the country can be found in Ohio.

However, nationwide, the picture is looking much better. Foreclosure filings were almost as low as they were in 2007, which is significant because the Great Recession began in December of that year. There were 1.28 million foreclosures in the U.S. in 2007, compared with 1.36 million in 2013, according to RealtyTrac.

We have a long way to go before we reach the 2006 level, though. RealtyTrac says there were 717,522 foreclosures that year.

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