OHIO FORECLOSURE ACTIVITY DOWN 19 PERCENT IN FEBRUARY

Statewide Filings Up 39 Percent From February 2007; Rate in Nation’s Top 10

 

IRVINE, Calif. – March 26, 2008 – Ohio reported 10,386 properties with foreclosure filings for February 2008, the fifth highest total in the nation. The total represents a 19 percent decrease from the previous month, but is still 39 percent above the level reported for February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 482 Ohio households received a foreclosure filing during the month, 1.2 times the national average, the seventh highest foreclosure rate among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

 

“Despite the reported decrease in foreclosure filings for February, economic conditions in Ohio continue to contribute to an overall foreclosure crisis — on both a monthly and yearly basis — that has consistently ranked the state in the nation’s top five for total foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “Considering that unemployment in Ohio is above the national average, while home sales and home prices are both down significantly compared to a year ago, there is little doubt that the end to the state’s foreclosure problem is nowhere in sight.

 

Although once again in the top five, foreclosure activity in The Buckeye State was far outdistanced by national leader California, which reported 53,629 properties with foreclosure filings in February. The state total was also well behind second place Florida, which documented 32,447 properties with foreclosure filings. Texas was comfortably in third place, reporting 12,261 properties with foreclosure filings for the month. Michigan, with its 10,957 properties with foreclosure filings, barely beat out Ohio for fourth place. The remaining states in the nation’s top 10 for total foreclosure filings in February were Arizona, Illinois, Georgia, Colorado and Nevada.

 

Top five counties account for bulk of state total in February

Total foreclosure filings for five Ohio counties accounted for 55 percent of all foreclosure activity in the state for February. Once again Cuyahoga County led all counties, reporting 2,067 properties with foreclosure filings for the month. Franklin County came in second, reporting 1,057 properties with foreclosure filings. Third highest total was documented in Hamilton County, where 1,003 properties with foreclosure filings were reported, followed by fourth place Montgomery County, where 812 properties with foreclosure filings were reported, and fifth place Summit County, where 730 properties with foreclosure filings were reported for the month.

 

Clermont County posts highest foreclosure rate for the month

Clermont County posted the highest foreclosure rate in the state for February, with one in every 208 households receiving a foreclosure filing — 2.3 times the state average and 2.7 times the national average. Hancock County documented the state’s second highest rate, with one in every 277 households receiving a foreclosure filing — 1.7 times the state average and twice the national average. Third highest rate — one in every 300 households receiving a foreclosure filing, was reported in Cuyahoga County. Montgomery County reported the fourth highest rate, with one in every 312 households receiving a foreclosure filing, followed by fifth place Lucas County, reporting a rate of one in every 319 households receiving a foreclosure filing during the month.

 

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

Total filings in Ohio accounted for 5 percent of the 223,651 properties with foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

