OHIO FORECLOSURE ACTIVITY DOWN 16 PERCENT IN AUGUST

Statewide Filings Down 36 Percent From August 2007; Rate Ranks in Top 10

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 11,359 Ohio properties in August, the sixth highest foreclosure total in the nation. The total represents a 16 percent decrease from the previous month and is 36 percent below the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 444 Ohio households received a foreclosure filing during the month, the seventh highest state foreclosure rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“The fact that foreclosure activity decreased in Ohio in August is a good sign for the state’s housing market, indicating that it may be close to working its way through this wave of foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the state’s unemployment rate is still well above the national average, and home prices have turned negative, leaving homeowners in financial distress without many options other than foreclosure. The state is far from out of the woods yet.

 

Despite its top 10 ranking, total foreclosure activity in the Buckeye State was far below the level reported in August by national leader California, which documented 101,724 properties with foreclosure filings. The state total is also well behind second place Florida, which reported 44,000 properties with foreclosure filings for the month. Arizona came in third, reporting 14,333 properties with foreclosure filings. Michigan was in fourth place, tallying 13,605 properties with foreclosure filings, while Nevada barely beat out Ohio for fifth place, reporting 11,706 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in August were Texas, Illinois, Georgia and New Jersey.

 

Five counties account for bulk of state foreclosure activity in August

Five Ohio counties accounted for 51 percent of the state’s foreclosure activity in August. Leading the way once again was Cuyahoga County, which tallied 1,902 properties with foreclosure filings. Franklin County came in second, reporting 1,147 properties with foreclosure filings for the month. Third highest total was documented in Hamilton County, where 997 properties with foreclosure filings were reported. Montgomery County came in fourth, reporting 891 properties with foreclosure filings, followed by Summit County, reporting 839 properties with foreclosure filings for the month.

 

Medina County posts state’s highest foreclosure rate for August

One in every 219 households received a foreclosure filing in Medina County in August — twice the state average and 1.9 times the national average — the highest county foreclosure rate in the state for the month. Marion County reported the second highest rate, with one in every 244 households receiving a foreclosure filing — 1.8 times the state average and 1.7 times the national average. Third highest rate was posted in Muskingum County, where one in every 273 households received a foreclosure filing during the month — 1.6 times the state average and 1.5 times the national average.

 

State a significant contributor to nation’s foreclosure total in August

Ohio accounted for 4 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. One in every 416 U.S. households received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Ohio Foreclosure Market Data by County – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Ohio

