Ohio Foreclosure Activity Falls in Third Quarter

Total foreclosure filings down 5 percent from Q2; down 12 percent from Q3 2008.

 

Ohio reported 29,645 properties with foreclosure filings in the third quarter of 2009, a decrease of 5 percent from the previous quarter and 12 percent below the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

Foreclosure activity in Ohio was down 4 percent in September from the previous month to 10,933 properties with foreclosure filings and down 5 percent from September 2008.

 

“While many states saw an increase in foreclosure activity over the third quarter of 2009, Ohio was one of the lucky ones managing to keep foreclosure activity down,” said James J. Saccacio, chief executive officer of RealtyTrac. “Ohio’s unemployment rate has also dropped over the period, though at 10.1 percent, it remains well above the level reported for this time last year.”

 

One in every 171 Ohio housing units received a foreclosure filing during the third quarter, ranking 11th among the 50 states.

 

As it has for almost two years now, California continues to lead the nation in total foreclosure activity by a large margin on both a monthly and quarterly basis. For the third quarter, California reported 250,054 properties with foreclosure filings. Florida posted the second highest activity level — 156,924 properties with foreclosure filings. Arizona posted the third highest level in the nation, reporting 50,342 properties with foreclosure filings. Nevada came in fourth highest, reporting 47,925 properties with foreclosure filings during the quarter, while Illinois tallied the fifth highest total, documenting 37,270 properties with foreclosure filings. The top five states alone represented 58 percent of all foreclosure filings in the nation during the quarter.

 

For September, the nation’s top 5 states for total foreclosure filings were California (86,337), Florida (55,036), Nevada (18,766), Michigan (16,767), and Georgia (14,972). Activity in the top five states accounted for 58 percent of the nation’s foreclosure total in September.

 

Fayette County posts state’s top foreclosure rate in third quarter

Fayette County posted the highest county foreclosure rate in the state for the third quarter, with one in every 89 housing units receiving a foreclosure filing — 1.5 times the national average and 1.9 times the state average. Butler County was a close second, with one in every 99 housing units receiving a foreclosure filing during the quarter — 1.4 times the national average and 1.7 times the state average. Cuyahoga County posted the third highest foreclosure rate, where one in every 115 housing units received a foreclosure filing — 1.2 times the national average and 1.5 times the state average.

 

Cuyahoga County leads state in foreclosure activity in the third quarter

Cuyahoga County led the state, reporting 5,411 properties with foreclosure filings for the quarter. Franklin County had the second highest total, reporting 2,416 properties with foreclosure filings. Hamilton County came in third, tallying 2,065 properties with foreclosure filings. Fourth highest for the quarter was Montgomery County, reporting 1,477 properties with foreclosure filings. Butler County documented 1,455 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a significant contributor to nation’s foreclosure activity for quarter and month

Ohio accounted for 3 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 3 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates By County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Ohio

0

12,137

0

8,707

8,801

29,645

171

0.80

n/a

 

 

 

 

 

 

 

 

 

 

Fayette

0

32

0

70

40

142

89

1.53

1.91

Butler

0

301

0

422

732

1,455

99

1.38

1.73

Cuyahoga

0

2,359

0

1,654

1,398

5,411

115

1.19

1.49

Richland

0

162

0

127

180

469

117

1.16

1.46

Madison

0

19

0

72

40

131

118

1.15

1.45

 

 

Ohio Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Ohio

0

12,137

0

8,707

8,801

29,645

171

-4.73

-11.71

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

2,359

0

1,654

1,398

5,411

115

15.57

5.50

Franklin

0

1,641

0

53

722

2,416

216

-41.42

-46.44

Hamilton

0

658

0

900

507

2,065

186

15.69

-23.32

Montgomery

0

766

0

348

363

1,477

172

-25.85

-27.42

Butler

0

301

0

422

732

1,455

99

3.05

38.18

 

 

Ohio Top Foreclosure Rates By County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Ohio

0

3,971

0

3,613

3,349

10,933

463

0.80

n/a

 

 

 

 

 

 

 

 

 

 

Butler

0

207

0

271

251

729

197

1.89

2.35

Pickaway

0

34

0

27

17

78

254

1.47

1.83

Fayette

0

12

0

24

13

49

259

1.44

1.79

Fulton

0

28

0

22

16

66

261

1.43

1.78

Richland

0

52

0

58

82

192

286

1.30

1.62

 

 

Ohio Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Ohio

0

3,971

0

3,613

3,349

10,933

463

-3.83

-4.68

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

631

0

512

490

1,633

380

-18.23

-4.56

Franklin

0

578

0

12

318

908

575

-3.92

-36.50

Hamilton

0

216

0

440

142

798

481

-5.34

-17.73

Butler

0

207

0

271

251

729

197

34.25

70.33

Summit

0

246

0

197

98

541

449

7.13

-9.68

 

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