Ohio Foreclosure Activity Fell in May

Statewide foreclosure filings down 13 percent from April

 

Foreclosure activity in Ohio fell 13 percent in May to 10,379 properties with foreclosure filings. This latest state total also represents an 8 percent decrease from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Remaining among the 10 worst affected states in the nation in terms of foreclosure activity, Ohio’s reported filings for April were actually below what was reported for one month earlier and for the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though small improvements are being made, the state continues to lag behind much of the nation in its recovery, both in terms of foreclosure activity and unemployment, which is now just below 11 percent.”

 

California maintained the nation’s top foreclosure total with 72,030 properties with foreclosure filings. Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

The state’s foreclosure rate ranked fourteenth in the nation, as one in every 489 Ohio housing units received a foreclosure filing during the month.

 

Marion County led the state in foreclosure rate for May

Marion County posted the highest foreclosure rate in Ohio for May, with one in every 207 housing units receiving a foreclosure filing — 2.4 times the state average. Muskingum County came in second, with one in every 232 housing units receiving a foreclosure filing — 2.1 times the state average. Lorain County had the third highest foreclosure rate, with one in every 278 housing units receiving a foreclosure filing. Clermont County posted the fourth highest foreclosure rate, with one in every 292 housing units receiving a foreclosure filing.

 

Cuyahoga County tops in foreclosure total for May

Cuyahoga County led the state, reporting 1,754 properties with foreclosure filings for the month. Franklin County was in second, documenting 913 properties with foreclosure filings. Reporting 575 properties with foreclosure filings for the month, Hamilton County held the third highest total. Montgomery County was fourth highest, reporting 526 properties with foreclosure filings.

 

State the ninth largest contributor to nation’s monthly foreclosure total in May

Ohio accounted for 3 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Ohio

0

4,415

0

2,573

3,391

10,379

489

0.82

n/a

 

 

 

 

 

 

 

 

 

 

Marion

0

51

0

41

43

135

207

1.93

2.37

Muskingum

0

25

0

29

99

153

232

1.72

2.11

Lorain

0

201

0

127

117

445

278

1.44

1.76

Clermont

0

121

0

78

69

268

292

1.37

1.68

Morrow

0

8

0

6

29

43

308

1.30

1.59

 

 

Ohio Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Ohio

0

4,415

0

2,573

3,391

10,379

489

-13.04

-8.64

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

1,016

0

349

389

1,754

354

3.73

-1.46

Franklin

0

549

0

17

347

913

575

-32.02

-40.25

Hamilton

0

295

0

262

18

575

669

-43.07

-21.77

Montgomery

0

105

0

139

282

526

485

-29.59

-22.99

Lorain

0

201

0

127

117

445

278

67.29

39.06

 

 

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