0

3,838

73

3,988

3,460

11,359

444

0.94

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

1

2

3

4,022

0.10

0.11

Allen

0

41

0

39

47

127

357

1.17

1.25

Ashland

0

11

0

14

10

35

626

0.66

0.71

Ashtabula

0

42

1

29

24

96

475

0.88

0.94

Athens

0

6

1

1

11

19

1,326

0.31

0.33

Auglaize

0

1

0

24

5

30

645

0.64

0.69

Belmont

0

0

0

0

7

7

4,480

0.09

0.10

Brown

0

0

0

19

19

38

493

0.84

0.90

Butler

0

155

1

78

101

335

425

0.98

1.05

Carroll

0

1

0

3

2

6

2,180

0.19

0.20

Champaign

0

1

0

0

6

7

2,398

0.17

0.19

Clark

0

4

0

76

33

113

549

0.76

0.81

Clermont

0

59

1

94

63

217

357

1.16

1.24

Clinton

0

3

0

32

13

48

372

1.12

1.19

Columbiana

0

31

1

2

12

46

1,023

0.41

0.43

Coshocton

0

1

0

12

8

21

772

0.54

0.58

Crawford

0

17

0

19

4

40

515

0.81

0.86

Cuyahoga

0

759

23

563

557

1,902

327

1.27

1.36

Darke

0

1

0

23

12

36

619

0.67

0.72

Defiance

0

2

0

12

0

14

1,199

0.35

0.37

Delaware

0

43

0

1

57

101

596

0.70

0.74

Erie

0

7

0

47

1

55

680

0.61

0.65

Fairfield

0

29

0

88

35

152

365

1.14

1.22

Fayette

0

7

0

9

1

17

738

0.56

0.60

Franklin

0

447

7

303

390

1,147

452

0.92

0.98

Fulton

0

19

0

6

2

27

636

0.65

0.70

Gallia

0

0

0

0

0

0

n/a

0.00

0.00

Geauga

0

25

0

11

9

45

783

0.53

0.57

Greene

0

63

0

40

9

112

580

0.72

0.77

Guernsey

0

0

0

16

4

20

978

0.42

0.45

Hamilton

0

218

5

366

408

997

385

1.08

1.15

Hancock

0

16

1

28

14

59

558

0.75

0.80

Hardin

0

1

0

0

20

21

626

0.66

0.71

Harrison

0

2

0

0

0

2

3,883

0.11

0.11

Henry

0

0

0

0

4

4

3,042

0.14

0.15

Highland

0

1

0

31

32

64

285

1.46

1.56

Hocking

0

1

1

4

0

6

2,092

0.20

0.21

Holmes

0

0

0

3

0

3

4,229

0.10

0.11

Huron

0

16

0

25

12

53

465

0.89

0.95

Jackson

0

1

0

9

10

20

730

0.57

0.61

Jefferson

0

33

0

0

1

34

987

0.42

0.45

Knox

0

18

0

18

47

83

287

1.45

1.55

Lake

0

72

1

37

38

148

661

0.63

0.67

Lawrence

0

43

0

1

7

51

538

0.77

0.83

Licking

0

4

0

80

47

131

499

0.83

0.89

Logan

0

4

1

0

32

37

620

0.67

0.72

Lorain

0

105

0

65

177

347

351

1.18

1.27

Lucas

0

157

8

115

67

347

585

0.71

0.76

Madison

0

3

0

20

9

32

482

0.86

0.92

Mahoning

0

89

1

9

3

102

1,117

0.37

0.40

Marion

0

29

0

33

50

112

244

1.70

1.82

Medina

0

135

1

85

78

299

219

1.90

2.03

Meigs

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

1

0

12

5

18

928

0.45

0.48

Miami

0

1

0

26

18

45

934

0.45

0.48

Monroe

0

0

0

0

0

0

 n/a

0.00

0.00

Montgomery

0

403

7

327

154

891

286

1.46

1.56

Morgan

0

0

0

1

0

1

8,006

0.05

0.06

Morrow

0

1

0

10

6

17

766

0.54

0.58

Muskingum

0

28

1

70

31

130

273

1.52

1.62

Noble

0

0

0

0

0

0

 n/a

0.00

0.00

Ottawa

0

2

0

16

16

34

791

0.53

0.56

Paulding

0

2

0

13

6

21

419

0.99

1.06

Perry

0

4

0

5

4

13

1,087

0.38

0.41

Pickaway

0

13

0

2

8

23

858

0.48

0.52

Pike

0

0

0

1

4

5

2,467

0.17

0.18

Portage

0

58

1

64

29

152

426

0.98

1.04

Preble

0

1

0

13

14

28

641

0.65

0.69

Putnam

0

1

0

5

0

6

2,232

0.19

0.20

Richland

0

63

0

39

48

150

366

1.13

1.21

Ross

0

22

0

3

14

39

776

0.54

0.57

Sandusky

0

4

1

3

14

22

1,185

0.35

0.37

Scioto

0

0

1

9

9

19

1,831

0.23

0.24

Seneca

0

18

2

18

9

47

519

0.80

0.86

Shelby

0

0

0

12

0

12

1,654

0.25

0.27

Stark

0

130

1

171

178

480

342

1.22

1.30

Summit

0

172

3

424

240

839

288

1.44

1.54

Trumbull

0

70

1

81

79

231

420

0.99

1.06

Tuscarawas

0

17

0

43

18

78

499

0.83

0.89

Union

0

10

0

0

19

29

636

0.65

0.70

Van Wert

0

0

0

27

5

32

398

1.04

1.12

Vinton

0

0

0

0

1

1

5,725

0.07

0.08

Warren

0

64

1

36

21

122

609

0.68

0.73

Washington

0

1

0

1

1

3

9,342

0.04

0.05

Wayne

0

24

0

2

3

29

1,568

0.27

0.28

Williams

0

1

0

6

2

9

1,878

0.22

0.24

Wood

0

2

0

51

2

55

939

0.44

0.47

Wyandot

0

2

0

6

2

10

967

0.43

0.46

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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