                        Ohio Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Ohio

0

38

3,248

3,930

3,170

10,386

482

1.15

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

0

0

n/a

0.00

0.00

Allen

0

1

1

2

4

8

5,640

0.10

0.09

Ashland

0

0

0

11

15

26

833

0.67

0.58

Ashtabula

0

0

43

1

69

113

402

1.38

1.20

Athens

0

0

0

0

12

12

2,102

0.26

0.23

Auglaize

0

0

18

0

9

27

712

0.78

0.68

Belmont

0

0

5

0

3

8

3,924

0.14

0.12

Brown

0

0

0

2

10

12

1,505

0.37

0.32

Butler

0

1

10

147

159

317

441

1.26

1.09

Carroll

0

0

0

0

10

10

1,310

0.42

0.37

Champaign

0

2

0

0

13

15

1,114

0.50

0.43

Clark

0

0

87

1

29

117

529

1.05

0.91

Clermont

0

0

59

255

55

369

208

2.68

2.32

Clinton

0

0

28

5

0

33

535

1.04

0.90

Columbiana

0

0

2

20

26

48

979

0.57

0.49

Coshocton

0

0

1

0

11

12

1,354

0.41

0.36

Crawford

0

0

1

21

1

23

889

0.63

0.54

Cuyahoga

0

5

616

1,174

272

2,067

300

1.85

1.61

Darke

0

0

6

0

8

14

1,584

0.35

0.30

Defiance

0

0

1

0

0

1

16,634

0.03

0.03

Delaware

0

0

1

4

26

31

1,839

0.30

0.26

Erie

0

0

27

1

5

33

1,124

0.50

0.43

Fairfield

0

0

38

37

47

122

448

1.24

1.08

Fayette

0

0

15

1

1

17

730

0.76

0.66

Franklin

0

4

261

434

358

1,057

485

1.15

0.99

Fulton

0

0

0

15

5

20

853

0.65

0.57

Gallia

0

0

1

1

0

2

6,739

0.08

0.07

Geauga

0

0

0

3

6

9

3,882

0.14

0.12

Greene

0

0

53

30

2

85

749

0.74

0.64

Guernsey

0

0

2

0

0

2

9,770

0.06

0.05

Hamilton

0

7

355

295

346

1,003

382

1.46

1.26

Hancock

0

0

20

76

19

115

277

2.01

1.74

Hardin

0

0

4

0

1

5

2,631

0.21

0.18

Harrison

0

0

0

0

0

0

 n/a

0.00

0.00

Henry

0

0

8

0

0

8

1,505

0.37

0.32

Highland

0

0

10

1

11

22

824

0.68

0.58

Hocking

0

0

0

0

0

0

 n/a

0.00

0.00

Holmes

0

0

0

0

0

0

 n/a

0.00

0.00

Huron

0

1

1

2

0

4

6,121

0.09

0.08

Jackson

0

0

1

0

0

1

14,550

0.04

0.03

Jefferson

0

1

1

17

0

19

1,769

0.31

0.27

Knox

0

0

27

0

18

45

523

1.07

0.92

Lake

0

0

78

152

64

294

330

1.69

1.46

Lawrence

0

0

0

0

5

5

5,490

0.10

0.09

Licking

0

0

3

3

41

47

1,368

0.41

0.35

Logan

0

1

0

0

8

9

2,536

0.22

0.19

Lorain

0

0

65

8

69

142

845

0.66

0.57

Lucas

0

3

246

276

110

635

319

1.75

1.51

Madison

0

0

21

0

12

33

464

1.20

1.04

Mahoning

0

2

5

91

108

206

552

1.01

0.87

Marion

0

0

0

1

44

45

604

0.92

0.80

Medina

0

0

0

3

22

25

2,568

0.22

0.19

Meigs

0

0

0

0

0

0

 n/a

0.00

0.00

Mercer

0

0

8

0

9

17

977

0.57

0.49

Miami

0

1

54

0

5

60

697

0.80

0.69

Monroe

0

0

0

0

0

0

 n/a

0.00

0.00

Montgomery

0

2

204

222

384

812

312

1.78

1.54

Morgan

0

0

0

0

0

0

 n/a

0.00

0.00

Morrow

0

0

0

0

6

6

2,146

0.26

0.22

Muskingum

0

0

2

63

21

86

414

1.35

1.17

Noble

0

0

0

0

0

0

 n/a

0.00

0.00

Ottawa

0

0

1

1

0

2

13,317

0.04

0.04

Paulding

0

0

4

0

6

10

879

0.63

0.55

Perry

0

0

1

0

24

25

562

0.99

0.86

Pickaway

0

0

0

9

7

16

1,226

0.45

0.39

Pike

0

0

0

0

2

2

6,107

0.09

0.08

Portage

0

0

32

51

21

104

617

0.90

0.78

Preble

0

1

5

0

1

7

2,559

0.22

0.19

Putnam

0

0

1

0

0

1

13,323

0.04

0.04

Richland

0

0

43

53

25

121

453

1.23

1.07

Ross

0

0

11

2

14

27

1,123

0.50

0.43

Sandusky

0

2

1

1

6

10

2,602

0.21

0.19

Scioto

0

1

12

1

9

23

1,514

0.37

0.32

Seneca

0

0

4

8

0

12

2,030

0.27

0.24

Shelby

0

0

2

0

13

15

1,308

0.43

0.37

Stark

0

1

251

17

228

497

327

1.70

1.48

Summit

0

1

318

174

237

730

329

1.69

1.46

Trumbull

0

1

94

109

52

256

378

1.47

1.28

Tuscarawas

0

0

0

4

11

15

2,591

0.21

0.19

Union

0

0

3

1

6

10

1,802

0.31

0.27

Van Wert

0

0

1

0

5

6

2,117

0.26

0.23

Vinton

0

0

0

0

0

0

 n/a

0.00

0.00

Warren

0

0

51

67

3

121

595

0.94

0.81

Washington

0

0

0

0

1

1

28,047

0.02

0.02

Wayne

0

0

13

55

36

104

434

1.28

1.11

Williams

0

0

4

0

0

4

4,207

0.13

0.11

Wood

0

0

6

2

3

11

4,620

0.12

0.10

Wyandot

0

0

1

0

1

2

4,819

0.12

0.10

 

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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